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technology can trim product launch times to a matter of months versus typical timeframes of a year to 18 months for outdated systems.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

Introducing Socotra’s Product Library: Pre-built products to help you kick start implementation

No matter the project, it’s always easier to start from an example rather than a blank page. With that in mind, Socotra’s new Product Library gives you a head-start on product configuration, significantly shortening your implementation timeline while accelerating your time to market and reducing costs.

The new Product Library includes more than 15 pre-configured lines of business that our customers, or anyone with a Sandbox license, can easily import into Configuration Studio. From the Home screen in Configuration Studio, click the green “Add New” button and then click the “Library” tab. You can then select any product from the drop-down menu, and it will automatically import into Configuration Studio. That’s it! Once your chosen product has been imported, you can make any needed changes, such as capturing additional fields, customizing rating logic, and adding underwriting criteria.

The Product Library includes example configurations for the following lines of business:

  • BOP Retail

  • Commercial General Liability

  • Contract Surety

  • Cyber

  • Drone

  • Errors and Omissions

  • Homeowners

  • Jewelry

  • Marine Vessel

  • Personal Auto

  • Pet

  • Product Liability

  • Simple Auto

  • Term Life

  • Travel Multi Trip

  • Workers Compensation

Over time, Socotra’s Product Library will evolve and grow to include more products.

 

 

Accessing pre-built products through Socotra Config Studio.

To learn more, talk with a member of our team by filling out this form.