The Perfect Storm in Insurance (Part 1)

The Perfect Storm in Insurance (Part 1)

Written by Roger Peverelli and Reggy de Feniks - Founders The DIA Community on 28 Sep, 2021

“The future is already here”. That is the key message of Insurtech 2030: il futuro e gia qui, the exciting new book written by Italian insurtech thought leaders Massimo Michaud and Edoardo Monaco. Virtually everyone we speak to agrees we should leave the crisis behind and start looking further ahead. The title of the book is a perfect promise in that regard. And more than that; a positive promise as well.

Our colleague Roger Peverelli had the honour to be invited to write the introduction chapter to the book: The perfect storm in insurance. He recently shared his view at the Insurtech Symposium in Cologne and at Italian Insurtech Summit in Milan. A perfect occasion to ask Roger to also share what he actually means by ‘the perfect storm’ with the broader DIA Community.

Roger, let’s first start with Insurtech 2030: il futuro e gia qui; the future is already here. What got you so excited?

“The book title summarizes exactly what I experience in daily conversations with insurtech leaders and insurance executives across the globe. Much of what new advanced technologies make possible is already applied in practice somewhere in the world, in a proof of concept or at scale, mostly in a productive collaboration between an insurtech and an incumbent. Of course, that does not mean that we are there yet. Much remains to be done to further shape the much-needed digital transformation and innovation of the insurance sector. But I believe the momentum is now. Insurtech 2030: il futuro e gia qui could not have been more timely.”

Roger, now about ‘the perfect storm in insurance’ …

“Yes. Sounds scary, doesn’t it? Let me explain. Obviously quite a lot has happened and is still happening. But this also brought something unexpected: We entered a new era. The pandemic created important permanent changes in customer perceptions and behaviour. We all notice a dramatic increase in sense of urgency among insurers for everything digital and, looking at demand and funding, insurtech is at the turn of a next chapter. With all these three taking place simultaneously and enhancing each other, we’re about to experience the ‘Perfect Storm’. And therefore, it would make a lot of sense to give much more attention to the post-pandemic future.”

You mention three different perspectives; consumers, insurers and insurtechs. Can you elaborate a bit on that?

“Sure! Let’s start with consumers. What we all recognise is that covid has put an already ongoing shift to digital on fast-forward. Our knowledge partner McKinsey said we actually made a five-year leap into the digital age in only eight months. Of course, several shifts in customer behaviour are temporary, purely related to coping with the situation, but other, more fundamental shifts, are here to stay. And these determine the priorities of customers in the next years.”

What specific consumer trends are you thinking of?

“Let me highlight two. The first is that putting your ‘Health First’ is the single most important priority. The second is that trends towards ‘Connected Living’ shifted into a higher gear.”

Can you elaborate a bit on these two consumer trends?

“Let’s first take ‘Health First’. The past year and a half made clear that, at the end of the day, for most people, there is nothing more important than your life and health. Virtually everyone has been prepared to make huge sacrifices, to drastically change the way we live. We">

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