How a 300-year-old insurer unlocked the SME market with Socotra
The customer in this case study is a leading global (re)insurer and part of a top-10 insurance group that operates at the forefront of the property & casualty, marine, and reinsurance markets.
In order to grow and capture a €2 billion market opportunity for small and medium-sized enterprises (SMEs), this insurer needed to expand its broker network and reduce its expense to premium ratio. Socotra powered the insurer’s digital modernization, enabled a straight-through process (STP) for quotes and claims that lowered costs, and allowed the insurer to broaden its broker network to reach more SMEs.
- Socotra’s easily configurable platform resulted in implementation cost savings of €4-5 million due to minimal personnel requirements (16 project members vs. 50-70 in traditional implementations)
- Socotra enabled process automation that is expected to produce approximately €5 million cost savings per year
- The insurer will leverage an expanded broker network to capture €25 million of new GWP over the next three years from niche SME markets
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SOCOTRA FOR COMMERCIAL INSURERS
Deliver digital-first experiences for both customers and agents
In the digital-first era, customers want to engage with insurers online, and agents want to focus their time advising on more complex policies. With Socotra, insurers can deliver both. Our agile and API-driven core platform gives insurers the flexibility needed to attract new customers, improve the agent channel, and stay ahead of the competition.
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