28 Nov Insurers are left behind in the insurtech digital innovation race: distribution and affilate partners are ahead of game
The first instant insurance proposed by AXA Italy and Neosurance can be activated with just 3 touches of the screen and is for now exclusively available for the 25.000 users of the Tiassisto24 community.
AXA Italy is known for being a dynamic insurance group that searches for new and innovative ways to make the best of what the market has to offer. AXA has been working on building an ecosystem which fosters innovation, identifies valuable resources and ideas and applies them in the way they do business. The main sources of fresh ideas come from AXA Labs, AXA Strategic Ventures, AXA Partners and AXA Digital Partnerships and Kamet Ventures –great instruments of absorbing what is best out there in terms of partners, insight and knowledge.
Still, “the insurance industry is known to be change resistant but some of them are forward thinking and definitely working on accelerating the pace of innovation”, according to Matteo Carbone, insurtech thought leader.
AXA Italy has entered the insurtech market in a moment when insurtech startups are creating new businesses in 14 categories with a total funding up to date of $18.5 Billion according to Venture Scanner. They come in various shapes and sizes with different business models and distribution strategies.
Also according to ComScore, in 2017 mobile devices have an unquestionable role as consumers’ primary digital tool. Across the globe, mobile devices dominate total minutes spent online, with Italy reaching 64%, USA 71% and Indonesia an astounding 91%. Mobile helps meet modern human needs for safety and security and does this particularly via apps, where people seem to be willing to engage with even high-value categories such as banking and travel.
According to Accenture “Millenials are highly digital and closely tied to a nomad type of consumer logic as 86% of them declare they are ready to use automated digital means for choosing insurance covers”. This creates the right premises for new and innovative types of insurance products to be tested and launched on the market in a challenge to deliver a much-needed digital and personalized customer journey.
Neosurance is an Italian-based startup founded in 2016 by Andrea Silvello – CEO & co-founder of Digital Tech International with over 15 years of experience in strategic business consulting, and Dario Melpignano – co-founder of Neosperience, the leading digital customer experience platform.
Through the use of technological solutions that are able to send customized insurance cover proposals directly to the client’s smartphone, the instant insurance concept allows for even a single object or moment to be insured. “Al Volo” or “In Flight” - the name of the product launched by AXA – is a travel insurance that offers a reimbursement for medical expenses while travelling and 24/7 medical assistance and is currently available exclusively for the 25.000 users of the Tiassisto24 community – a web and mobile platform focused on taking care of their customers’ cars by helping them solve day to day problems.
At the heart of Neosurance’s Software-as-a-Service (SaaS) platform stands a sophisticated artificial intelligence agent: “a smart way of capturing and interpreting user and contextual data which allows for custom made instant insurance propositions to be sent via push notifications, right when customers need it”, says Pietro Menghi, CEO of Neosurance.
 “The voice of the consumer: identifying disruptive opportunities in insurance distribution”, Accenture, 2017.