Case Study: Leading Financial Services Company achieves 25‑minute online term life purchases with Socotra

How a leading U.S. insurer empowered customers to buy term life in 25 minutes or less with Socotra

Leading Financial Services Company, a diversified U.S. insurer with roughly $60 billion in assets, 1.5 million customers, and 2,000 employees, faced low customer confidence and a slow, costly term‑life buying process that could take up to 45 days. The company wanted a retail‑like, self‑service experience that let customers choose and buy the right term life policy in 25 minutes or less while lowering underwriting and acquisition costs, so it engaged Socotra and its cloud‑native core platform to modernize the core system.

Socotra implemented a single cloud‑native platform with a rules engine and real‑time data integrations to auto‑quote and bind straightforward applications, reserving underwriters for complex cases and replacing what would have required 16 disparate systems. The insurer launched its first product in 9 months (vs. 2 years), enabled online purchases in 25 minutes, and expects a 650% increase in policies sold and 47% projected annual GWP growth. Socotra’s solution is forecast to cut per‑policy costs by 65% (to about $450 per policy, $350 acquisition and $100 retention) and deliver roughly $863 million in annual savings by year five.