Case Study: Symetra achieves 25-minute online life insurance purchases with Socotra

How Symetra partnered with Socotra to simplify life insurance applications to reach today’s customers

Symetra, one of the world’s largest life insurers with 1.5 million customers, faced a growth challenge: nearly 22 million Americans aged 20–45 wanted life insurance but were put off by an application process that could take up to 45 days. To reach these digitally savvy customers, Symetra set out to launch SwiftTerm, a streamlined digital term-life product, and selected Socotra as its technology partner to modernize its legacy stack and enable a faster, customer-centric buying experience.

Socotra delivered a cloud-native policy administration platform that powered SwiftTerm, allowing Symetra to build an online self-service flow and launch the product in nine months. The result: applications that once took weeks can now be completed in 25 minutes or less, a more agile platform for future products, frequent platform updates, and industry recognition (including the 2021 Gartner Eye on Innovation Award); Socotra’s flexible core system was central to these gains.

Symetra

Surya Jakhotia

AVP, Emerging Technology Platforms