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technology can trim product launch times to a matter of months versus typical timeframes of a year to 18 months for outdated systems.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

Interview: Ekine Akuiyibo of Socotra at ITC DIA Europe

During ITC DIA Europe in Barcelona, FF News chats with Ekine Akuiyibo, Chief Business Officer at Socotra, to learn more about Socotra’s cloud-based core insurance platform that empowers insurance companies to efficiently design, launch, and manage innovative insurance products. Leveraging the provider’s technology, insurers become enabled to swiftly adapt to market demands and achieve scalable growth. “The biggest takeaway is that, finally, the business of insurance is beginning to understand this notion of composable enterprises, which is what we’ve been talking about from a technology standpoint.” – Ekine Akuiyibo, Chief Business Officer of Socotra