The future of insurance according to RGI
Milan, 13th November 2018 - What is Click Insurance and how will it disrupt the insurance world and the future of software vendors?
This was the main topic discussed by RGI - leader in EMEA in the digital transformation of Insurers, focused on innovative Policy Administration Systems - during the 20th Annual Assicurazioni organized by 24ORE Eventi in collaboration with Il Sole 24 Ore and held in Milan on November 12th and 13th.
The transformation of consumer habits, technology, and the speed and simplicity of the interaction are especially perceived by the insurance market, that is one of the most conservative industries.
“We see that incumbent Insurers keep maintaining their market shares on complex risks, which require a highly specialized consulting and intermediation service, said Vito Rocca, CEO of RGI, interviewed by Alessandro Plateroti, Vice Director of Il Sole 24 Ore, "However, in the last 2/3 years, new players have entered the market, Digital Insurers or small startups, which, leveraging on a massive use of technology, are taking market niches that are usually overlooked by traditional Insurers.”
For example, microinsurance, or specific lines of business of non-life and life insurance, which, although not particularly profitable, are a first step for the entrance of new players into the competition.
“Among the new competitors, we include online, cloud-based platforms that offers a market place of Insurance products and services, as well as innovative customer-centric startups for which customer service is central, said Ugo Di Iorio, Presales & Business Innovation Director of RGI. Incumbent Insurers are evolving their business models to meet customers’needs, with the simplification of the traditional processes and the integration of new services enabled by “Internet of Things”, conversational interfaces and data analysis: a new era of the insurance paradigm and a revolution in the relationship with the insured”
In these new customer-driven business models, where consumer needs, purchasing habits and user experience are central, technology is a must.
The real challenge is to integrate, together with the existing systems, a world of technologies that are also very different from each other, in an open, flexible and scalable ecosystem that allows Insurers to exploit all the innovations, even from Insurtechs, to best suit their business models.
The strong orientation commitment on innovation and the exclusive focus on the insurance industry are pillars that allowed RGI to rethink its role and evolve its Policy Administration System to offer Insurers an innovative, open and cloud-ready digital platform, also available in out-of-the-box mode.