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technology can trim product launch times to a matter of months versus typical timeframes of a year to 18 months for outdated systems.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, Mendix, and Valcon announce market-leading, low-code joint solution

Valcon announced today that it has become an official Mendix Independent Software Vendor (ISV) Partner for its flexible end-to-end solution, Humble Bee. The suite of solutions can be tailored to the specific situation of the insurer and leverages Socotra’s powerful data model to streamline processes from product configuration to claims management. What really makes the solution stand out is the easy API-driven integration and powerful dynamic case management capability for collaboration.

Using advanced analytics to improve operational decisions is top of mind in any board room. The impact of Covid-19 and the accelerated need to digitize boost this development. The new group is ideally prepared to help leading clients with identifying and implementing real changes through the combination of business consulting, technology and data.

The partnership signifies an important impact to the insurance industry, as the added capabilities from Mendix and Socotra allow insurers to create a better digital experience for customers and increase collaboration—not only within the insurer but also between experts, brokers, and others.

Marc Boumans, Partner at Valcon, said, “When engaging with insurers and brokers we noticed many are challenged with taking steps digitalizing their business model. Together with Mendix and Socotra we can now provide them with a suite that allows them to kickstart their initiatives. This innovative suite of solutions consists of a uniform core insurance platform with an agile Mendix based solution called ‘HumbleBee’ providing a framework and packages providing all functionality for customer centric policy, product, claims, and assisted sales management. The ISV program of Mendix allows us to get our solution to insurers worldwide helping them to better serve their customers.”  

Rohit Tangri, Global Vice President, Industry and Partner Solutions & CSO at Mendix, said, “The Mendix ISV Partner Program will enable Valcon to provide their solutions and services to a broader public helping insurers around the world, on the Mendix low-code platform. We are excited to have Valcon as a new addition to our growing ISV Program as this partnership will enable Valcon to offer a customer-proven solution for insurers that want to digitize.”

Ekine Akuiyibo, VP of Business Development & Deployments at Socotra, said, “We are proud to partner with Mendix and Valcon as the core insurance platform powering Humble Bee. Insurers can now take advantage of an agile suite of solutions that includes Socotra’s intuitive API integrations and robust functionality for the entire policy lifecycle. Through this innovative partnership, we are positioned to help insurers rapidly modernize, drive greater efficiency, and better serve their customers.” 

Learn more about Humble Bee.