Socotra achieved 99.9941% uptime across 50 upgrades in 2024, continuing its position as the most reliable policy administration system in the market

SAN FRANCISCO: #FinTech--Socotra, the leading provider of cloud-native insurance core technology, today announced its platform reliability metrics for 2024. Socotra customers on average experienced less than 32 minutes of downtime in 2024, including both planned and unplanned downtime. These metrics include combined downtime from the 50 backwards-compatible upgrades each Socotra customer did in 2024.

For the second year in a row, Socotra is the only insurance cloud technology provider to release its reliability performance. With 2023 average uptime of 99.9961%, the average Socotra customer experienced less than 60 minutes of total downtime in all of 2023 and 2024.

"Socotra is still the only policy administration system to take cloud seriously," said Dan Woods, CEO of Socotra. “We deliver consumer-grade reliability, performance, and upgrades because we use the same technologies and techniques as platforms like Gmail, LinkedIn, and Zoom. We hope others in the industry will follow our example.”

Socotra’s 2024 Reliability Metrics

Setting a new industry standard, Socotra is again the only policy administration provider to publicly disclose its uptime metrics, underscoring the company’s commitment to transparency and reliability. These metrics highlight the robust performance and uninterrupted service that Socotra delivers to its global insurance customers.

• 99.9941% average uptime across all customers, and lowest customer uptime of 99.8867%
• Less than 32 minutes of downtime per customer, combining both planned and unplanned
• Planned downtime includes 50 upgrades per customer in 2024

The Only Insurance Core Built to Modern Standards

Socotra’s cloud-native design enables insurance carriers to stay updated and scale quickly, while also maintaining the highest levels of availability and responsiveness.

Reducing Unplanned Downtime: Because Socotra customers are always on the latest version with no customization, Socotra automates full testing of its features, for 100% of its customers. Furthermore, Socotra’s true cloud-native design provides clients with redundancy across availability zones and supports multi-site failover.

Reducing Planned Downtime: Socotra delivers small, frequent updates that minimize disruption and costs. Socotra API updates are almost always backwards compatible, and those few breaking changes occur only after a long and clearly-communicated deprecation period. Socotra’s approach is so refined that downtime is rare and, when necessary, lasts only a few minutes—always scheduled during off-peak hours to minimize impact.

Delivering High Performance: While providing the industry’s highest reliability, Socotra also provided industry’s highest performance, as published in a 2024 performance report, audited by Amazon Web Services (AWS).

About Socotra

Socotra is the most powerful policy and billing technology in the insurance industry. Over 40 insurers worldwide trust Socotra to deliver the fastest product launches and updates, unrivaled data access and control, and the best support for insurance at massive scale–all for the lowest total cost of ownership. With true cloud and open APIs, Socotra is the most mature insurance core platform on the market. Learn more at socotra.com.

Fonte: Business Wire