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technology can trim product launch times to a matter of months versus typical timeframes of a year to 18 months for outdated systems.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

AuditCover Is Changing Tax Audit Insurance with Ingenuity and the Socotra Modern Insurance Core Platform

AuditCover, an Australia-based startup founded in 2020, operates as a fully digital insurance product that provides best-in-class tax audit insurance to protect salary earners, sole traders, companies, directors, and SMSFs from professional fees when audited by a statutory authority. Initially, the AuditCover team signed with a fully managed service that identified itself as “no code” and promised a delivery timeframe of within two weeks. However, those two weeks quickly turned into months and the team was beginning to find themselves entirely dependent on their vendor for updates, deployments, and product changes, which did not meet their need for control and growth goals. As a result, they began searching for an alternative platform. Using Socotra’s Connected Core and intuitive APIs, AuditCover was able to quickly design an agile embedded product and launch it to market in record time – just under 3 months.