Roadmap innovative and new paradigms. And so much disruption. Even in the world of the digital transformation Insurance is causing major changes. Because of big data, analytics, Internet of Things and what you start to define “insurtech”, on the Insurance world is no longer what it once was. Well then he made IDC , to organize in mid-June in Milan the first edition of ‘ IDC Insurance Day . The specialist in research on ICT market has pulled together prominent members of the Italian and European insurance sector, as well as some of the key vendors such as DXC Technology, SAS , and Schneider Electric , with the aim of providing insurance intermediaries financial and a bancassurance in Italy a moment of confrontation in the field of technological innovation and digital. It is a fact, as has been pointed out by many, that the companies in the insurance industry were less deft to adopt new technologies, compared for example to operators of the banking or retail. In addition to the delay, this has also led to a series of obstacles in the path towards the digital transformation: outdated legacy systems, many still done manually process, accumulated substrates regulations and laws regarding privacy and data protection, and finally a background of cultural resistance to innovation.
Want to turn the page
But the desire to change page has thankfully also infected the world Insurance, as noted by Fabio Rizzotto, Senior Research & Consulting Director at IDC Italy , citing the results of a survey conducted recently by the market analysis firm on a sample of 87 European insurance companies, including Italy. At the continental level, it found that most companies in the sector intends to increase by 5-10 percent IT spending this year. More specifically, 49 percent of companies in the sample are already using public cloud services, while a further 10 per cent will be added in 2017. It is also worth noting that a similar trend occurs for big data and analytics, already in use at 46 percent of the European insurance and forecast this year at an additional 10 percent. Going instead to consider the Internet of Things, IDC believes that this technology has already begun to make extensive changes to the Insurance Industry globally, pushing companies to formulate new insurance models to meet the growing demand from customers for services, products and highly personalized experiences.
Betting on the Internet of Things
According to analyst firm and research, to be here in just over a couple of years, ie by 2019, new insurance policies based on IoT technologies will account for 15 per cent of the car insurance market and 10 percent of the insurance market house. No wonder then to see that almost 60 percent of companies surveyed have already used the Internet of Things, even though they are 10 percent has in mind further expansion plans. More than half of the companies that have already adopted the Internet of Things is not yet one strategic use: 55 per cent of respondents said they use the IoT for the simple collection of data, or for the collection and analysis but no impact on business. The remaining 45 per cent, more of those who use the IoT, it has taken to improve the operational processes or new business models and revenue. In the latter areas are not missed virtuous examples, the area of advanced connectivity services, especially in areas of the digital lifestyle, the connected car and home automation.
The video interviews with the protagonists
Video interview to Alberto Zarattini, Associate Partner of Insurance DXC Technology Italy
Video interview with Federico Aguggini, Innovation Consultant at SAS Italy
Video interview with Roberto Esquinazi, Sales Manager for the Finance sector Schneider Electric