Omnichannel and Innovative Insurance Distribution.

The world of insurance distribution is facing a major transformation, dictated by the need to adapt to the needs of an increasingly demanding clientele. In fact, among the strategic objectives of Insurance Companies emerges the desire to offer omnichannel experiences to the customer, in order to propose a highly personalized service model.

Adults aged 50-69 represent the main class of policyholders, touching 37 percent of the total clientele. This figure underscores the relative high frequency of policies taken out by parents for their children. Such insurance contracts, regardless of who takes them out, are mainly taken out through physical channels (80 percent) versus the 20 percent represented by digital policies, as the chart shows. Thus, this figure confirms the centrality for customers to have a one- to - one relationship with their insurer, so that the latter can best guide them during the delicate moment of policy underwriting. In addition, the physical channel is still necessary in claims handling. In fact, on average 58 percent of claims are reported through physical channel and on average 56 percent of claims are opened through the figure of agents.

Despite customers' great preference for the physical channel, Insurance Companies continue to invest in technology and more specifically in both the mobile channel (frequently used by customers) and the web channel. An additional channel of contact between customers and their Company is the centralized Contact Center. This, although different from those mentioned above, is used by customers for first-level interactions in order to request both information on products and services and prompt assistance.  

By means of the support of digital channels (which allow for high speed and ease in the use of services), agents complete more than 50% of their negotiations with their clients by offering both assistance and continuous consulting solutions. The latter activities are in fact carried out through the use of voice calls (31%), e - mail (28%), instant messaging platforms, such as WhatsApp (25%). In addition, Social Networks are mainly used for the purpose of conducting business activities; therefore, there is a great reliance towards the following Applications: Facebook (41%) and Linkedin (23%). The former is used for the purpose of reaching young people and adults extensively. The second facilitates the development of professional content to be shared online. In addition, the figure of intermediaries also uses various Apps to carry out activities mainly aimed at innovative communication about both the insurance world and the specific brand for which the intermediary works.

The role of digital is confirmed to be relevant within different ecosystems from "Mobility and Travel" to "Health and Medicine" via "Home, Family and Work" and "Life and Heritage."

The Mobility and Travel business has invested more in traditional and new policies. Both product categories are mainly developed in-house, although in some cases they are developed through partnerships, especially for Bancassurance given the specific business model. On the other hand, in the case of traditional and innovative services, they are not only developed in the previously mentioned ways, but also in a bundle mode that allows the Company to offer customers a package of additional services in addition to the single product offered. The latter offer applies, for example, to the tow - tow truck, replacement vehicle and direct repair.

In health and medicine, investments are higher for traditional policies, developed mainly in-house and through partnerships. This mode of offering is also found for innovative policies and services. In addition, the latter along with traditional services are also offered in a bundle mode in order to offer a "package" of services that can meet every customer need ranging from 24/7 emergency response to telematic prescription through home delivery of drugs.

In the home, family, and labor line of business, the largest investments are in traditional and innovative policies and traditional services. While on the one hand, policies, whether traditional or innovative, are developed in-house or through partnerships; on the other hand, traditional and innovative services are developed by means of partnerships, and the former also feature bundle mode offerings, as in the case of direct damage repair. Nevertheless, it is worth noting that some traditional policies, such as the "Pets" policy, are developed by means of Insurtech, while traditional services are also offered in bundle mode.

Ultimately, in the life and asset business, investments mainly concern traditional policies, which are mainly developed in-house, through partnerships and Insurtech. Again, innovative policies follow the same trend as traditional policies, while traditional services replace Insurtech with bundled mode offerings, such as 24/24 counseling, and innovative services with stand-alone mode, which allows the customer to subscribe to the service untethered from the purchase of a policy.

Therefore, it is expected that the Companies will invest more on new products and services in order to ensure an increasingly personalized customer experience.

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