Many opportunities emerged over the past months and have led to great transformations in the insurance sector. Here 7 key points illustrated by the CEO of RGI SpA
This year has been a grueling year for us all. The Covid-19 has turned our personal and professional lives upside down and the workforce and economy have struggled. It is increasingly clear that many of the changes imposed by the pandemic will remain with us even once the situation is back under control.
Times of great upheaval, however, can also be times of great opportunity for those willing to innovate and to think laterally.
“Opportunities and innovations for the insurance industry” were discussed at the 22nd Sole 24 Ore Insurance Summit, held in November 2020. COVID-19 is fast-tracking digital transformation and companies are now embracing digitalization much more rapidly than ever.
I’d like to highlight the key takeaways, emerged in relation to the digital transformations we are currently experiencing:
-The acceleration of the digitalization which has prompted growing awareness of the potential of big data, cloud-based solutions, AI, the IoT and the use of off the shelf solutions replacing the bespoke systems;
-Physical distancing has changed the way we interact with our clients. Combining human skills with advanced and powerful technology is the key differentiator to meet Client’s centricity with a consumer journey both physical and digital;
-Millennials require simpler, more intuitive interfaces and competitively-priced products. New channels will allow us to communicate with them effectively;
-Increasing demand for modular and flexible insurance policies. More specifically: (i) modular insurance products which clients can vary as necessary, (ii) on-demand insurance that allows consumers to purchase coverage whenever and wherever they want, and (iii) microinsurance policies which provide access to low-income clients;
-The healthcare is playing a growing role for insurance as digitalization highlights the opportunities for fusing insurance, new technologies and prevention, allowing us to imagine a future where health insurance offers lifetime health programs and assistance with managing chronic illness (on both an individual and collective scale);
-The increase in cyber risk, which in turn highlights the importance of cybersecurity, whose coverage in the industry remains incomplete. Increased digitalisation means that cybersecurity is now an absolute priority;
–Sustainability and ESG are becoming a priority for Customers when selecting their purchases.
From the Sole 24 Ore’s Insurance summit this year I have caught the urgency needed to move forward along the lines above and I got profound awareness of the growing role played by advanced technology in driving digital transformation.
This is the first crisis that I’ve been through as the CEO of RGI. Things are dramatically different since a year ago. One thing is clear that each crisis tends to bring us to the future faster, setting new trends and building new opportunities.
So, we need to get to the future, ahead of your customers being a valuable Partner able to meet their new expectations also in terms of experience, sustainability, ESG, etc., just when they arrive.
Anticipating this continuous advancement and acceleration is our big challenge and it requires all our passion and devotion: digital strategy, leadership, courage, and customer-centric vision will be our next future!