Set up a Socotra product configuration with a custom field set for a parametric flood insurance product

Steps

1. Define the parametric product structure in Socotra's product configuration files (JSON-based): specify the policy fields, exposure fields, and peril fields relevant to flood parametric triggers (e.g., flood gauge station ID, trigger depth threshold, payout tier)
2. Upload the product configuration to your Socotra sandbox tenant via the Configuration API (POST to the configuration deployment endpoint); verify the deployment status before testing
3. Use the Socotra Products API to query the deployed product schema and confirm that your custom parametric fields appear correctly in the policy data model
4. Implement a plugin (Socotra's plugin architecture allows JavaScript functions triggered at policy lifecycle events) to validate trigger threshold fields at quote and issue time
5. At trigger event, call the Socotra Policy API to issue a policy transaction (endorsement or claim) with the parametric payout amount calculated externally; pass the payout value as a field in the transaction payload
6. Test the full lifecycle in sandbox: create a policy, simulate a trigger event with a test payout, verify the transaction is recorded correctly in the policy history