Empowering Customers to Buy Term Life Insurance

This case study details how a leading U.S. insurer transformed its term life insurance purchasing process by leveraging Socotra's cloud-native core platform. The insurer aimed to address customer confidence issues and reduce the buying time from the industry standard of 45 days to 25 minutes. Through extensive research, the company identified a target demographic of millennials and new parents, which had been historically underserved. By implementing Socotra's technology, the insurer streamlined the application process, allowing for a more efficient and user-friendly experience. The partnership resulted in significant operational improvements, including a projected 650% increase in policies sold and a 47% annual growth in gross written premiums. Additionally, the insurer expects to reduce customer acquisition and retention costs significantly, leading to an estimated $863 million in savings over five years. This transformation is part of a broader strategy to enhance customer-centric services and improve market competitiveness.