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technology can trim product launch times to a matter of months versus typical timeframes of a year to 18 months for outdated systems.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.

Premium Reporting: How to create usage-based insurance products with ease

About the webinar

With policyholders driving less, monthly fluctuations in payroll, and varying commercial fleet sizes, the need for pay-as-you-go, or usage-based insurance is on the rise.

In this webinar, Socotra’s Director of Product, Matt Hamilton, will dive into how our newest feature, Premium Reporting, can help insurers create and launch usage-based insurance products easier than ever before.

In this free webinar, you’ll learn about:

  • How Socotra’s Premium Reporting feature makes it easier than ever to create usage-based products
  • Recent platform improvements
  • What’s next on the product roadmap

Speaker:

Matt Hamilton, Director of Product, Socotra

Matt Hamilton is Socotra’s Director of Product and is responsible for conceptualizing, designing, and implementing the next wave of product capabilities for Socotra’s technology platform. Previous to Socotra, Matt was at Guidewire, where he spent ten years building and leading the company’s product teams, and has experience across the insurance policy lifecycle, including underwriting, policy management, claims, billing, and analytics. Matt was a submarine officer in the U.S. Navy and has a B.A. in computer science from the University of California, San Diego and an M.B.A. from Stanford University.

To access the webinar, complete the form.