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Socotra Core Platform – Accounting Module from Socotra

Flexible, API-first insurance policy and accounting management including billing, payments, financial records, accounting rules, reporting, and real-time reconciliation.

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Product analysis by function

Insurance Accounting Systems for Finance and Accounting

Specialized financial software that handles industry-specific accounting requirements, including premium recognition, loss reserves, and statutory reporting.
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Core Accounting Capabilities
(0 Yes /0 Known /12 Possible features)

Premium Recognition & Billing
(0 Yes /0 Known /10 Possible features)

Claims Accounting & Loss Reserves
(0 Yes /0 Known /10 Possible features)

Reinsurance Accounting
(0 Yes /0 Known /10 Possible features)

Investment Accounting
(0 Yes /0 Known /10 Possible features)

Regulatory & Statutory Reporting
(0 Yes /0 Known /10 Possible features)

Integration & Interoperability
(0 Yes /0 Known /10 Possible features)

Security & Compliance
(0 Yes /0 Known /10 Possible features)

User Experience & Usability
(0 Yes /0 Known /10 Possible features)

Reporting & Analytics
(0 Yes /0 Known /10 Possible features)

Scalability, Performance & Support
(0 Yes /0 Known /10 Possible features)

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General Ledger Integration Supports a full-featured general ledger tailored for insurance operations.		No information available
Accounts Payable Management Handles invoice approvals, payments, and vendor management.		No information available
Accounts Receivable Management Tracks premiums receivable and manages collections.		No information available
Multi-entity Accounting Supports consolidation and accounting across multiple companies or branches.		No information available
Chart of Accounts Customization Ability to configure chart of accounts to meet insurance industry requirements.		No information available
Bank Reconciliation Automation Automates matching of system transactions with bank statements.		No information available
Period Close Automation Automates closing accounting periods with built-in validations.		No information available
Dimension Support Allows accounting segmentation by business lines, product type, or other insurance-specific dimensions.		No information available
Inter-company Eliminations Automates elimination entries for inter-company transactions.		No information available
Audit Trail Maintains a complete, uneditable log of transactions and changes.		No information available
Batch Processing Speed Speed at which the system processes large accounting batches.		No information available
Concurrent User Support Number of simultaneous users supported.		No information available

Automated Premium Recognition Supports earnings schedules, unearned premium reserves, and handles multi-period recognition.		No information available
Policy Billing Integration Interconnects with policy administration for accurate and timely billing.		No information available
Installment Billing Management Enables the setup and management of premium payment installments.		No information available
Multi-currency Premium Handling Handles premium recognition in multiple currencies and exchange rate updates.		No information available
Premium Adjustment Automation Adjusts for endorsements, cancellations, and mid-term changes.		No information available
Aging Reports Automated generation of aged premium receivables.		No information available
Policy Linkage Capacity Maximum number of active policies directly linked to accounting records.		No information available
Premium Recognition Speed Number of policies for which premium recognition can be processed per hour.		No information available
Negative Premium Handling Supports reversal and refund of premiums.		No information available
Deferred Acquisition Cost Automation Calculates and tracks deferred acquisition costs related to premiums.		No information available

Loss Reserve Calculation Automated calculation and posting of case and IBNR (incurred but not reported) reserves.		No information available
Claims Payment Management Processes claims payments and tracks outstanding claims.		No information available
Automated Claims Accruals Accruals for pending claims based on customizable rules.		No information available
Salvage & Subrogation Handling Tracks and accounts for recoveries and reinsurance claims.		No information available
Claims Aging Reports Generates real-time aging analysis of claims payables.		No information available
Reserve Movement Audit Trail Maintains a history of all reserve adjustments with audit referencing.		No information available
Claims Batch Processing Speed Number of claims processed for accounting entries per hour.		No information available
Reserve Adjustment Approval Workflow Enforces approval processes for reserve changes.		No information available
Claims Data Integration Imports claims data from administration systems automatically.		No information available
Liability Roll-forward Reporting Provides roll-forward schedules of net liability balances.		No information available

Ceded Reinsurance Processing Accounts for cessions, recoverables, and reinsurance settlements.		No information available
Assumed Reinsurance Handling Manages accounting for assumed premiums and claims.		No information available
Reinsurance Treaty Administration Integrates treaty terms into accounting calculations.		No information available
Automated Retrocession Processing Handles retrocession entries and settlement.		No information available
Reinsurance Recoverable Aging Tracks and reports on outstanding recoverables.		No information available
Automated Bordereaux Generation Creates and validates bordereaux reports automatically.		No information available
Slip and Statement Integration Imports and processes slips and statement-of-accounts.		No information available
Reinsurance Capacity Maximum number of treaties or agreements supported.		No information available
Reinsurance Reporting Frequency Maximum frequency of automated reporting in a period.		No information available
Reinsurance Commissions Automation Calculates and records ceding/reinsurance commissions.		No information available

Asset Type Flexibility Supports accounting for multiple asset classes (bonds, stocks, real estate, etc.).		No information available
Investment Valuation Automation Calculates mark-to-market, amortization, and fair value entries automatically.		No information available
Interest & Dividend Accruals Automates accruals and receipts of investment income.		No information available
Integration with Custodians/Brokers Imports transactions from bank custodians or brokers.		No information available
Impairment Analysis Automates identification and posting of impaired securities.		No information available
Investment Reconciliation Speed Transactions reconciled per minute.		No information available
Portfolio Diversification Reporting Automated reporting on compliance with investment limits.		No information available
Trade Settlement Automation Automates posting of trade settlements.		No information available
Unrealized Gain/Loss Tracking Tracks unrealized gains and losses by asset type.		No information available
Regulatory Investment Limits Checks investments against jurisdictional limits.		No information available

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Financial Technology Year

Socotra Core Platform – Accounting Module from Socotra

Product analysis by function

Insurance Accounting Systems for Finance and Accounting

Core Accounting Capabilities
(0 Yes /0 Known /12 Possible features)

Premium Recognition & Billing
(0 Yes /0 Known /10 Possible features)

Claims Accounting & Loss Reserves
(0 Yes /0 Known /10 Possible features)

Reinsurance Accounting
(0 Yes /0 Known /10 Possible features)

Investment Accounting
(0 Yes /0 Known /10 Possible features)

Regulatory & Statutory Reporting
(0 Yes /0 Known /10 Possible features)

Integration & Interoperability
(0 Yes /0 Known /10 Possible features)

Security & Compliance
(0 Yes /0 Known /10 Possible features)

User Experience & Usability
(0 Yes /0 Known /10 Possible features)

Reporting & Analytics
(0 Yes /0 Known /10 Possible features)

Scalability, Performance & Support
(0 Yes /0 Known /10 Possible features)

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Automated NAIC Reporting Auto-generates statutory statements as prescribed by NAIC guidelines.		No information available
IFRS/GAAP Dual Reporting Supports multi-basis (IFRS, GAAP, local GAAP) parallel reporting.		No information available
Regulatory Form Library Maintains a prebuilt library of statutory forms for different regulators.		No information available
E-filing Integration Allows for automated submission of filings to regulators.		No information available
XBRL Reporting Capabilities Produces data in XBRL (eXtensible Business Reporting Language) formats.		No information available
Threshold-based Alerts Automated alerts for regulatory capital or compliance breaches.		No information available
Automated Data Validation Validates all data entries before reporting submission.		No information available
Filing Cycle Support Maximum supported reporting cycles per year.		No information available
Audit-ready Data Export Exports supporting data and workpapers for external audits.		No information available
Local Regulatory Adjustments Supports country or state-specific statutory modifications.		No information available

API Availability Open APIs for real-time integrations with other modern systems.		No information available
Native Insurance System Connectors Comes with prebuilt connectors for major insurance core platforms.		No information available
Data Import/Export Automation Automates regular batch imports and exports.		No information available
SaaS Platform Support Supports integration with cloud and SaaS-based systems.		No information available
Single Sign-on Integration Supports SSO with enterprise authentication providers.		No information available
Integration Throughput Volume of records that can be transmitted per integration run.		No information available
Real-time Data Sync Enables real-time synchronization of key data entities.		No information available
Event-driven Integration Support Supports webhook/event subscription for integration triggers.		No information available
Data Mapping Flexibility Ability to configure and customize data mapping rules.		No information available
Legacy System Adapter Ease of connecting to legacy mainframe-based platforms.		No information available

Role-based Access Controls Ability to restrict user permissions by job role.		No information available
Data Encryption at Rest All data stored on disk is securely encrypted.		No information available
Data Encryption in Transit Ensures all data transmission is encrypted (e.g., TLS).		No information available
Audit Logging Comprehensive tracking of access and usage of sensitive features.		No information available
Multi-factor Authentication Requires at least one additional verification method for login.		No information available
SOC/ISO Certification Attestation for SOC2, ISO27001 or comparable audits.		No information available
Automated User Deactivation Immediately disables users who terminate or violate policies.		No information available
Segregation of Duties Support Prevents conflicts of interest by controlling process access.		No information available
Data Retention Configuration Customizable data retention and purge policies.		No information available
Compliance Alerting Automated alerts for unusual access or regulatory non-compliance.		No information available

Customizable Dashboards Dashboards can be configured by user or role.		No information available
Advanced Search Functionality Robust and fast search capabilities across all records.		No information available
Mobile Access Functional access across tablets and phones.		No information available
Context-sensitive Help Built-in help and support tied to each screen.		No information available
In-app Notifications Real-time messaging and task reminders within the app.		No information available
Keyboard Shortcuts Supports quick navigation using keyboard shortcuts.		No information available
System Average Response Time Average time for page or action to load.		No information available
Bulk Transaction Entry Ability to enter or update multiple transactions at once.		No information available
Accessibility Standards Compliance with WCAG or other accessibility standards.		No information available
Localization/Language Support Supports multiple languages for global users.		No information available

Custom Report Builder Users can define and customize report layouts and fields.		No information available
Ad hoc Query Capability Allows real-time questions on all available data.		No information available
Embedded Analytics Dashboards Interactive and visual dashboards for performance analysis.		No information available
Historical Data Analysis Analyzes historical trends and year-over-year data.		No information available
Scheduled Report Distribution Automates sending reports to users at scheduled intervals.		No information available
Drill-down Functionality User can drill from summary reports to underlying details.		No information available
Export Formats Supported Variety of downloadable report formats (PDF, Excel, CSV, etc.).		No information available
Concurrent Reporting Users Number of users who can run reports simultaneously.		No information available
Data Warehouse Integration Supports connection to external data warehouses or BI tools.		No information available
KPI & Benchmarking Support Built-in insurance-specific key performance indicators and benchmarking.		No information available

Horizontal Scaling Support Capacity to expand system resources by adding servers.		No information available
Vertical Scaling Support Ability to increase power/resources of a single server.		No information available
Transaction Volume Handling Maximum monthly transaction processing capacity.		No information available
Annual Data Retention Limit Years of transaction history supported online.		No information available
Disaster Recovery Time Objective (RTO) Maximum system downtime permitted in disaster recovery.		No information available
Disaster Recovery Point Objective (RPO) Maximum data loss in the event of a disruption.		No information available
99.9% Availability SLA Service guarantees for system uptime.		No information available
24x7 Support Availability Provides all-day support coverage.		No information available
Automated System Monitoring Automatically monitors and alerts on system health.		No information available
Multi-tenant Support Ability to serve multiple independent insurance clients from a single instance.		No information available

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Financial Technology Year

Socotra Core Platform – Accounting Module from Socotra

Product analysis by function

Insurance Accounting Systems for Finance and Accounting

Core Accounting Capabilities (0 Yes /0 Known /12 Possible features)

Premium Recognition & Billing (0 Yes /0 Known /10 Possible features)

Claims Accounting & Loss Reserves (0 Yes /0 Known /10 Possible features)

Reinsurance Accounting (0 Yes /0 Known /10 Possible features)

Investment Accounting (0 Yes /0 Known /10 Possible features)

Regulatory & Statutory Reporting (0 Yes /0 Known /10 Possible features)

Integration & Interoperability (0 Yes /0 Known /10 Possible features)

Security & Compliance (0 Yes /0 Known /10 Possible features)

User Experience & Usability (0 Yes /0 Known /10 Possible features)

Reporting & Analytics (0 Yes /0 Known /10 Possible features)

Scalability, Performance & Support (0 Yes /0 Known /10 Possible features)

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Core Accounting Capabilities
(0 Yes /0 Known /12 Possible features)

Premium Recognition & Billing
(0 Yes /0 Known /10 Possible features)

Claims Accounting & Loss Reserves
(0 Yes /0 Known /10 Possible features)

Reinsurance Accounting
(0 Yes /0 Known /10 Possible features)

Investment Accounting
(0 Yes /0 Known /10 Possible features)

Regulatory & Statutory Reporting
(0 Yes /0 Known /10 Possible features)

Integration & Interoperability
(0 Yes /0 Known /10 Possible features)

Security & Compliance
(0 Yes /0 Known /10 Possible features)

User Experience & Usability
(0 Yes /0 Known /10 Possible features)

Reporting & Analytics
(0 Yes /0 Known /10 Possible features)

Scalability, Performance & Support
(0 Yes /0 Known /10 Possible features)