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technology can trim product launch times to a matter of months versus typical timeframes of a year to 18 months for outdated systems.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

Socotra and Partners to Host Premier Insurance Networking Event

AUSTIN, Texas–Leading insurance core technology provider Socotra announced today that eight members of the organization’s Partner Network have collaborated to present a unique, dynamic networking event as part of this year’s InsureTech Connect conference in Las Vegas, Nevada. On the evening of Tuesday, October 31st – in the peak of the action at ITC Vegas – the partner firms will be welcoming select insurance and technology professionals from around the globe to their flagship Insuretech on Tap event, designed to foster communication, camaraderie, and creativity among the finest minds in insurance.

“GhostDraft and Socotra share a focus in helping insurers drive speed to market, increased efficiency, and better customer and employee experiences,” said Rebecca Angell, VP of Strategic Alliances at GhostDraft. “We are thrilled to co-sponsor Socotra’s Insuretech on Tap, a great ITC event to network with peers and industry thought leaders.”

“The future of insurance is customer-centric, cloud-based, super-intelligent, nimble, secure, and scalable,” said Michael Schwabrow, Executive Vice President of Sales and Marketing for Cloverleaf Analytics. “Socotra’s partner sponsors of the Insuretech on Tap event represent this future that increasing numbers of carriers and the insured are benefiting from today, and these numbers will grow next year.”

Read the complete press release here.