Socotra Logo

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technology can trim product launch times to a matter of months versus typical timeframes of a year to 18 months for outdated systems.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 at InsureTech Connect 2023 – Mandalay Bay Convention Center, Las Vegas

Socotra at ITC Las Vegas 2023

Be sure to drop by Socotra’s booth, #2633, at the event and/or schedule a meeting with us. The location of our booth – as well as our partners’ booths – can be found here.

Book a meeting

Insuretech on Tap

Let’s kick off ITC Vegas in style with our premier networking event, Insuretech on Tap, at Rí Rá Irish Pub on Tuesday, October 31st!

Hosted by Socotra and co-sponsored by AWSMendixFive SigmaMassPrintingGhostDraftCloverleaf AnalyticsDataArt, and Stripe – it’s sure to be a night you won’t want to miss. Enjoy appetizers, dinner, and drinks while making connections with other industry leaders!

Save your spot

Core Shift: A Story of Changing Core Systems while Doubling Revenue

Speaking session hosted by Socotra CEO and Founder Dan Woods

On Thursday, November 2, at 11:10 a.m. in Mandalay Bay Ballroom L

Discover how insurers can become more efficient and effective now: innovating and adapting by offering in-demand products on demand, and by leveraging technology to create seamless, customer-centric solutions.

Through lessons learned, we’ll cover :

  • Scaling technology to match the pace of business growth: why this is crucial for success
  • Real-world experiences: how not all solutions can scale effectively for a thriving company
  • A comprehensive technology strategy: efficiently serve and expand your customer base while addressing the challenges of scalability

Join us as we share deeper insights about how insurers can set themselves up for success when scaling for growth and customer satisfaction – today and in the future.

View ITC agenda