Flexible, API-first insurance policy and accounting management including billing, payments, financial records, accounting rules, reporting, and real-time reconciliation.
Specialized financial software that handles industry-specific accounting requirements, including premium recognition, loss reserves, and statutory reporting.
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General Ledger Integration Supports a full-featured general ledger tailored for insurance operations. |
Socotra’s documentation and website state support for insurance financial records and accounting rules, indicating a purpose-built general ledger designed for insurance operations. | |
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Accounts Payable Management Handles invoice approvals, payments, and vendor management. |
Socotra advertises native billing, accounting, and payments, which includes invoice management and vendor payments. | |
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Accounts Receivable Management Tracks premiums receivable and manages collections. |
Socotra describes tracking receivables and premium collections as a standard feature of its accounting module. | |
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Multi-entity Accounting Supports consolidation and accounting across multiple companies or branches. |
No information available | |
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Chart of Accounts Customization Ability to configure chart of accounts to meet insurance industry requirements. |
Socotra claims configurable chart of accounts to comply with insurance requirements. | |
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Bank Reconciliation Automation Automates matching of system transactions with bank statements. |
Real-time reconciliation is highlighted, which implies support for bank reconciliation automation. | |
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Period Close Automation Automates closing accounting periods with built-in validations. |
Socotra supports accounting rules with automated period close capabilities as part of its rules-based engine. | |
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Dimension Support Allows accounting segmentation by business lines, product type, or other insurance-specific dimensions. |
No information available | |
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Inter-company Eliminations Automates elimination entries for inter-company transactions. |
No information available | |
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Audit Trail Maintains a complete, uneditable log of transactions and changes. |
Product documentation references full audit logging and immutable records. | |
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Batch Processing Speed Speed at which the system processes large accounting batches. |
No information available | |
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Concurrent User Support Number of simultaneous users supported. |
No information available |
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Automated Premium Recognition Supports earnings schedules, unearned premium reserves, and handles multi-period recognition. |
Automated earned/unearned premium processing and multi-period recognition described for policy portfolios. | |
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Policy Billing Integration Interconnects with policy administration for accurate and timely billing. |
Explicitly lists integration with policy management for unified billing, supporting this feature. | |
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Installment Billing Management Enables the setup and management of premium payment installments. |
Installments and recurring payments supported according to Socotra’s billing engine documentation. | |
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Multi-currency Premium Handling Handles premium recognition in multiple currencies and exchange rate updates. |
Socotra offers multi-currency support and live exchange rate updates as core billing features. | |
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Premium Adjustment Automation Adjusts for endorsements, cancellations, and mid-term changes. |
Billing and accounting engine allows premium adjustments for endorsement/cancellation as standard processes. | |
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Aging Reports Automated generation of aged premium receivables. |
No information available | |
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Policy Linkage Capacity Maximum number of active policies directly linked to accounting records. |
No information available | |
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Premium Recognition Speed Number of policies for which premium recognition can be processed per hour. |
No information available | |
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Negative Premium Handling Supports reversal and refund of premiums. |
Negative premium handling for refunds and reversals is mentioned under payment processing capabilities. | |
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Deferred Acquisition Cost Automation Calculates and tracks deferred acquisition costs related to premiums. |
No information available |
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Loss Reserve Calculation Automated calculation and posting of case and IBNR (incurred but not reported) reserves. |
No information available | |
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Claims Payment Management Processes claims payments and tracks outstanding claims. |
Socotra claims payment and outstanding claims management is included in claims workflows. | |
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Automated Claims Accruals Accruals for pending claims based on customizable rules. |
No information available | |
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Salvage & Subrogation Handling Tracks and accounts for recoveries and reinsurance claims. |
No information available | |
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Claims Aging Reports Generates real-time aging analysis of claims payables. |
No information available | |
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Reserve Movement Audit Trail Maintains a history of all reserve adjustments with audit referencing. |
No information available | |
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Claims Batch Processing Speed Number of claims processed for accounting entries per hour. |
No information available | |
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Reserve Adjustment Approval Workflow Enforces approval processes for reserve changes. |
No information available | |
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Claims Data Integration Imports claims data from administration systems automatically. |
API-first approach and claims accounting mention automated import/integration of claims administration data. | |
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Liability Roll-forward Reporting Provides roll-forward schedules of net liability balances. |
No information available |
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Ceded Reinsurance Processing Accounts for cessions, recoverables, and reinsurance settlements. |
No information available | |
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Assumed Reinsurance Handling Manages accounting for assumed premiums and claims. |
No information available | |
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Reinsurance Treaty Administration Integrates treaty terms into accounting calculations. |
No information available | |
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Automated Retrocession Processing Handles retrocession entries and settlement. |
No information available | |
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Reinsurance Recoverable Aging Tracks and reports on outstanding recoverables. |
No information available | |
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Automated Bordereaux Generation Creates and validates bordereaux reports automatically. |
No information available | |
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Slip and Statement Integration Imports and processes slips and statement-of-accounts. |
No information available | |
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Reinsurance Capacity Maximum number of treaties or agreements supported. |
. | No information available |
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Reinsurance Reporting Frequency Maximum frequency of automated reporting in a period. |
No information available | |
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Reinsurance Commissions Automation Calculates and records ceding/reinsurance commissions. |
No information available |
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Asset Type Flexibility Supports accounting for multiple asset classes (bonds, stocks, real estate, etc.). |
No information available | |
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Investment Valuation Automation Calculates mark-to-market, amortization, and fair value entries automatically. |
No information available | |
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Interest & Dividend Accruals Automates accruals and receipts of investment income. |
No information available | |
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Integration with Custodians/Brokers Imports transactions from bank custodians or brokers. |
No information available | |
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Impairment Analysis Automates identification and posting of impaired securities. |
No information available | |
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Investment Reconciliation Speed Transactions reconciled per minute. |
No information available | |
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Portfolio Diversification Reporting Automated reporting on compliance with investment limits. |
No information available | |
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Trade Settlement Automation Automates posting of trade settlements. |
No information available | |
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Unrealized Gain/Loss Tracking Tracks unrealized gains and losses by asset type. |
No information available | |
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Regulatory Investment Limits Checks investments against jurisdictional limits. |
No information available |
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Automated NAIC Reporting Auto-generates statutory statements as prescribed by NAIC guidelines. |
No information available | |
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IFRS/GAAP Dual Reporting Supports multi-basis (IFRS, GAAP, local GAAP) parallel reporting. |
The accounting module's website and documentation cite compatibility with various accounting standards including IFRS and US GAAP. | |
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Regulatory Form Library Maintains a prebuilt library of statutory forms for different regulators. |
No information available | |
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E-filing Integration Allows for automated submission of filings to regulators. |
No information available | |
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XBRL Reporting Capabilities Produces data in XBRL (eXtensible Business Reporting Language) formats. |
No information available | |
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Threshold-based Alerts Automated alerts for regulatory capital or compliance breaches. |
No information available | |
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Automated Data Validation Validates all data entries before reporting submission. |
Socotra highlights end-to-end data validation prior to posting or reporting. | |
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Filing Cycle Support Maximum supported reporting cycles per year. |
No information available | |
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Audit-ready Data Export Exports supporting data and workpapers for external audits. |
Audit-ready data exports referenced in documentation for integrations and compliance purposes. | |
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Local Regulatory Adjustments Supports country or state-specific statutory modifications. |
No information available |
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API Availability Open APIs for real-time integrations with other modern systems. |
Core product positioning as 'API-first' and open integration explicitly confirm API availability. | |
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Native Insurance System Connectors Comes with prebuilt connectors for major insurance core platforms. |
Socotra’s marketplace and documentation show available connectors for major insurance platforms. | |
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Data Import/Export Automation Automates regular batch imports and exports. |
Automated import/export for accounting and policy data is documented among system administration features. | |
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SaaS Platform Support Supports integration with cloud and SaaS-based systems. |
‘Supports integration with cloud and SaaS-based systems’ listed on Socotra’s official product site. | |
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Single Sign-on Integration Supports SSO with enterprise authentication providers. |
Product features list SSO capabilities compatible with enterprise IDPs. | |
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Integration Throughput Volume of records that can be transmitted per integration run. |
No information available | |
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Real-time Data Sync Enables real-time synchronization of key data entities. |
Described 'real-time' policy, billing, and claim record updates, indicating real-time data sync. | |
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Event-driven Integration Support Supports webhook/event subscription for integration triggers. |
API documentation supports use of webhooks and event-driven integration triggers. | |
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Data Mapping Flexibility Ability to configure and customize data mapping rules. |
No information available | |
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Legacy System Adapter Ease of connecting to legacy mainframe-based platforms. |
No information available |
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Role-based Access Controls Ability to restrict user permissions by job role. |
Role-based access control stated as available in user management. | |
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Data Encryption at Rest All data stored on disk is securely encrypted. |
Website claims data encryption both at rest and in transit, typical for insurance SaaS providers. | |
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Data Encryption in Transit Ensures all data transmission is encrypted (e.g., TLS). |
TLS and secure protocols are specified for all connections (data in transit). | |
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Audit Logging Comprehensive tracking of access and usage of sensitive features. |
Audit logging and tracking of all user/system activity are documented in compliance features. | |
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Multi-factor Authentication Requires at least one additional verification method for login. |
No information available | |
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SOC/ISO Certification Attestation for SOC2, ISO27001 or comparable audits. |
References to SOC 2 and ISO certification in compliance documentation and promotional materials. | |
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Automated User Deactivation Immediately disables users who terminate or violate policies. |
Admin controls for user suspension/termination described for compliance with insurance controls. | |
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Segregation of Duties Support Prevents conflicts of interest by controlling process access. |
Role management with separation of critical/approval functions outlined in best practices document. | |
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Data Retention Configuration Customizable data retention and purge policies. |
Socotra documents configurable retention/purge policies to meet regulatory and client-specific requirements. | |
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Compliance Alerting Automated alerts for unusual access or regulatory non-compliance. |
Mentioned automated alerting for access risks and compliance violations as a security feature. |
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Customizable Dashboards Dashboards can be configured by user or role. |
Configurable dashboards per user/role cited among user experience features. | |
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Advanced Search Functionality Robust and fast search capabilities across all records. |
Advanced search and filter functionality included in UI descriptions. | |
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Mobile Access Functional access across tablets and phones. |
Web UI is described as mobile-responsive and works on tablets/phones. | |
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Context-sensitive Help Built-in help and support tied to each screen. |
No information available | |
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In-app Notifications Real-time messaging and task reminders within the app. |
No information available | |
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Keyboard Shortcuts Supports quick navigation using keyboard shortcuts. |
No information available | |
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System Average Response Time Average time for page or action to load. |
No information available | |
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Bulk Transaction Entry Ability to enter or update multiple transactions at once. |
Bulk updates and uploads are supported for transactions and policies according to onboarding/admin docs. | |
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Accessibility Standards Compliance with WCAG or other accessibility standards. |
No information available | |
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Localization/Language Support Supports multiple languages for global users. |
Socotra supports multiple languages and localization for user interface and reporting. |
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Custom Report Builder Users can define and customize report layouts and fields. |
Custom reporting tool highlighted as a core reporting feature. | |
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Ad hoc Query Capability Allows real-time questions on all available data. |
Ad hoc query and data slicing capabilities described under analytics. | |
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Embedded Analytics Dashboards Interactive and visual dashboards for performance analysis. |
Embedded analytics and dashboards are presented as part of Socotra’s reporting suite. | |
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Historical Data Analysis Analyzes historical trends and year-over-year data. |
Trend and historical data analysis are showcased in analytics modules. | |
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Scheduled Report Distribution Automates sending reports to users at scheduled intervals. |
Reports can be scheduled/distributed to various users at intervals. | |
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Drill-down Functionality User can drill from summary reports to underlying details. |
No information available | |
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Export Formats Supported Variety of downloadable report formats (PDF, Excel, CSV, etc.). |
Export formats include CSV, Excel, PDF as listed in reporting tools documentation. | |
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Concurrent Reporting Users Number of users who can run reports simultaneously. |
No information available | |
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Data Warehouse Integration Supports connection to external data warehouses or BI tools. |
Integration with BI/data warehouse tools mentioned as a core interoperability feature. | |
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KPI & Benchmarking Support Built-in insurance-specific key performance indicators and benchmarking. |
Socotra provides insurance-specific KPIs and benchmarking in reports. |
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Horizontal Scaling Support Capacity to expand system resources by adding servers. |
Supports cloud-native scaling horizontally for high-volume insurance operations. | |
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Vertical Scaling Support Ability to increase power/resources of a single server. |
Cloud native architecture allows vertical resource scaling as needed. | |
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Transaction Volume Handling Maximum monthly transaction processing capacity. |
No information available | |
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Annual Data Retention Limit Years of transaction history supported online. |
No information available | |
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Disaster Recovery Time Objective (RTO) Maximum system downtime permitted in disaster recovery. |
No information available | |
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Disaster Recovery Point Objective (RPO) Maximum data loss in the event of a disruption. |
No information available | |
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99.9% Availability SLA Service guarantees for system uptime. |
Socotra provides 99.9%+ SLA uptime as stated in enterprise product materials. | |
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24x7 Support Availability Provides all-day support coverage. |
24x7 support availability is promoted in Socotra’s service-level documentation. | |
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Automated System Monitoring Automatically monitors and alerts on system health. |
Cloud operations include automated monitoring and alerting for systems health. | |
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Multi-tenant Support Ability to serve multiple independent insurance clients from a single instance. |
Multi-tenant support listed: Socotra hosts separate insurance entities independently in one SaaS instance. |
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