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technology can trim product launch times to a matter of months versus typical timeframes of a year to 18 months for outdated systems.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

Why personal auto insurance is changing and how insurers can compete

About the webinar:

Consumers live online — from banking to ordering groceries to connecting with friends and family– and they’re rewarded for their digital lifestyle with choice, personalization, and convenience. When it comes to their personal auto insurance, consumers expect the same experience and benefits from their insurance provider but are often left frustrated and disappointed.

How can personal auto insurers close an ever-widening customer-satisfaction gap to better serve their customers?

In this webinar, Socotra’s Head of Marketing, Harsh Shah, and Solutions Engineer, Victor Fateh, will draw from their experiences advising personal auto insurers on building next-gen products to discuss how an agile core platform can help insurers stay competitive and improve customer experiences.

In this free webinar, you’ll learn about:

  • How evolving customer expectations are creating challenges and opportunities for personal auto insurers
  • Four questions insurers should be asking about their own portfolio and go-to-market approach
  • How an agile core platform can increase flexibility, speed to creation, and simplify product changes
  • What agility and flexibility really look like with a modern core platform, including a live demo

Speakers:

Harsh Shah, Head of Marketing, Socotra

Harsh Shah is Socotra’s Head of Marketing. Prior to this role, Harsh led relationships with some of Socotra’s largest customers and partners. Before Socotra, Harsh managed partnerships and marketing for mobile products at Google and AdMob.

Victor Fateh, Solutions Engineer, Socotra

Victor Fateh is a Solutions Engineer for Socotra and works with our customers, including Nationwide, AXA, and TONI to design, develop, and deploy their next-gen insurance products.

To access the webinar, complete the form.