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technology can trim product launch times to a matter of months versus typical timeframes of a year to 18 months for outdated systems.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

Becoming the Preferred Provider: Key Insights for Insurance Carriers

In the highly competitive insurance industry, being the preferred provider for insurance agents can make a significant difference in driving business growth and enhancing market share. Recently, the results of a survey of agents and brokers in the US and UK were recorded and analyzed to create a new insightful report. “Becoming the Preferred Provider: What Insurance Producers Want from Insurers” report sheds light on the key factors that influence agents’ preferences when selecting carrier partners. In this blog post, we will dive into a high-level summary of findings of the report and provide actionable strategies for insurance carriers to become the preferred choice for agents.

1. Understand the Agent’s Perspective

The report emphasizes the importance of understanding the needs and expectations of insurance agents. Agents value carriers who demonstrate a deep understanding of their business and are responsive to their inquiries and concerns. By actively listening and engaging with agents, carriers can gain valuable insights into their pain points, preferences, and market trends.

2. Streamline and Simplify Processes

Efficient processes and streamlined workflows are highly valued by agents. Carriers should focus on improving the ease of doing business, reducing paperwork, and minimizing administrative burdens. Embracing technology and digital solutions can significantly enhance efficiency, making it easier for agents to work with carriers.

3. Provide Competitive Products and Pricing

Agents are constantly seeking competitive insurance products that cater to their clients’ needs. Carriers should focus on offering innovative and comprehensive coverage options that address emerging risks. Additionally, providing agents with access to competitive pricing structures and flexible underwriting guidelines can significantly strengthen the carrier-agent relationship.

4. Deliver Excellent Customer Service

Outstanding customer service is a crucial aspect that agents consider when selecting carrier partners. Timely and accurate communication, efficient claims handling, and dedicated support contribute to agents’ overall satisfaction. Carriers should invest in developing robust customer service departments to provide agents with the support they need to effectively serve their clients.

5. Foster Collaboration and Training

Agents appreciate carriers that foster a culture of collaboration and offer continuous training opportunities. Providing agents with resources, tools, and educational programs can enhance their knowledge and expertise, enabling them to better serve clients and increase sales. Regular training sessions and workshops can also keep agents up to date with new products, industry regulations, and technological advancements.

6. Embrace Technology and Innovation

In today’s digital age, insurance carriers that leverage technology and embrace innovation have a competitive advantage. Agents prefer carriers that provide user-friendly online platforms, integrated systems, and data analytics tools. By investing in digital capabilities, carriers can streamline processes, improve data accuracy, and enhance the overall agent experience.


Becoming the preferred provider for insurance agents requires a comprehensive understanding of those agent needs and preferences. By implementing the strategies outlined in this blog post and corresponding report, insurance carriers can position themselves as trusted partners, attract top-performing agents, and gain a competitive edge in the marketplace. Understanding agents’ perspectives, streamlining processes, providing competitive products and pricing, delivering excellent customer service, fostering collaboration, and embracing technology are key steps towards becoming an agent’s preferred provider. By investing in these areas, carriers can cultivate long-lasting relationships with agents and achieve mutual success in the dynamic insurance industry. To learn more about each of these findings and see the survey results and analysis in detail, get a copy of the complete report here.