Home » Home, health, sport: this is how digital will transform insurance

Home, health, sport: this is how digital will transform insurance

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“We are in the middle of a journey, we are trying to create a different offer together with the companies than the traditional one, we are working for a system innovation”: Pietro Menghi, CEO of Neosurance, scaleup insurtech who developed a Open Insurance Platform dedicated to the most innovative insurance companies, it thus photographs the moment of transition in which the world of insurance finds itself.

The sector is opening up to external ecosystems, as already happened for open banking in relation to the world of digital payments: through open insurance, the possibility of offering and using policies on platforms operating in non-insurance sectors is destined to revolutionize the relationship between companies and customers. The answer is varied, there are those who show a greater propensity for experimentation and those who are more tied to traditional models: “With a more conservative and medium-term vision, the risks associated with the lack of experimentation – ha is the reflection of Menghi – There are new players who have no insurance origins and enter the market with new proposals. Like Tesla, who wants to embed insurance in the car ».

The most evident transformation concerns the distribution channels, which can be represented by TelCo, or utility companies or service apps related to health and home automation: “The Internet of Things introduces a number of opportunities very interesting, such as linking insurance solutions directly to connected devices. In the home sector, for example, you can create theft protection solutions that are activated only when you go out and some security devices are activated – Menghi explained to us – In the sports world they can be introduced accident insurance policies active only while you are exercising, synchronizing them with the tracking apps “.

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The 7 areas of greatest impact
From a Neosurance analysis, 7 areas emerge destined to be more involved by the open insurance phenomenon: within smart home there will be an ever greater integration between insurance systems and smart devices; then there are opportunities in the sports field, with the possibility of creating instant micro-policies, which can be customized according to the real needs of individuals. In the field energy one can imagine an integration with the smart metering systems of the new connected meters and the apps with which bills are paid to activate various types of coverage, so as to guarantee service continuity.

A booming area is that of micromobilità urban. From a study by the National Observatory on Sharing Mobility, about 30 thousand scooters in sharing and about 800 thousand owned ones would be: by integrating a connected device on each vehicle, it is possible to identify the scooter / bike and make it insurable through a sort of dedicated Rca; as regards sharing vehicles, the insurance could only be activated during actual use. Still in the field of mobility, another interesting game is that of connected cars: according to Abi Research, more than 11 million will be put on the market by 2025. After all, the insurance sector has already begun to integrate with devices and apps connected to cars to offer more flexible digital policies, based on actual kilometers or style driving, thus rewarding the most virtuous subjects.

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AI for health policies
In addition to various forms of protection for freelance work, which are rapidly expanding, interesting implications are offered by the health sector and the various implications of telemedicine: the possibility of access to parameters and indicators on people’s health it allows to elaborate ever more precise risk profiles and to suggest protection and assistance tools even to less aware users, thanks to artificial intelligence algorithms; not only that: it is possible to enhance the most virtuous lifestyles, monitoring activities related to sport and well-being.

After the financial and real estate sector, the Internet of Things, artificial intelligence and data analysis they are technologies and tools destined to impact the insurance world. It is still difficult to determine what the strength of this impact will be, but it is necessary to come prepared: “I don’t see digital as an opposition to the physical channel. In some cases it will replace it, but I believe it will rather be a complementary tool, capable of strengthening sales skills – Menghi told us with conviction – It will be fundamental the role of insurance agents, which will have to be transformed radically, becoming the connecting element between the customer and platforms capable of providing ever more precise and detailed information “.

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