From Product to Solutions

Moving from products to solutions is a strategic priority for many organisations, and how to make the switch is something that is pre-occupying the minds of C-suite leaders and heads of transformation across corporates and insurers.

A company’s reasons for making the switch to solutions are strategic. There may also be a financial driver. By their nature, solutions tend to be larger deals that are sold to higher levels within an organisation. They may establish and help to retain longer-term customer relationships. They can also be much more profitable than product deals.

For (re)insurance firms – underwriters and brokers – that have grown by mergers and acquisition (M&A), increasing cross-sell and upsell will often be core to their M&A rationale and their overall corporate strategy. An ability to drive more holistic solutions is often cited as the key benefit of the deal.

No corporate change of this nature is without risk, however, so what are the potential downsides of moving from products to solutions?

We explore this in our latest white paper, Moving From Products to Solutions – The Challenge for Insurers and Corporates.