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technology can trim product launch times to a matter of months versus typical timeframes of a year to 18 months for outdated systems.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

Players Health Launches Breakthrough Sports Insurance Product on Socotra’s Modern Policy Core Platform

The product was developed in record time, enabling sports teams to easily insure players, coaches, and owners through BizDynamics’ digital engagement platform

Players Health, an innovative sports platform and insurtech MGA, today launched a unique insurance product enabling amateur and professional sports teams to buy comprehensive insurance to protect players, coaches, and owners through agents or a direct-to-consumer portal.

Insurance plays a critical role in the life of a sports team, and it may be impossible for a team to play without it. The wide variety of risks a team faces means it must obtain a number of insurance types, including a commercial policy and athlete medical coverage. Getting exactly the right coverages for a team quickly and efficiently is often a challenge. Players Health’s new product combines general liability, directors’ and officers’ coverage, and athlete medical coverage, and represents an industry breakthrough in addressing this problem, building on the growing trend toward embedded insurance. 

This first-of-its-kind insurance offering is powered by Socotra, which allowed the company to develop and launch the highly complex product in only three months. The development of the product—which includes three types of insurance coverages, entailed 400 forms, and was launched in 41 states—would have taken one to two years using traditional methods and technologies.

 “I applaud Players Health for its mission to help sports organizations create the safest and most accessible environments for athletes—especially youth athletes,” said Dan Woods, CEO of Socotra. “We were delighted that Players Health chose Socotra Policy Core. Socotra offers insurers of all sizes the only proven and API-driven path to go live. Players Health and other insurtech MGAs can bring complex insurance products to market faster, more affordably, and with greater flexibility for future growth.”

Chosen as the core system by 27 carriers and insurtech MGAs in the last 18 months, Socotra provides the insurance industry’s most open and agile platform powerful enough for today’s innovators. With Socotra, insurers can rapidly launch any insurance product with out-of-the-box capabilities or by integrating through open APIs any custom or third-party technology in the insurance ecosystem. 

Players Health was committed to offering their new product through a digital frontend and incorporating rapidly changing rating content, rules, and forms. They selected BizDynamics, a cloud business unit of ValueMomentum, Inc. and a certified Socotra partner, to deploy their cloud-based rating engine and digital engagement platform, which is seamlessly integrated with Socotra. 

“Players Health is one of the first MGAs to allow brokers to place sports and fitness business through a user-friendly digital portal,” said Tyrre Burks, Founder and CEO of Players Health. “This digital-first approach is only possible with the combination of BizDynamics’ digital engagement platform and Socotra Policy Core, which made it fast and easy to launch our unique sports insurance product. Together, Socotra and BizDynamics have been reliable and trusted partners, and we look forward to expanding Players Health’s reach and scale with them in the future.”  

Players Health provides state-of-the-art technology, risk management, and insurance products to help protect young athletes and give them safe places to play the sports that they love. With over 400,000 amateur sports organizations and 45 million children playing an organized sport in the U.S., there is a large need for these organizations to step up and put the safety and wellness of athletes first. Players Health works with several thousand sports organizations, such as U.S. Youth Soccer, NFL Flag Football, i9 Sports, and USA Cheer. 

“Partnering with Socotra and BizDynamics is strongly aligned with our overall strategic direction,” said Sandeep Bajaj, Chief Information Officer of Players Health. “We’re thrilled to work with Socotra and BizDynamics to deliver an API-enabled technology stack built on modern cloud-native architecture that will drive speed to market and agility and allow us to focus on product quality and customer experience.”

BizDynamics provided implementation support, as well as the digital engagement platform, which serves as the foundation for Players Health’s broader engagement strategy as an embedded insurance provider. Players Health also partnered with Socotra and BizDynamics to launch a new sports and wellness insurance product in Canada in two months.

 “We at BizDynamics are thrilled to help Players Health deliver a digital-first experience to their unique group of insurance stakeholders,” said Anant Iyer, President of Markets and Outreach at BizDynamics. “The combination of the BizDynamics digital engagement platform on top of Socotra Policy Core and our rating engine has given Players Health an easy way for agents to sell and service policies and for customers to proactively manage their own risks. Together, we were able to deliver these advanced capabilities in an exceptional timeframe. We look forward to helping Players Health further their vision of digital engagement and value-added services, including embedded insurance, for the sports ecosystem.”

About Socotra

Socotra is bringing unparalleled speed and ease to insurance technology. With Socotra’s modern core platform, global insurers and insurtech MGAs can accelerate product development, reduce maintenance costs, and improve customer experiences. Socotra provides open APIs, a product-agnostic data model, and out-of-the-box capabilities to manage the entire policy lifecycle, making insurance innovation faster, easier, and more affordable. To learn more, visit socotra.com.

About Players Health

Minneapolis-based Players Health is a sports technology platform providing digital risk management services, reporting tools and insurance products to sports organizations to comply with changing athletic environments and responsibilities. Working towards establishing the safest environment for athletes, Players Health views the health and safety of athletes as a priority in today’s sports landscape. For more information, visit www.playershealth.com.

About BizDynamics

BizDynamics, a cloud business unit of ValueMomentum, Inc., provides affordable and simplified cloud solutions and enterprise-class services that insurers need to succeed in a digital world. For more information, visit www.bizdynamics.com.