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technology can trim product launch times to a matter of months versus typical timeframes of a year to 18 months for outdated systems.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 Achieves Strong 2022 Results With 71% Revenue Increase and 75% Growth in Customers

The insurtech also saw a 117% YoY increase in policies managed on its SaaS platform

AUSTIN, Texas — February 8, 2023 — Socotra today announced its results for 2022, demonstrating strong momentum for its software and market-leading approach to overcoming the insurance industry’s barriers to innovation. Despite difficulties for the overall insurtech sector, Socotra achieved a 71% revenue increase and 75% growth in customers.

While 2023 is expected to see many insurtechs leaving the industry or being acquired as funding dries up, Socotra is experiencing strong growth as carriers lean on the insurtech innovator for modern technology. Socotra enables insurers to achieve the benefits of speed-to-market and the growth they desire whether they decide to integrate Socotra’s advanced core platform with their legacy tech, or simply replace it altogether. With Socotra, carriers of all sizes can remain competitive in an industry that’s leaping into the modern age.   

Widely respected by carriers and MGAs alike, Socotra provides complete insurance solutions connecting the industry’s best software providers, integrated and market-ready. In 2022, Socotra continued to address the industry’s need for flexibility and speed-to-market with the launch of Socotra App MarketPlace. The first-of-its-kind insurance technology ecosystem built on open APIs, App MarketPlace is now being used in live production, giving insurers instant access to 35 industry-leading software and data providers through a simple click-to-run experience. This degree of connectivity positions insurers well for the Rapid Connection Age, where insurers must connect, upgrade, and swap out technologies quickly and easily in order to stay competitive.

“Socotra’s strong growth in 2022 was the result of our team’s dedication to delivering industry-leading products and services to the insurance industry,” said Dan Woods, Founder and CEO of Socotra. “By sticking to our principles of providing our customers with API-driven, true cloud technology that enables faster time to market and lowers costs, we’re demonstrating our commitment to helping them modernize their infrastructure. As the industry moves into the Rapid Connection Age, Socotra will be there to support insurers, making sure they have a reliable partner on their journey.”

2022 Highlights

Customer Growth: 2022 marked a year not only of impressive customer growth, but also fast implementations with 13 additional insurers going live on Socotra; including MS Amlin, Lavalier (a subsidiary of Berkley Asset Protection), and Bamboo Insurance. Overall, Socotra saw a 117% growth in policies managed on its SaaS platform.

Funding and M&A: In March 2022, Socotra closed a $50 million series C funding round, led by renowned venture capital firm, Insight Partners, giving it a total of $96 million raised to date. On the heels of this achievement, Socotra acquired Avolanta to deliver the insurance industry’s only unified agent and customer portal

Awards: Socotra was recognized by CB Insights on their Insurtech 50 List of Most Innovative Startups and Fintech 250 List. In Europe, Socotra was included in SONR’s Insurtech 100, the industry’s most comprehensive list of influential insurtech startups. Lastly, Socotra was the recipient of nine Comparably awards, including Best Leadership Team and Best Company Outlook (selected out of 70,000 companies across the U.S.).

About Socotra

Socotra brings unparalleled speed, flexibility, and choice that give insurers more control over their business. With Socotra’s complete insurance solutions, global insurers and insurtech MGAs can accelerate product development, reduce 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.