HomeInvestment boom for Italian insurtech, but the gap with Europe widens

Investment boom for Italian insurtech, but the gap with Europe widens

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A potential that clearly emerges in the light of a market that sees Italy among the countries furthest behind with a penetration of policies other than TPL auto we will reach 1.5% in 2018: the forecast is to reach 3.5% by 2025 and around 10% by 2030. The development of the market is favored by the simplification and flexibility in the distribution and offer of policies resulting from the growing digitalization of consumers and innovation resulting from technology and pressure from new players.

“We need a greater ambition at the ecosystem level, because there is everyone to gain, even at the distribution level”, continues Ranucci Brandimarte, indicating a decidedly ambitious goal: “To reach one billion euros of investments within two years”.

It is the entire ecosystem that must get started together with investments, starting with the relationship between insurance companies and startups, which in Italy is still in an embryonic state compared to the rest of Europe. While in the first half of 2021 in Germany, insurance companies invested 900 million euros in startups and 300 million in France, Italy stops at 60 million.

On the other hand, companies in Italy are unlikely to have an internal Vc arm. Reale Mutua is an exception. Andrea Birolo, head of corporate venture capital, underlines how the role of companies is crucial for the development of a healthy ecosystem: “The investment is not purely financial, but lies in the value that comes from the union of activities with startups”.

Competition is pressing. As the World Insurtech Report by Capgemini and Efma points out, insurtech and Big tech push the offer with increasingly personalized services and a better customer experience. The pandemic has been a catalyst for the propensity of customers to take out an insurance policy by turning to companies that offer a customer journey with the best “Care” approach (Convenience, Advice, Reach, or practicality, advice and proximity).

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