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    Socotra Enterprise Core

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    Socotra is a powerful and scalable billing & policy administration system designed with a flexible data model that gives insurers the ability to support every line of business and handle every type of transaction. Socotra is cloud-native, fast to implement, and integrates seamlessly with existing tech stacks which makes it the top choice for insurers looking to modernize their core. Open APIs enable insurers to launch new products and adjust existing products quicker than with traditional platforms. With its superior performance and automatic weekly updates, Socotra unlocks lower total cost of ownership, streamlined operations, and excellent user experiences.
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    Socotra Enterprise Core

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    Overview

    Insurance Core (Policy Administration) The only true cloud-native insurance platform, productized with publicly published open APIs and seamless automatic updates. Built to scale as your business grows, Socotra Enterprise Core accelerates your ability to bring innovative ideas to market while eliminating the inflexibility and expense of customized legacy software. Lower your total cost of ownership and get the control and flexibility needed to compete in today insurance market. Enterprise Core is built for agility, reliability and flexibility. Get robust functionality, speed to market, and operational efficiency with technical stability as you grow into the future. Speed your new and updated products to market, streamline workflows, improve operational response time while reducing overall expense. Take advantage of our simple configuration, open APIs and App MarketPlace that presents off-the-shelf value-add insurance apps and data allowing you to achieve your desired differentiation instantly. Take control with a core platform that is always up-to-date and never takes a break. Proven to support an endless range of insurance products, enable new channels, and seamlessly leverage third party data insights, allowing you to focus on your business, not the technology supporting it.Get the latest features without delay or business disruption with free, automatic, and continuous upgrades with Socotra proven, secure, cloud-native design ready to use on day one.

    Highlights

    • Socotra has a true cloud-native policy core platform, offering unmatched speed, flexibility, and reliability.
    • Launch new features and products quickly, reliably, and for a fraction of the cost of traditional legacy policy administration system providers, lowering your total cost of ownership and getting the control and flexibility needed to effectively compete in today insurance market.

    Details

    Delivery method

    Features and programs

    Financing for AWS Marketplace purchases

    AWS Marketplace now accepts line of credit payments through the PNC Vendor Finance program. This program is available to select AWS customers in the US, excluding NV, NC, ND, TN, & VT.
    Financing for AWS Marketplace purchases

    Pricing

    Socotra Enterprise Core

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    Pricing is based on contract duration. You pay upfront or in installments according to your contract terms with the vendor. This entitles you to a specified quantity of use for the contract duration. Usage-based pricing is in effect for any usage exceeds the entitle amount or not covered in the contract. These charges will be applied on top of the contract price. If you choose not to renew or replace your contract before it ends, access to your entitlements will expire.

    12-month contract (1)

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    Dimension
    Description
    Cost/12 months
    Annual Fee
    Annual contract fee for Socotra CorePlus
    $500,000.00

    Additional usage costs (1)

     Info

    The following dimensions are not included in the contract terms, which will be charged based on your usage.

    Dimension
    Cost/unit
    consumption of resources such as compute and other related services
    $0.10

    Vendor refund policy

    All fees are non-cancellable and non-refundable except as required by law. More details contact aws-inquiry@socotra.com 

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    Vendors are responsible for their product descriptions and other product content. AWS does not warrant that vendors' product descriptions or other product content are accurate, complete, reliable, current, or error-free.

    Usage information

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    Delivery details

    Software as a Service (SaaS)

    SaaS delivers cloud-based software applications directly to customers over the internet. You can access these applications through a subscription model. You will pay recurring monthly usage fees through your AWS bill, while AWS handles deployment and infrastructure management, ensuring scalability, reliability, and seamless integration with other AWS services.

    Support

    Vendor support

    AWS infrastructure support

    AWS Support is a one-on-one, fast-response support channel that is staffed 24x7x365 with experienced and technical support engineers. The service helps customers of all sizes and technical abilities to successfully utilize the products and features provided by Amazon Web Services.

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    Ratings and reviews

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    2 external reviews
    External reviews are sourced from G2  and are not included in the star rating for this product.
    Insurance

    Socotra review

    Reviewed on Jan 24, 2021
    Review provided by G2
    What do you like best about the product?
    Quick to spin-up new environment and support.
    What do you dislike about the product?
    1. Misses many common insurance features.
    2. Long wait time for feature request implementation.
    What problems is the product solving and how is that benefiting you?
    Policy admin system for auto insurance.
    Insurance

    Socotra policy admin partnership has been great

    Reviewed on Jan 13, 2021
    Review provided by G2
    What do you like best about the product?
    I appreciate the flexibility and configurability that the Socotra policy admin system provides. It allows us to have a single source of truth for our product attributes and business rules that can be imported into their system. In addition, the Socotra staff assigned to our account has been very responsive to our questions and concerns. Our partnership with them has been great.
    What do you dislike about the product?
    Unfortunately some features that were requested were not completed in the time frame committed.
    What problems is the product solving and how is that benefiting you?
    We are looking to use a single policy admin system for all of our of life and health products. Socotra provides the flexibility and configurability that we are looking for in a policy admin product. Socotra also helps us to get out products to market more quickly.
    Recommendations to others considering the product:
    Our partnership with Socotra has been very good. They have a nice product that is flexible and configurable for many different insurance products. They are generally very responsive to feature requests but getting them completed may take some time. They have a number of requests in their backlog and your needs may not always be a top priority.
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