Nowadays, everyone talks about digitalization. It is the buzzword and the phenomenon that most curiosity attracts. Are we going to affect insurance? Well, the truth is, most likely, yes. The insurance will not remain alien to the digitalization of our society and our economy and, today, we can think that it will be in three ways where decisively influences how things are done.
The first impact is a product impact . Insurance, like all products on the market, reacts to the needs of its customers. Digitization, in the first place, will create new risks : these are the so-called cyber risks , of which, it is to be expected, those who are exposed to them will want to protect themselves. Nor should we forget the risks that change, as can happen to car insurance, with realities that are still far away but can not be forgotten, such as autonomous driving.
The second impact, not minor, refers to the relationship with the client . Digitization has the consequence that it gives the client a lot of power; but, in a parallel process, the quantity and quality of things that the insurer is able to know about its insured is also exponentially increasing. In an interconnected world, indeed, the possibilities are open for an insurer, for example, to know if their life or health insurance is moving and has physical activity in their day to day. With more information, insurers will acquire greater capacity to offer their clients products fully adapted to their circumstances while, in parallel, they can contact their client more times and more quickly..
The future, therefore, is drawn with very interesting profiles. The insurer will know many things about the insured person or object and, in addition, will be able to communicate with it more efficiently; The future in which the insurer of a house can “speak” with her to know “what’s wrong” is no longer far away . All this means faster, efficient and complete service, and a greater capacity to offer each client what they truly need according to their lifestyle or their needs .