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technology can trim product launch times to a matter of months versus typical timeframes of a year to 18 months for outdated systems.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’s ISO 27001 Certification: our commitment to data security

As a modern, enterprise-grade core system to insurers all over the world, Socotra understands that our platform is at the heart of our customers’ operations. As such, data security and customer trust is a mission-critical focus. Our ISO 27001 certification underscores Socotra’s commitment to security standards put forth by the International Organization for Standardization.

What is ISO 27001?

ISO 27001 is part of the ISO/IEC 27000 family of standards, which provides a series of frameworks to help organizations benchmark their treatment of data. This designation is internationally recognized as the most reputable standard for the establishment and certification of an information security management system (ISMS).

Socotra services and processes in scope for ISO 27001:

The scope of the ISO 27001 certification is bounded by Socotra’s enterprise-ready insurance software as a service, including business processes, locations, technology, people, and information.

What does this mean for customers?

In short, our customers can rest assured that Socotra’s security management and privacy functions comply with leading industry standards. This externally validated certification demonstrates our obligation and our commitment to our customers’ information security. It plays a critical role in assuring our customers that Socotra takes all necessary steps to keep their data safe, secure, and accessible.

Obtaining Socotra’s ISO certification

You can download our ISO certificate at any time by filling out a short form here.