Digital payments, but not only. “Milan Hub”, the new innovation center of the Bank of Italy, will also help to develop technologies applied to the world of insurance (Insure Tech) and the procedures that companies must follow to comply with rules, regulations and laws (RegTech). These are the sectors “potentially most interesting for the private sector, taking into account the potential benefits in terms of cost reduction o competitive advantages". She said it Alessandra Perrazzelli, deputy general manager of Bankitalia, speaking on Wednesday at an online workshop organized by IVASS on "Digital innovation, insurance ecosystem, inclusion and mutuality".
Milano Hub's goal is to support innovative projects in the financial sector, especially as regards banks and insurance companies. “We are experiencing a moment of strong changes, which, while representing a great opportunity for everyone, must be known how to govern to avoid risks and inefficiencies – explained Perrazzelli – With Milano Hub we intend to closely accompany this phase, trying to balance the right to innovate with the need to ensure the security and sustainable, inclusive and responsible development of financial innovation”.
Perrazzelli announced that in these days Via Nazionale is “defining the criteria for selecting projects to be developed in the Hub: transparent and predetermined criteria, considering the impartial and neutral nature of our institutional action. The selected projects will be supported in the design and initial development phase, analyzing their potential impact with a view to favoring initiatives that can have positive effects for the Italian financial system and its ability to compete globally”.
In the context of the Hub, "collaboration between authorities will be fundamental - underlined the deputy general manager of Bank of Italy - first of all the one with IVASS, in order to define partnerships for the development of projects of common interest and conduct integrated analyzes on the effects of innovation in common areas (I cite for example bancassurance and distribution channels)”.
Finally, “a strong interaction with the industry, not only banking, financial and insurance intermediaries, but also FinTech start-ups or already consolidated companies – concluded Perrazzelli – and the relationship with the academy, to best guarantee the synergies between the world of research, the institutions and the market, with a view to reciprocal exchange”.
The general secretary of IVASS, Stefano De Polis, said that the Institute “sees technological innovation as a tool to improve risk management and customer interaction. We wondered what the insurance sector could do for the country's development - he added - We placed the focus of attention on how to encourage the offer of valid and efficient risk protection for businesses and households, stimulate new forms of sharing commitments for facing extreme phenomena, starting the development of an ecosystem that knows how to combine competition and cooperation, giving centrality to customer needs".
IVASS intends to support this process with action on several fronts: "We want to strengthen the action of our Innovation Hub, set up for some time to promote discussion with the market and monitor new trends - De Polis said again - but also work, in collaboration with the Bank of Italy and Consob, for the rapid establishment of the national regulatory Sandbox, as soon as the Mef regulation has been issued, with an eye to the innovation projects of the Next Generation Eu plan".
