How a 300-year-old insurer unlocked the SME market with Socotra
The customer in this case study is a leading global (re)insurer and part of a top-10 insurance group that operates at the forefront of the property & casualty, marine, and reinsurance markets.
In order to grow and capture a €2 billion market opportunity for small and medium-sized enterprises (SMEs), this insurer needed to expand its broker network and reduce its expense to premium ratio. Socotra powered the insurer’s digital modernization, enabled a straight-through process (STP) for quotes and claims that lowered costs, and allowed the insurer to broaden its broker network to reach more SMEs.
- Socotra’s easily configurable platform resulted in implementation cost savings of €4-5 million due to minimal personnel requirements (16 project members vs. 50-70 in traditional implementations)
- Socotra enabled process automation that is expected to produce approximately €5 million cost savings per year
- The insurer will leverage an expanded broker network to capture €25 million of new GWP over the next three years from niche SME markets
Read the case study: How a 300-year-old insurer unlocked the SME market with Socotra