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technology can trim product launch times to a matter of months versus typical timeframes of a year to 18 months for outdated systems.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

Case Study: Ledgebrook Harnesses Socotra Technology to Redefine E&S Insurance

A modern, tech-forward approach is crucial to staying competitive in today’s insurance market. Ledgebrook Insurance, an Excess and Surplus (E&S) Managing General Agent (MGA), embarked on a mission to rethink the insurance journey for wholesale brokers by establishing a globally-diversified reinsurer from the ground up.

This case study explores how they achieved this and more by using Socotra Connected Core™, overcoming challenges, streamlining processes, and attaining unprecedented efficiency and growth.

Read the case study

Read how Socotra helped Ledgebrook to:

  • Provide the fastest, easiest quoting experience for wholesale brokers while ensuring the highest accuracy in risk assessment and pricing
  • Keep distribution uninterrupted, improve front-end process speeds, and use data to refine pricing and underwriting on the back end for the benefit of the broker community
  • Deliver significant improvements in processing speed, information accuracy, risk decision quality, and pricing precision, while providing a white-glove experience to brokers