Case Study: Largest General Insurance Company in Australia and New Zealand achieves rapid digital launch and major cost savings with Socotra

How Socotra enabled a multinational insurer to launch a digital-first auto product while reducing costs and increasing customer satisfaction

Largest General Insurance Company sought to launch a cloud-native, direct-to-consumer pay-as-you-go auto insurance brand aimed at younger customers but faced legacy cost structures and slow product cycles—the parent company’s expense-to-premium ratio was ~22.5% versus a target of 10%. To meet aggressive speed-to-market and operational-efficiency goals, the insurer selected Socotra’s agile core platform (underwriting, billing, policy management, open APIs) to replace monolithic systems and enable rapid product iteration.

Socotra implemented a lean, cloud-hosted core integrated with the insurer’s CRM and orchestration partners, enabling the new product to go live in 10 months instead of the typical two years. The program saved about $4.5M in implementation fees with a small team (two Socotra engineers plus insurer/PwC staff), delivered 300+ bi-weekly updates, drove a 25-point NPS improvement, realized 40–50% operational efficiency gains, produced $9.6M contact-center savings, and expects $42M as expense-to-premium trends toward 10% while targeting 100,000 customers by year three.