01 Feb IoT in commercial insurance lines: Secure first-mover advantage in this huge, untapped market
On Wednesday 13th July, at the Ania headquarters in Via Aldo Rossi, the Observatory on Telematics, Connected Insurance & Innovation will be presenting a snapshot of the current innovation status in the insurance sector. The Ania-Bain think-tank has managed to bring together two thirds of the Italian insurance companies, the main international insurers and more than 15 players representing other sectors, to discuss about Insurance Internet of Things.
“Italy represents the International best practice in this InsurTech area – says Matteo Carbone, founder of the Observatory – At the end of 2015 the Italian car market had around 4,8 million policies with telematics box and it becomes clear how the digital transformation process which is spreading connected insurance to other business sectors is way ahead in Italy compared to other countries. With the Observatory we are trying to stimulate the culture of innovation that is needed to sustain and strengthen the Italian supremacy in connected insurance”
Dario Focarelli, General Manager at Ania, will be opening the day with his speech on innovation, followed by the presentation of Mark Dowds, Chief Strategy Officer at Trov – an InsurTech start-up that allows the user to insure objects with a simple touch of the screen and has recently raised some 26 million dollars a couple of months ago. According to data elaborated by the Observatory, the innovation trends in property insurance, three out of four companies are already working on ways of innovating their home insurance product by introducing services based on sensors installed in the household. During the day the participants will be able to see the results of a research on customer expectations regarding insurance domotics.
Some of the speakers at the round table on privacy and connected insurance: Gili from Ania, Laura Liguori representing Portolano Cavallo law firm and Dario Melpignano who is CEO of Neosurance – an Italian insurtech startup with several wins at European level in the last months. The start-up has created a solution that can offer to the final client customized micro insurance in the moment of need and with an easy acquisition process. Just a swipe to get insured and it’s all based on contextual information gathered from the user’s environment.
“There is growing awareness in markets worldwide of the fact that companies need to think of which modules within their value chain need to be transformed or reinvented by the use of technology and data – adds Matteo Carbone – Italy has been fortunate enough to build up a significant advantage on connected insurance. These approaches are just entering the first stage of maturity, especially in the auto business, and technology is moving at a fast pace. It is thus important that companies continue the innovation process and the Observatory’s contribution is that of rationalizing knowledge and of systematically going through all recent innovations worldwide.”