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technology can trim product launch times to a matter of months versus typical timeframes of a year to 18 months for outdated systems.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 Partners with omni:us to Streamline Insurance Workflows from Quote to Claim

By leveraging a no-code integration on Socotra Marketplace, mutual customers can gain instant access to the omni:us product suite without leaving Socotra’s core platform

Socotra, the first cloud-native core platform for insurers, today announced a joint partnership with omni:us, the leading provider of intelligent insurance claims automation. Together, Socotra and omni:us will deliver next-generation capabilities across the entire policy lifecycle to streamline workflows and enhance customer experiences.

As the first truly modern core platform for insurers, Socotra provides powerful modules for underwriting and rating, policy administration, billing, claims, and reporting. Insurers can take advantage of Socotra’s open APIs, cloud-native architecture, and flexible data model to rapidly develop and deploy innovative products and reduce total cost of ownership.

In response to the growing demand for more efficient claims processing, omni:us offers a range of products—including an AI-powered decision catalogue and machine learning—to help claims teams close low-complexity, high-volume claims faster, while improving customer satisfaction. By leveraging a no-code integration on Socotra Marketplace, mutual customers can gain instant access to the omni:us product suite without leaving Socotra’s core platform.

“We are excited to bring together the technologies of Socotra and omni:us,” said Martin Micko, Founder and CCO of omni:us. “The combination of Socotra and omni:us represents a winning proposition, bringing a new level of insight and speed that carriers previously only dreamed of. As we seek to broaden the range of customers we serve, we look forward to partnering with Socotra, which has already established its modern core platform with many of today’s insurance carriers.”

“We are pleased to welcome omni:us to Socotra Marketplace,” said Ekine Akuiyibo, Vice President of Business Development and Deployments at Socotra. “By leveraging an out-of-the-box integration between Socotra and omni:us, our shared customers benefit from reduced implementation complexity, accelerate speed-to-market, and can take advantage of next-generation claims technology directly through our modern core platform.”

About omni:us

omni:us is the leading provider of intelligent insurance claims automation that allows claims teams to close low-complexity, high-volume claims faster while noticeably improving customer satisfaction and efficiency. The omni:us Digital Claims Adjuster seamlessly integrates end-2-end claims automation within existing insurance core systems to help reduce process costs by up to 35 percent. Founded in 2015, omni:us is headquartered in Berlin, Germany, with offices in the UK and the US. For more information, visit omnius.com and follow omni:us on LinkedIn.