How core-IT system providers can unlock growth with packaging: four essential steps

In the increasingly dynamic environment of insurance technology, the role of a Core IT system provider (ex. Policy Admin, Billing, Claims Admin, Agency Management, etc.)  is pivotal in enabling insurance companies to navigate challenges and seize opportunities in an increasingly competitive market.

Most companies are built with a founding “hero” product, and when expanding to a multi-product portfolio, face a hurdle in driving customer adoption of additional products, features, or services. When a new product is introduced, the difficulty of communicating the value proposition of the new offering to customers often discourages sellers from actively promoting it. Additionally, sellers often lack enough financial incentive to push the new product over their popular “hero” product. This slows product adoption, resulting in lower revenue and higher service costs.  A strong offering structure, or packaging approach, can help a new product gain…