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technology can trim product launch times to a matter of months versus typical timeframes of a year to 18 months for outdated systems.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

How Symetra provides term life coverage in 25 minutes with Socotra

About the webinar

Achieving financial freedom can be a confusing process, especially for first-time homeowners and parents. Recognizing the challenges this underserved market faced, Symetra set out on a mission to re-imagine the term life buying process.

In this webinar, Mindi E. Work, Symetra’s SVP, Chief of Strategy, and Surya Jakhotia, AVP, Emerging Technology Platforms, discuss how Symetra partnered with Socotra to create its digital term life product, SwiftTerm, which customers can purchase in as little as 25 minutes.

In this free webinar, you’ll learn about:

  • Symetra’s bold vision for pursuing an underserved market
  • The challenges they faced developing a digital-first term life product
  • Why Symetra chose Socotra and other ecosystem partners
  • How Symetra leveraged an agile core to increase speed of implementation
  • The road ahead for Symetra

Speakers:

Mindi E. Work, SVP, Chief of Strategy, Symetra

Mindi E. Work is senior vice president and chief of strategy for Symetra Financial Corporation and its insurance subsidiaries. She leads the company’s corporate strategic planning process, including the development, design and business execution of strategic programs.

Surya Jakhotia, AVP, Emerging Technology Platforms, Symetra

Surya Jakhotia is the assistant vice president of emerging technology platforms at Symetra. Surya specializes in software engineering and has led multi-disciplinary teams in engineering, DevOps, UX and product. In this role, he has built an engineering team with a startup mindset to deliver on the vision of a reimagined Term product centered around the customer and their needs.

Harsh Shah, Head of Marketing, Socotra

Harsh Shah is Socotra’s head of marketing. Prior to this role, Harsh led relationships with some of Socotra’s largest customers and partners and was directly involved with many of the company’s early go-to-market efforts. Before Socotra, Harsh managed partnerships and marketing for mobile products at Google and AdMob.

Complete the form to watch the webinar now.