Case Study: Global Reinsurer Company unlocks SME market and cuts expense-to-premium to 10% with Socotra

How a 300-year-old insurer unlocked the SME market with Socotra

Global Reinsurer Comapny, a 300-year-old global (re)insurer with €4 billion GWP and 1,800 employees across the UK, France, Belgium and the Netherlands, faced a strategic barrier: manual, high-cost policy management that made the SME market unprofitable and limited broker support to those selling at least €100,000 GWP. To reach smaller accounts and expand its broker network the customer selected Socotra as its modern core platform (quote-to-claim) to replace legacy systems and enable automation and rapid product development.

Socotra implemented a cloud-native core with open APIs, enabling straight-through processing (STP), faster product updates and broker integrations; the first SME product launched in 18 months with a 16-person team. As a result, Global Reinsurer Comapny expects STP to reach 80%, cut its expense-to-premium ratio from 16% to 10% (~€5M annual savings), expand brokers from 300 to 500, migrate €175M GWP and grow European SME GWP by €80M, with broader targets of €25M new GWP in three years and sustained revenue growth thereafter.