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technology can trim product launch times to a matter of months versus typical timeframes of a year to 18 months for outdated systems.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

The 10-week tech stack: How API-based platforms can help insurers rapidly spin up new products and reduce costs

About the webinar:

How can insurers, who have relied on legacy technology, accelerate their digital transformation so they can stop playing the catch-up game and start winning it?

Join Dan Woods, Founder and CEO of Socotra, and Jamie Yoder, President of Snapsheet, as they present an insurance policy and claims tech stack that can enable insurers to stand up next-generation products in as little as ten weeks.

In this can’t-miss webinar, you’ll:

  • Discover why carriers need a modern insurance policy and claims tech stack now.
  • Learn how cloud-native, API-based platforms can accelerate product development, cut costs, and improve agility across the entire policy lifecycle, from quote to claim.
  • Learn how to accelerate product development with a 10-week go-live timeline and to-do list.
  • See how Socotra and Snapsheet seamlessly work together.

Speakers:

Dan Woods, Founder and CEO of Socotra

Dan Woods is the founder and CEO of Socotra, the first modern, cloud-native platform for technology-driven insurers. Dan’s mission is to modernize insurance technology by applying approaches and technologies proven in other data-intensive industries.

Jamie Yoder, President of Snapsheet

As President of Snapsheet, Jamie leads go-to-market strategy and works closely with clients to develop solutions that provide the best claims experiences through Snapsheet’s cloud-native software and pioneering virtual appraisal services. Prior to Snapsheet, Jamie led PwC’s Insurance Advisory Practice and the Future of Insurance global research program, and led the insurance practice at Diamond Management & Technology Consultants.

To access the webinar, complete the form.