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technology can trim product launch times to a matter of months versus typical timeframes of a year to 18 months for outdated systems.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

Sonny Patel Joins Socotra as Chief Product and Technology Officer, Bringing Decades of Fortune 500 Experience

Socotra, the leading provider of modern, cloud-based technology for insurers worldwide, announced today that Sonny Patel has joined the company in the role of Chief Product and Technology Officer. She will be responsible for leading the company’s Product and Engineering teams alongside Product Architect Matt Hamilton, who leads Socotra’s platform strategy and product design.

“The insurance industry is changing rapidly in response to consumer expectations, and meeting those needs means having the technological tools to respond quickly – or to anticipate coming trends and prepare for them before your competitors do,” said Patel. “To move forward, insurers need a technology partner that can give them the tools they need – in the cloud – and access to the growing ecosystem of specialized insurtechs, via open APIs, that will let them continue to add value over time,” she continued.

“I’m confident that Socotra is the best choice for any insurer looking to stay relevant and competitive in today’s marketplace and beyond, and I’m proud to be a part of this amazing team.”

Patel is a recognized thought leader in AI, with over 20 years of experience building and launching products at Fortune 500 companies including Dell, Microsoft, and Amazon. She holds an MBA in Strategy & Entrepreneurship from the Haas School of Business at the University of California, Berkeley and a Master’s degree in Computer Science from Texas A&M University.

“Socotra’s technology empowers insurers to meet the evolving needs of customers whose expectations have been set in the information age. Sonny Patel is an outstanding and proven leader; she brings business intuition, product vision, and technology depth,” said Dan Woods, CEO of Socotra. “Our bold mission deserves a great leadership team, and we’re excited to welcome her as its newest addition.