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technology can trim product launch times to a matter of months versus typical timeframes of a year to 18 months for outdated systems.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

eBook – The Rapid Connection Age of Insurance IT

A breakthrough guide for insurers who want to quickly leverage the modern insurance ecosystem to achieve faster growth and better serve their agents and policyholders.

The insurance industry has entered the Rapid Connection Age of IT–where carriers are empowered to innovate more easily with an ecosystem of new technology. With this guide, insurers get a bird’s-eye view of where the industry is headed and how they can remain competitive. Featuring insights from Dan Woods, Socotra’s Founder and CEO, Karlyn Carnahan, Head of Insurance, North America, Celent, and Brad Weisberg, CEO of Snapsheet, this guide helps insurers learn how:

  • Customized software creates massive challenges for insurers when it comes to maintenance, upgrades, and integrations
  • The Rapid Connection Age of Insurance IT is eliminating single-vendor lock-in
  • Modern, productized software, true cloud, and open APIs–provide the foundation for true app marketplaces, which revolutionize the speed at which insurers can access today’s insurance technology ecosystem

Get your copy of this first-of-its-kind guide today.

Featuring insights from:

  • Dan Woods – Founder and CEO, Socotra
  • Brad Weisberg – Founder and CEO, Snapshee
  • Karlyn Carnahan – Head of Insurance, North America, Celent