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technology can trim product launch times to a matter of months versus typical timeframes of a year to 18 months for outdated systems.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 U: Scaling our partner ecosystem for seamless implementations around the world

Congratulations to the newest class of Socotra U, our virtual cross-partner training program! Just last month, 25 developers from Pyramid Consulting, NeST Group, Radity, and ExpandTheRoom became certified to scope and deploy the Socotra platform to launch any insurance product, in any currency and location in the world.

“I’d like to welcome our recent graduates to the Socotra partner community, which currently includes EY, Deloitte, PwC, Cognizant, First Consulting, and IBM,” said Ekine Akuiyibo, VP of Business Development and Deployments. “Our partner ecosystem is growing rapidly, giving our global customers many more implementation options. This greater flexibility means Socotra customers—no matter where they are located—will continue to receive first-class product delivery, accelerating their speed to value and ensuring seamless, end-to-end integrations.”

Over eight online sessions, our instructors simultaneously trained 25 developers across three continents on the Socotra platform, including cloud-native architecture, robust features, APIs and integration points, product design, and use cases. Each developer received a license for full platform access and built out an entire line of business, from configuration to life cycle events and workflows.

As COVID-19 became a growing concern in early 2020, Socotra U also pivoted from in-person to virtual instruction—a transition that’s made training more accessible and affordable. Developers from multiple firms can be trained in the same online sessions, reducing costs and enabling cross-partner collaboration. With Socotra U, partners can train and certify as many (or as few) developers as they like.

“Socotra planned and executed a flawless training despite differences in time zones, language, and culture,” said Ozgur Aksakal, Founder of Zurich-based Radity. “The instructors were very motivating and inspiring to all the attendees. Our developers are excited to help insurers migrate from legacy systems to Socotra’s modern core.”

Joining the Socotra partner community

To learn more about how to partner with Socotra and become a certified system integrator, please fill out the form below.