How SOC 2 Establishes Trust and Competitive Advantage in the InsurTech Market

A case of how Micruity tapped Drata to automate SOC 2 compliance and shorten sales cycles
ABOUT Micruity
Micruity powers lifetime income products in retirement plans by enabling all stakeholders to share data through a single secure connection.
Website
Location
Toronto, Ontario
INDUSTRY
Insurance Technology
SOCIAL

The Challenge

In working with life insurers and fund managers, there’s quite a lot of sensitive and critical information that we’re responsible for. As a result, customers and investors require tangible proof of our investment in security – it’s how we’re able to demonstrate a commitment to integrity and ethics.

Why SOC 2

As a growing company, we knew SOC 2 was a must-have in order to establish trust with our customers and differentiate ourselves from other players in the insurance technology space. It’s a critical building block to organizing our security infrastructure in the short and long term. Simply put, we can’t scale without a SOC 2 report in hand.

Why Drata

Drata immediately stood out as a well-trusted compliance automation platform in our network, especially when knowing other companies migrated from legacy players. We felt an overwhelming amount of support throughout the entire journey, starting with onboarding.

Drata’s platform offered a wide range of tools and features that covered everything we needed in order to achieve SOC 2. Automated evidence collection and integrated security training removed huge hurdles in the SOC 2 process and helped us ensure our employees were compliant.

The Results

By automating a bulk of the process, Drata significantly reduced the time and effort we initially thought it would require to become SOC 2 compliant. We were able to create repeatable and accessible policies and procedures that will help us scale and shorten sales cycles to increase (and possibly triple) our win rate.

Achieving SOC 2 compliance means we’re putting our best foot forward from a security perspective. And it gives our customers peace of mind knowing that we had an independent auditor attest to our compliance policies.

We went into this process thinking SOC 2 would be long and arduous, and Drata dispelled that notion very quickly. We’re growing fast, so being able to implement security best practices among our team while expediting conversations with prospects makes all the difference. Without a doubt, obtaining a SOC 2 report would have been hard to obtain had we pursued the manual route. Drata was hugely impactful in making SOC 2 achievable.

Leanne Eckelberg - Head of Operations, Micruity

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