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technology can trim product launch times to a matter of months versus typical timeframes of a year to 18 months for outdated systems.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

COVID-19: Socotra’s plan for business continuity

The COVID-19 pandemic has rapidly transformed the world we live in and ushered in a “new normal.” Since Socotra was structured to continue operating through a variety of business conditions, there is no change to what customers can expect from us, including access to a secure platform and reliable customer support.

Health and Safety for Socotra Employees

Socotra continues to prioritize the safety and well-being of our employees and their families while also being committed to doing our part in slowing the infection rates globally.

  • Our teams are working from home and will continue to do so.

  • We’ve postponed all non-essential travel and adopted video conferencing tools that keep us face-to-face with our customers.

  • While Socotra employees are physically distancing, we remain socially supportive and have created virtual team events, recurring video hangouts, and chat channels to check-in and stay connected.

Business Continuity 

Socotra continues business operations as usual, and we have Business Continuity and Disaster Response plans in place to ensure uninterrupted access to our platform.

  • Our product and engineering teams continue to prioritize our product roadmap by building and releasing new features at a regular cadence.

  • Because Socotra is a cloud-native platform, continual updates will still be delivered to our customers without interruption.

  • Our ISO 27001 certification underscores our commitment to data security and customer trust.

Insurance is vital to the stability of the world economy, particularly in times of crisis. We’re proud to serve as a partner to an industry that provides peace of mind during uncertain times.

We will closely monitor new developments surrounding COVID-19 and adapt our processes to ensure access to our platform continues without interruption to our customers.

For additional questions about Socotra’s COVID-19 response plans, please contact our team at inquiries@socotra.com.