The diffusion of digital technologies in the insurance world

The traditional economy is now undergoing a deep transformation from a linear model to an ecosystem model that, thanks to the diffusion of digital technologies, is changing the industry into a completely open, interconnected and dynamic network.

Within this ecosystem, new and various relationships are established between consumers and producers who can play both roles disrupting the traditional logic “producer-consumer” towards a new data-driven and omni-channel model.

This is clear also in the insurance market, in which today the Insures could play a new fundamental role as a real authority for citizens and society as Big Data Collector.

Think for example to the Smart Home protection, and to the insurance products which are spreading in the automotive market, as well as a range of eCommerce services (aggregators, online tour operators, etc.).

Thanks to the connected technologies, in the last years we saw a big change in the nature of insurance products. The business model of the Insurers is changing in terms of reviewing the risk approach from an effective and efficient coverage to a “risk prevention” and from a commercial offer based on standard products to a tailor made proposition for each customer.

The emerging technologies, like Internet of Thing, AI e Process Automation, the new opportunity in terms of product derived from the sharing economy, the possibility to offer value-added services and differentiate from competitors in an ultra-competitive market, the dematerialization of the product that becomes service, play a fundamental role in this evolution.

To make it real, it is necessary to have a technology platform, which is developed to use, exploit and orchestrate the ecosystem based on the information received from the outside context, and the knowledge that derives from it.