How Socotra enabled a multinational insurer to launch a digital-first auto product while reducing costs and increasing customer satisfaction
This multinational insurance company envisioned creating a direct-to-consumer auto insurance product—hosted completely in the cloud—to drive efficiencies that could be delivered back to customers in the form of lower premiums. This product would be the first across all of Australia to offer tailored auto insurance coverage for a pay-as-you-go monthly subscription fee.
Partnering with Socotra, the insurer launched their new digital product in just ten months, whereas deploying a comparable legacy system typically would have taken at least two years. Because of this increased speed-to-market, the insurer could significantly save on implementation costs.
- Socotra’s agile core platform and open APIs saved the carrier $4.5 million on implementation costs
- Rapid and frequent product updates earned the insurer a 25-point improvement in customer NPS
- Digitally transforming with Socotra will help the insurer save $42 million as expense- to- premium ratio trends towards 10% from 22.5%