From project to product: Navigating the shift in insurance

The insurance sector is under unprecedented pressure to innovate, streamline and deliver value – and fast. Legacy project models, while familiar, can struggle to keep pace with today’s customer and regulatory demands. At Credera’s recent “Project to Product” networking breakfast, we brought together a panel of industry leaders and product experts to explore what it really takes to move towards a product-led organisation. We discussed where product approaches add value, where project-based delivery still matters and how to find that balance. 

In this blog, we share the top insights and lessons from our expert panel. Whether you’re just starting your product journey or looking to scale, you’ll find practical advice, pitfalls to avoid and a roadmap for building a modern, value-driven insurance business. 

Why even move from project to product? 

The insurance market, like much of financial services, is facing accelerating digital disruption. New entrants and technology-first “unicorns” are redefining what’s possible, while established organisations must evolve or risk being left behind.

This shift is about more than adopting new tools and ways of working in technology teams — it’s a fundamental change of mindset in how organisations are organised around value. As Jim Roberts explored in his keynote, moving to a product-led model involves:  

1. Breaking down traditional business and technology silos into value-streams. 

2. Evolving leadership styles from “commanders” to “gardeners”, creating an environment for teams to thrive and create solutions together. 

3. Speaking a common language and understanding of what is valued, how to achieve it, and how to measure it. 

4. Shifting from milestone-focused delivery to continuously improving the flow of value to customers, consumers, or colleagues. 

5. Creating a network of value streams, with leaders focused on the connection, coherence and collaboration between them.  

These changes are challenging but essential for insurers who want to compete with digital-first newcomers, respond faster to customer needs and deliver sustainable business impact. But the move from project-based to product-led delivery is rarely straightforward. But the move from project-based to product-led delivery is rarely straightforward. 

Common pain points include: 

• Legacy mindsets and organisational inertia: Teams are used to project cycles, handovers and functional silos. 

• Alignment and ownership: Without a shared vision and empowered product leaders, initiatives can stall or lose focus. 

• Funding and governance: Traditional funding models and compliance processes are optimised for short-term projects, not long-lived product teams.

• Balancing innovation and risk: Regulated environments demand both speed and control. 

• Change fatigue: Teams may be wary of yet another “transformation,” especially when benefits take time to materialise. 

Success isn’t about wholesale replacement of projects with products but about finding the right blend. Some problems remain best solved by time-bound, focused projects, especially those that are more predictable and known (for example regulatory change or infrastructure upgrades). But where problems are complex and solutions more emergent and iterative, a product-based approach unlocks new possibilities. 

Implementing the solution: Lessons from the panel 

1. Redefining ownership and vision 

A successful product-led shift starts with empowered product owners and managers: people who deeply understand their product, have a clear vision, and are trusted to make decisions. The difference between ‘product owner’ and ‘product manager’ can matter, but what counts is clarity of responsibility and the autonomy to deliver. 

Leadership buy-in is critical. Often, a change in executive mindset or new leadership acts as the necessary catalyst, bringing fresh energy and a willingness to challenge the status quo. 

2. Changing the funding model 

One of the biggest hurdles is financial. As our panellists shared, if your funding and planning are still project-based, organisational behaviour will remain project-oriented. Product teams need multi-year budgets and the ability to manage their own “runway”, tying spend to outcomes and value, not just deliverables. 

Change is hard, especially for core business functions like finance, procurement, and operations, where project thinking is deeply embedded. The most effective approach is to map new processes to existing ones, show early wins and use real experience to build trust. Experience is a powerful teacher: seeing the value of product-led delivery in action helps drive adoption. 

3. Enablers: tools, tech, and, perhaps most crucially, people 

Modern product organisations need both robust technology platforms and the right cultural enablers. Tools must be visible, accessible, and easy to scale. But the real differentiator is people: taking teams on the journey, upskilling and empowering ownership. Change professionals and external partners can help break inertia and provide new perspectives. 

The product mindset also aligns naturally with AI and rapid technology change. With empowered teams, you can test new AI-driven features quickly and safely. If they work, scale and embed them; if not, move on with minimal loss. But for AI to deliver value, you need cross-functional teams and clear accountability, regardless of whether the CIO, CTO or CDO leads. 

Don’t underestimate “soft” enablers too: sharing wins, celebrating (and learning from) failures and making people feel part of the journey. 

4. Balancing regulatory compliance and innovation 

Insurance is highly regulated, and product-led delivery can’t mean ignoring controls. The shift is from reactive, checkbox governance to proactive guardrails: set clear boundaries, then empower teams to move fast within them. Start small, prove what works and scale repeatable models- not one-size-fits-all governance. 

5. Dealing with resistance and finding balance 

Moving to a product-led model isn’t a silver bullet. Expect resistance, often from back-office or finance teams, who may see little immediate ROI or fear loss of control. The best approach is to bring all voices into the room, focus on shared outcomes and avoid over-promising. 

Whatever the operating model, measurement is key. Product teams need to set clear objectives early, tie funding to outcomes and demonstrate value in every cycle. Use feedback loops, regular reviews and evidence from other organisations to build momentum. Celebrate successes but also normalise failure as part of learning.  

Start small, iterate and scale what works. 

The bottom line 

In insurance, moving from project to product is a journey, not a single leap. Success can depend on: 

• Clear vision and empowered ownership 

• Aligned funding and governance models 

• A culture of learning, iteration and shared celebration 

• Bridging the gap with legacy practices and knowing when projects still make sense 

• Measuring and demonstrating value at every step 

At Credera, we’ve helped insurance leaders navigate this transformation, balancing innovation with control and blending the best of project and product approaches. Our experience shows that with the right mindset, tools and leadership, insurance organisations can become more adaptive, customer-focused and future-ready. 

Ready to talk about your journey from project to product? Get in touch with Credera’s insurance and product transformation experts. 

• Insurance
• Product Management
• Project Management
• Financial Services