before we let the computer startup again
please allow me to conduct a real-time
very quick market research by kindly
raising your hand if you are social
media users which means if you use like
linkedin or facebook or anything like
that so please do it
ok I guess we are around 90 plus percent
of the participants in this room
thank you thank you very much that was
very very good we come back to it as of
today we have all more prudently maybe
as of last night in the engine tech
space we had the 970 for startups spread
across a well-articulated and complex
environment that's why the first
question that we asked the participants
to the survey was what is the most
relevant area of the issue tech and the
areas that we proposed where the
following need awareness which include
activities that generate awareness in
the client regarding the need to be
short choice which is about insurance
value proposition which in turn is
divided into two main groups the
aggregators who are characterized
characterized by the comparison of a
large number of different solutions and
the writers who are innovating the way
to construct the offer for this specific
client the purchase which focusing on in
innovative ways of selling including
collection of premiums use of insurance
product which involved regardless
thinking steps of the insurance value
change the policy handling the service
delivery and claims management and that
was a question he
and they're connected insurance Internet
of Things which is the transversal
category including all hardware and
software solutions that allow the use of
sensors to collect data on the state of
an insurer risks telematics for its
mission and data utilization across the
insurance value chain and last
peer-to-peer which includes all emerging
initiatives that have started to bring
the peer-to-peer logic to the insurance
environment in a way similar to the all
the mutual insurance so according to
respondents the most relevant area of
ensure tech is connected insurance
this is not really surprising according
to preliminary release which always die
the jointly developed by ventures can
that together with the connected
insurance of celebratory connected
insurance initiatives represent thirty
percent of startups but have gathered an
astonishing eighty percent of ensure
that finding online purchase continues
to be demons very relevant although such
promise is everything but new and has
yet to materialize such great
expectations what we found a
thought-provoking is the fact that need
awareness is an area which creates great
interest but still attract very few
startups this could be a great
opportunity what I don't really have any
significant inside and therefore i hope
to hear opinions and ideas in the next
two days you do it's relevant to move
for what we are focusing on connected
insurance answer the next question we
asked the participants of the survey was
what are the most important benefits of
connected insurance and a bit of rain
working here as well so the proposed and
says where the following sorry
selections telematics can be used to
select risks at an underwriting stage in
fact risk subject to study motoring go
to telematics in directly discourage the
purchase from risqué clients
hence limiting adverse selection and
fraudulent intense research base pricing
as for telematics a constant monitoring
of the quantity and level of risk
position has become possible with the
direct impact on pricing applied to the
single customers value added services
which consists in the proposition of
clients of policy related services based
on automatic data for instance the use
of car anti-theft systems to install
black box of the provision of emergency
services with automatically detection
for home or health insurance lost
control and telematics allow the use of
that are detected by sensors to make the
claim management process faster and more
efficient by optimizing claim evaluation
improving fraud the tension and
disposing of more information during
eventual in court processes and last
behavioral stealing loyalty system
behavior programs and approaches that
explore information gather on customers
behaviour to notch clients towards less
risky solutions to resent it was system
that in sync devices safe behaviors can
be provided and include a broader
spectrum of behaviour besides those
recognized by telematics so this is the
feedback from the respondents and I have
to want me
we found it a bit surprising in fact
although the potential of risk-based
pricing is synonymous with the I mean we
all know the the news and and metra my
from us that was just completed 200
million round of financing to pursue
vertical backward integration which is
by an insurer right reaping the benefits
of risk-based pricing is everything but
obvious the same applies the behavior
steering loyalty systems where despite
the great visibility of behavioral
stealing programs the capacity to
significantly
impact insurance bottom lying in the
long term in still to be demonstrated
and most initiatives after the hype of
programs include wearable device that
struggle to maintain traction and
stickiness by customers on the contrary
re-selection and lost control seem to be
in a humble opinion underestimated in
Italy where the penetration of car
insurance is sixteen percent with 4.8
million policies with the value
proposition which includes telematics
they they show this kind of policies
show a twenty percent lower risk
adjusted claim frequency claim
management course is also significantly
lower when the policy as a value
proposition link to telematics in fact
preliminary in forum analysis conducted
by Aniyah the association of Italian
insurers on blackboard data show that
the insurances can send twice the number
of vehicles to affiliated car shops and
significantly reducing the average cost
per claim the next question we asked was
what is the permittivity stage of
connected insurance and these are the
results that explain why coming here to
this conference was a good investment as
only two percent of respondents believed
connected insurances effect that will
never produce irrelevant and
long-lasting impact and only twelve
percent believe it is not clear the
possible impact and its extent 7% up and
said that connected insurance has
already had a significant impact over
the insurance sector which makes me
wonder if they are fairly Italians as
eataly my
knowledge is currently the only market
with the mainstream penetration of
telematics and uniport the market leader
with over the five percent of its
portfolio being policy that include the
telematics component we have then the
two groups of optimists which are
divided into hops the ones that we've
been very optimist as they believe that
the next 12 to 18 months will be
sufficient it would be the inflection
point in the adoption of connected
insurance and actually have you is that
giving the yearly cycle of the insurance
business is the it is quite difficult
that significant changes will be
achieved in the next 12 months we had
also from the previous panel Slama some
views that predict changes to to be
fully repin the next five to ten years
that seemed to be a more reasonable time
horizon and definitely we're going to
see a lot of innovations coming to the
market hand sir excuse me
yeah that one is running the opposite
way because he believes is a fat right
so is not running towards the goal right
yes then there is one that is looking
around right well percent because it's
not Lee ass was trying to decide he
wants to ride to write a two run on the
left on the right
yes it's kind of a metaphor I understand
not that effective ok thanks ok and then
we have the cautious optimism that
believe it would take a few more years
for connecting insurance to become a
mainstream phenomenon and we tend to
agree with this group of respondents my
next question was the what product area
has been affected the most by connected
insurance and the following one which is
quite related is what area will be
affected most in the next 12 to 18
months so here we can see great
awareness on the state of development of
car insurance which is why delinquency
they're already mature
and some salmon expectation at towards
changes in next wed waiting months but
we can see is that great expectation on
health which is not surprising if we can
see that that in the overall in chetek
space there are more fun that startups
operating in health insurance then in
all other insurance types combined
however other than some I popular keys
in company that follow their lead
we see a pretty latin am pretty limited
number of initiatives especially on lost
control and value-added services even
destruction heard those in trying to
pursue research based pricing and Reese
election in health insurance expectation
in those areas should be a bit more
limited especially in the short-term
impact on home insurance so far he's
considered media mouth with minimal
growth in the immediate future however
we find is a bit surprising if we
considering some markets home insurance
is really pretty advanced for instance
five players have already launched home
products you need to lean eighty percent
of the 30-plus participants to the
connected insurance of a separatory we
launched a connected insurance policy
within the next 12 months against
question is now what is the most
significant barrier to insurance
adoption by incumbents and let me call
that the over ninety percent of the
people in this room including myself
raise the hands when i ask that if we we
are actually social media users right so
this number is quite coherent there even
higher year then studies that quantifies
the share of consumers willing to share
the data between 70 and 90 percent right
so I'm sure and quite confident they
wiii you will agree with me
there is something we in this data and
that privacy is the most abuse reason to
not innovate in the insurance industry
in fact we just demonstrated together
that compliance is not an issue as long
as we are able to deliver practical
exceptional value to our customers that
lack of strategy is a critical barrier
in a perception of their underestimated
as underestimated the complexity of the
insurance use cases which require it
deep understanding of the insurance
industry in a creative approach to
connect new customers experiences with
ensure as what online equally surprising
is the law enforce importance placed on
high-cost unclear economic value that in
our humble opinion highlights how
respondents are generally steal in the
prototyping phase of the innovation
journey as we witness every great
solutions that struggle to general
generate enough value for customers that
are wait its costs the most common
example is home insurance where there
are multiple solutions already available
but even covering the hard work cost is
everything but obvious
ok last after looking at the challenges
for incumbents this question was the
focal point two stops and as the
following was the most significant
challenge for inch initiative startups
so these are the answers that finally
present great news for insurance in the
room so in fact and surprisingly
insufficient knowledge and understanding
of the insurance market is considered
the most important challenge for ancient
tech startups and creates an imperative
for collaboration between incumbents and
startups second barrier is the
incapacity to engage in partner within
competence which in this case is good
news for the organizers of this event
and the great choice of topics
and more in general the point confirms
the importance of all open innovation
initiatives from a katana the
co-creation labs from incubators
accelerators that a fundamental to Los
the top success incumbrance and vice
versa so that's all for our brief survey
okay bring it back to take a picture
that soft fabric survey has been
conducted in the last two weeks by
involving hundred twenty respondents
recruited to our ensure that news a.com
portal the very first ensure that portal
which was found that exactly a year ago
this day and is now visited by nearly
8,000 man 3 user as I conclude I like to
thank gap ban and the whole thing up a
singapore think of consortium for the
support ensuring the the survey for
inviting me here to share to share the
the results i hope you heard some
stimulating thought and i hope to meet
you in the next two days in particular
allow me to invite you to a presentation
tomorrow 520 the presentation of
insurance which is our award-winning
virtual agent to sell micro ensure
answer with the push approach that will
be presented for the first time in Asia
thank you very much