Insurance: the “all you can ensure” era is underway.
Now the insurance also covers bicycles, pets, musical instruments, and much more.
Insurance now doesn’t just concern home, car, and life insurance, but also bicycles, pets, consumer electronics, musical instruments, and much more. In short, the “ all you can ensure” era has arrived, in which everything that has sentimental value can be protected. Due to the pandemic and the crisis in general, the insurance sector has tried to find new options to reach the final customer. One way to give life to the embedded insurance market.
Luigi Alicante, Insurance Senior Account of Mia-Platform, a 100% Italian tech company specializing in the construction of cloud-native digital applications and platforms, explains:
The insurance sector is destined to change radically in a few years. In the past, the companies aimed to build an exclusive relationship with the end customer in which to carry out the sale of the insurance, while now, thanks to embedded insurance , the insurance is just a click away to integrate a purchase even at companies operating in a sector other than insurance. Let’s think, for example, of the purchase of an integrated insurance policyto a trip or a ski pass. For this reason, the need is emerging for large companies to invest in multifunctional platforms to allow the distribution of insurance products that can be integrated according to the needs of end users. It is clear that significant market opportunities arise for new innovative technology players that have doubled over the last year.
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Today, the new method of purchasing policies brings down numerous barriers for insurance companies: distribution costs are reduced. The world of innovative insurance policies is well received by younger people . Among the reasons that push the new generations to make this choice on a par with 20% is the speed in reporting claims . These can be sent digitally and the compensation will be paid in a short time.
Then follow the ease of purchase and risk coverage with these policies. In detail, 46% of Italians are willing to pay up to 15% more for integrated insurance. In the face of having a high quality in the service offered.
