Coretech Insight Report: Insurers Can See Up to $25M Revenue Gain

A Coretech Insight Study Commissioned by Socotra

Insurers know that speed and agility are key to growth. But they struggle to quantify the value of investing in new technologies in terms of speed-to-market and revenue. To address this challenge, Coretech Insight, an independent advisory firm focused on core technology for the insurance industry, conducted a breakthrough study modeling three real-world scenarios to assess the economic value of speed-to-market, using publicly available industry and government data and validation by senior industry participants.

The analysis compared product launches for incumbent systems against new cloud-native agile platforms and found that insurers that launch products faster by deploying cloud agile technology are able to generate a revenue gain of as much as $25 million over five years.

What will you learn from this report? You’ll get the detailed information supporting these results and learn how findings like these were determined in this analysis:

  • The benefits of shorter time-to-market exceeded the costs of implementing and operating new cloud technology by a wide margin—as much as 40 times the cost of implementation.
  • Cloud agile technology can trim product launch times to a matter of months versus typical timeframes of a year to 18 months for outdated systems.
  • Cloud agile platform product launches enable insurers to capture revenue that would otherwise be lost to extended launch timeframes.
  • Insurers are forfeiting millions of dollars in new premiums due to delays common with incumbent systems.

Get your copy of this ground-breaking, must-read study today.

Socotra Appoints Ken Holmes as VP of Sales

We are excited to announce that Ken Holmes has joined Socotra as Vice President of Sales. As VP of Sales, he will be responsible for leading Socotra’s global sales team and introducing prospective customers to our modern, cloud-native insurance core platform. In this new role, Ken will accelerate our efforts to evangelize cloud and open APIs, helping pave the path to a better world for insurers to operate in.

Ken brings over ten years of SaaS sales leadership experience to Socotra. Prior to Socotra, Ken has worked with customers from a variety of industries, from multinational mass-media conglomerates to toy industry giants, promoting expansion within existing accounts as well as new customer acquisition. Ken brings a sales perspective that focuses on listening to customers and translating pain points into positive business outcomes.

“Socotra is taking a unique approach to tackle a major pain point in the insurance industry,” Ken said. “My goal is to help insurers figure out whether Socotra is the right fit for them by translating our technical capabilities into a powerful business value proposition. I’m excited to be in a position where I can build lasting relationships with new and incumbent insurers and showcase how Socotra can help them reduce costs and cut product deployment timelines in half.”

Welcome aboard, Ken!