9/14/2018 11:48:23 AM | less than a minute read

INSURTECHS- are you selling a tool or a solution?

Get in touch

Mike Daly

Transformation, AI, Insurtech, Insurance Transformation

Get in touch

Mike Daly

Transformation, AI, Insurtech, Insurance Transformation

Important to answer that as the price difference a solution commands is 10 to 30 times greater. But you must answer honestly- too many people talk about a solution when really they mean TOOL.

Put yourselves in the mind of the insurer and answer these questions: -

Will this totally transform our business model as well as our technology?
Will this cover all my product lines and geographic coverage or it just one of each?
Will this deliver an Amazon quality user experience and journey or just a mobile app?
Will this enable us to make Allianz, Chubb, Zurich and State Farm quake in their digital shoes or just say "So what?

If it's a constant yes you are more likely to be a solution provider. If not....... hope you've not raised too much funding.

Read the full article- it will be worth it.

Having been a VP at a Fortune 500 company, I can tell you that getting me as a corporate VP to pay $100k for a web tool was basically impossible. It gets sent to procurement, and by the time you are done, it’s hard to get anyone to pay more than $20k for a tool. And there’s never any extra budget for a six figure tool to make the troops happier (sadly). But. A solution? Solve my problem around billing? Around customer success? Around CPQ? Well … you can get $20,000,000 if you truly solve a core enterprise business problem. $20 million is what Salesforce gets at many large customers.

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