How to Reduce Your Socotra Subscription Cost

Socotra focuses on delivering agility to the trillion-dollar global insurance industry, modernizing technology to empower insurers in creating innovative products. With its enterprise-grade core system, Socotra enables rapid product development and distribution, ultimately serving customers better.

Minimum estimated potential saving – 15%.

How to Reduce the Cost of Socotra Subscription

Direct Cost Reduction Techniques

Optimize User Licenses:

• Audit User Licenses: Regularly review and remove inactive users to optimize license usage.
• Permission Sets: Utilize permission sets to assign specific functionalities instead of full licenses for users with basic needs.

Data Storage Management:

• Archive Old Data: Implement data archiving to manage storage costs effectively.
• Data Validation Rules: Utilize data validation rules to prevent unnecessary data entry and optimize storage usage.

Process Automation:

• Workflow and Approval Processes: Automate manual tasks using workflow and approval processes, reducing the need for additional licenses.

Implementing Workarounds to Reduce Subscription Costs

Integrations with Free/Freemium Tools:

• Zapier: Explore integration with Zapier to automate tasks, potentially reducing the need for additional licenses.
• Slack: Integrate with freemium tools like Slack for internal team usage, reducing reliance on certain Socotra features.

Bundling Options for Cost Savings

Pairing/Bundling for Discounts:

• Partner Programs: Check for partner discounts through collaborations with other software providers. Some cloud storage services offer discounts when bundled with platforms like Salesforce.

Negotiating with Support

Contact Customer Support for Discounts

• Discuss Usage Patterns: Engage with Socotra support to discuss your usage patterns. They might offer discounts based on your specific needs and historical data.
• Negotiate Renewal Rates: Before renewal, negotiate rates with support. Loyalty and commitment to the platform can sometimes lead to better pricing.

Switching Subscription Types

Annual Subscriptions

• Switch to Annual Billing: Opt for annual subscriptions for potential discounts compared to monthly billing.

Reducing Inactive Users

• Review User Activity: Regularly review user activity and remove inactive licenses to optimize costs.

Alternatives to Socotra

Exploring Alternative Solutions

Consider these alternatives for potential cost savings:

• Guidewire: A provider of software solutions to the insurance industry, offering products for underwriting, policy administration, and claims management. Learn more about Guidewire.
• Duck Creek Technologies: Provides software solutions for property and casualty insurers, offering products for policy, billing, claims, and insights. Learn more about Duck Creek Technologies.
• Insurity: Offers a comprehensive suite of insurance software solutions, including policy, billing, claims, and analytics. Learn more about Insurity.
• Socotra Alternatives: Explore open-source solutions that might offer similar functionalities at a lower cost. Use resources like “Opensource for Socotra” to find applicable tools.

By implementing these strategies and exploring alternative solutions, you can effectively manage and reduce your Socotra subscription costs while maintaining essential functionalities for your insurance business.