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technology can trim product launch times to a matter of months versus typical timeframes of a year to 18 months for outdated systems.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

OBRIEN Insurance Solutions Joins Socotra App MarketPlace

OBRIEN Insurance Solutions joins an ecosystem of technology leaders bringing speed-to-market and agility to the insurance industry

OBRIEN Insurance Solutions today announced that it has partnered with Socotra, which provides insurers with modern software apps connected to Socotra policy core. The platform is the fastest way for insurers to bring new products and features to market.

OBRIEN Insurance Solutions delivers outsourced policyholder communications to insurance carriers including print and mail, EBPP solutions, check printing, lockbox services, and inbound digital mailrooms.

  • OBRIEN will add value to Socotra’s Marketplace by freeing up internal resources to focus on core competencies as well as:
  • Control and reduce print and postage costs
  • Develop Inbound Mailroom Services for incoming mail and payments (lockbox)
  • Modernize communications without capital investment
  • Design, print, insert or mail marketing collateral
  • Provide a robust business continuity plan

“OBRIEN is excited to be a part of Socotra’s Marketplace,” said Mike Mulcahy, COO, OBRIEN. “Our 50 years of experience in Policyholder communications will extend the value for Socotra’s clients on the industry’s best platform for innovation.”

As insurers seek to stay competitive and introduce new products and features at unprecedented speeds, they’re increasingly looking to advanced technology solutions that accelerate time-to-market and modernize every aspect of the insurance value chain, from user experience to underwriting to claims. That requires an ecosystem of modern technology partners.

With Socotra App MarketPlace, insurers can instantly connect to a wide array of apps that improve every aspect of the insurance value chain. Unlike other marketplaces for insurers that only offer snippets of code or pre-built integrations, Socotra App MarketPlace delivers real software apps that insurers can deploy in minutes without custom coding—vastly accelerating speed-to-market and lowering IT costs.

“Socotra is pleased to partner with OBRIEN Insurance Solutions to deliver an industry-leading solution,” said Dan Woods, Founder and CEO, Socotra. “Socotra was already the industry’s best platform for innovation. With the addition of Socotra App MarketPlace, Socotra customers can add nearly limitless capabilities faster than ever before.”

About Socotra
Socotra brings 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 socotradev.wpengine.com.

About OBRIEN Insurance Solutions
OBRIEN Insurance Solutions is a best-in-class provider of inbound and outbound mailroom services including print/mail and electronic delivery of policyholder communications and checks. For almost 50 years, OBRIEN has been delivering cost-effective solutions through streamlining processes, modernizing communications, and freeing carriers resources to focus on core competencies.