Case Study: Mutual of Omaha reduces disability insurance issuance time with Socotra

Mutual of Omaha cuts disability policy issuance from 50 days to 20 with Socotra

Mutual of Omaha, a century-old life insurer, faced the challenge of modernizing its rigid legacy policy administration system. The outdated platform made launching complex products like disability income insurance expensive and slow, with policy issuance taking 50 days or more. To achieve operational efficiencies and improve customer experience, they sought a new cloud-based core system and partnered with the vendor Socotra for its modern platform.

Socotra provided a cloud-native core platform that enabled Mutual of Omaha to develop and deploy its complex disability income product entirely remotely. Using Socotra's open APIs and documentation, the company integrated best-of-breed solutions and achieved a successful implementation in just 12 months. The results were significant, including a reduction in policy issuance time from over 50 days to under 20 days and "run" costs that were moving toward a 50% reduction compared to legacy systems. Socotra's agility also allowed the company to implement new product features across its ecosystem in only three weeks.

Mutual of Omaha