Need 1 billion euros of investment in Insurtech by the end of 2023. This was said by representatives of the Italian Insurtech Association at the launch of the fourth edition of their Manifesto. One billion to reduce the gap that separates Italy from other European countries thanks to a strategy summarized in seven points and the enhancement of insurtech startups and SMEs. It is not easy, but it is necessary to keep up with other countries

What do we mean by Insurtech? It is the digitization of various insurance processes, a new technological approach of insurance companies to improve products and make them better suited to new consumer needs.

Emerging technologies such as Artificial intelligence, data analytics and robotic process automation are redefining the industry. Only players who can reinvent themselves will be able to manage the ongoing digital revolution and remain competitive.

​In 2022, 450 million investment arrived. Considerable growth in just two years, confirmation of the maturity of the Italian insurance market. But it's not enough, we need a strategy

In 2020, investments in Italy in the insurtech market amounted to 50 million euros, and in 2022 came 450 million. Considerable growth, confirmation of the maturity of the Italian insurance market. Players need to get active, invest and experiment with operating models and new offerings. In terms of awareness, investment and focus, we are in the right direction but more ambition is needed. A burst forward, an acceleration to position the Italian market among the first in Europe and the Association proposes 7 points in its Manifesto.

1) Promoting Insurtech Investments: 1 Billion Investment To 2023;

2) Supporting Insurtech Startup Ecosystem Development: investment in innovative startups increased from 20 million in 2021 to 80 million in 2022. It is necessary to promote the growth of the startup ecosystem by contributing to the emergence of more than 100 new tech startups by 2023;

3) Increase Premiums on Digital Platforms: the digital transition in the insurance industry is accelerating, in 2020 policies sold through digital platforms were only 23% of the total, the goal for 2030 is to reach 80%;

4) Knowledge Creation and Disclosures: 12 Researches in 2023. The Italian Insurtech Association's efforts to spread awareness through research, surveys and insights developed with the support of prestigious partners and observatories;

5) Digital Skills Training: 5,000 trained in 2023. New technologies are making great strides accelerating the digital transition. It is necessary to strengthen the technological skills of the supply chain and recruit more than 13 thousand professionals capable of mastering the technological revolution;

6) Support the Development of Open & Embedded Insurance. Partnerships with technology companies or in sectors such as travel, utilities, telco and mobility are also key to stimulate greater digital penetration by reaching 70 percent of new market segments. Embedded Insurance will be the driving factor for the growth of the insurance ecosystem and will be worth 60 billion euros in Italy alone by 2030;

7) Promoting Italian Insurtech Ecosystem in the World. The goal for 2023 is to further strengthen the Association's international presence through the participation and creation of more than 15 events throughout the year. 

 

 

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How is Insurtech growing in Italy?How is Insurtech growing in Italy?GP0|#89bc5954-170e-42e4-a76d-2b283c0c82f9;L0|#089bc5954-170e-42e4-a76d-2b283c0c82f9|Insurtech;GTSet|#731c59c8-4118-4f4c-8ddc-7170dc5cfcbd12/30/2021 11:00:00 PMhttps://www.unipoltech.com/en/news/how-is-insurtech-growing-in-italy1/13/2022 2:40:28 PM038012About News Open Innovation Contact us Login operatore Access Arca Customers Access Linear Customers Access UnipolSai Customers single cars Access UnipolSai Customers aspx27331htmlFalseaspx<img alt="" src="/en/PublishingImages/Insurtech.jpg" style="BORDER:0px solid;" />4 minInvestments doubled in 2021, but there is still a lot of work to be done on training and professional selection