How a US insurer empowered customers to buy term life in 25 minutes or less with Socotra
This case study focuses on a leading financial services company offering an innovative, balanced product mix, including employee benefits, annuities, and life insurance products to its 1.5 million customers.
In an effort to become more customer-centric, the insurer sought to deliver competitive pricing and a frictionless experience. Leveraging Socotra, the insurer reduced underwriting costs and empowered qualified customers to purchase term life insurance through an online, self-service experience in 25 minutes or less, instead of the 45-day industry standard.
Learn how Socotra helped this leading U.S. life insurer to:
- Launch an innovative, customer-first product with digital buying experience within 9 months
- Automatically quote and bind straightforward applications to reduce cost per policy by 65%
- Support a 650% expected increase in term life policies sold