Last week on Tuesday 8th November, I was proud to represent RGI Group at the 24th edition of the Insurance Summit, the leading event for the Italian insurance market that is organised annually by Il Sole 24 Ore, the most important financial newspaper in Italy. Continuing our collaboration with the organiser, RGI was once again among the main partners of the event.
After two years of the summit being held only online because of the pandemic, this edition marked the return of the in-person event, which took place at the Assolombarda “Giorgio Squinzi” Auditorium in Milan and was also streamed online. This year the event focused on “Innovation, investment and new skills: the future of insurance” and explored how the uncertain economic and geopolitical landscape and climate change are currently affecting the insurance industry. Being together once again in the same place was a great occasion to network with and listen to some of the most important representatives of both institutions and companies operating in the Italian insurance sector.
I had the chance to be on stage to share my vision in an interview hosted by Laura Galvagni, editor at Il Sole 24 Ore, while our Group CCO Massimo Paltrinieri hosted a panel discussion focused on product innovation in the Italian insurance market with the participation of Pierre Cordier, Groupama Assicurazioni CEO, and Massimiliano Dalla Via, Intesa Sanpaolo RBM Salute CEO.
During my interview session, which was titled “The Innovation of Insurance Platforms”, I presented RGI’s point of view on technological evolution and discussed which are the most relevant issues when it comes to the digital transformation of the insurance industry. I explored the current trends of the insurance market and how we can tackle future challenges and support insurance companies with their innovation strategies thanks to our technological solutions.
Among the main trends that we are seeing every day as we work to innovate the European insurance sector, customer centricity certainly represents a key topic. Many market players ask us to create and shape products and platforms that are entirely built around customer needs, with modular solutions that make it possible to manage different products in an easy and intuitive way.
For us, this means incorporating tailored options and services into the insurance offering and creating modular structures. Customer needs evolve over time, and when they do, it is no longer necessary to replace the entire product, but simply to add or remove some “modules”. On the other hand, if we consider the companies’ perspectives in relation to their internal processes, it is a matter of rationalising the product catalogue by bringing together the management of functions, documents, accounting and deadlines into a single product, regardless of business lines
Thanks to our privileged perspective as market observers and as we address our clients’ needs, priorities, and requests, we have been observing an evolution in the distribution channels. For example, we see this trend in the bancassurance industry, which in Italy is the channel for life insurance. It is characterised by different and complex structured that need to be translated in a simple way thanks to technology – offering us a great challenge in terms of underlying platforms.
In the insurance market, the competition between different players often depends on the speed of implementation of technologies and tools and on the flexibility of each company (or bank) when it comes to reorganising itself to keep up with the new, faster processes.
From modular insurance products to multichannel management and hybrid interactions, it is crucial for any insurance company to set its priorities and decide where to invest, put the most effort, and excel in. For instance, addressing all these challenges with the most appropriate digital tools means being able to manage the growing complexity of the market, increase the value of the individual policyholder, and expand the customer base.
Our role is to work on insurance products for customers that are utterly different from each other, and this requires us to accelerate in terms of innovation. Our role is to keep evolving, to continue to accommodate our clients’ demands and be able to answer their needs. Additionally, especially in the insurance industry, it is extremely important to always have a comprehensive approach to customers in order to be able to manage their complexity.
At RGI Group, our mission to deliver digital solutions and provide strong added-value to the business of our clients, helping them develop sustainably and tackle their challenges – and I’m proud to have represented our company at the Summit, sharing our vision with important players operating in the industry, and, above all, affirming our role as leaders in the Italian industry.