Italians welcome thedigital innovation in insurance, showing interest in the customization of policies and the sharing additional personal data with insurance companies. In practice, they are willing to share more data to obtain better insurance policies.
Il value for money emerges as the most significant factor when purchasing policies, while professional intermediaries remain the preferred channel for purchasing insurance services.
These are some trends that emerge from ainvestigation conducted da Capco, a global company specializing in technology and management consultancy in the financial services sector. The research involved one thousand Italians between 18 and 65 years old with at least one insurance policy and is part of a global project that involved 13 countries around the world.
Willing to have more personal data for greater savings
88% of respondents are willing toprovide additional personal data to obtain concrete benefits, with 42% aiming for cheaper premiums and 34% for more personalized services, surpassing the priority of better claims management (36%).
70% strongly want or would prefer more personalized policies, with higher percentages for holders of long-term products, such as 77% for savings products, 75% for health policies and 73% for life policies. For share data, the preferred method isinstallation of a black box in the vehicle (41%), followed by a smart device in the home (31%) and smartwatch/wireless devices (27%).
Decisive price-quality factor
In 'purchase of an insurance policy, the predominant decision factor is the value for money (58%), clearly surpassing other elements such as the ability of the insurance offer to satisfy one's needs (37%) and trust in the brand (34%).
More variety when choosing an insurer. Similar percentages place importance on the speed of services (42%), the scope of coverage (40%) and the reputation of the insurance company (35%). Sustainability and ESG credentials are considered a significant decision factor by only 10%.
65% of the sample considered themselves well informed on the range of insurance products available, while over a third (35%) declare themselves uncertain (24%) or poorly informed (11%).
Agents remain the preferred channel of choice
Il favorite channel for the purchase of an insurance policy remains through the agents (60%), minus theindependent purchase (25%) or through third parties (15%).
The requests of compensation in the event of an accident they mainly happen in person (50%).
Finally, owners of mobile devices and insurance apps use them to monitor policy management (86%), updating personal information (80%) and renewals (74%).
“Our investigation reveals that in the Italian insurance market, policyholders prefer to purchase policies from professional intermediaries and focus on value for money. To achieve this goal, most are willing to share personal data considered functional to obtain a more personalized range of products and services. Capturing this demand requires insurers to reorient operating models by investing in modern digital platforms, process automation and superior data management,” he commented Lance LeviCEO Capco.
“The results indicate that it has become necessary for insurance companies to invest in digitalisation and data to transform processes, improve the quality-price ratio of products, offer customers a much more fluid and personalized experience. Investments should also be directed towards more modern data architectures and operational solutions, in particular to use AI/generative AI more effectively and safely. Investments should be aimed at developing innovative, customer-centric and data-driven products and services, to be distributed through new partnerships and channels,” he said Paul La Torre, Managing Partner Italy and Insurance Lead of Capco.
