THEtechnological evolution of insurance companies is transforming the car insurance sector in Italy, especially thanks to the push given by theinsurtech. In fact, new digital technologies allow insurance companies not only to offer more specific and personalized products, but also to propose simple and intuitive experiences to consumers, who in turn increasingly appreciate the digital car insurance.
The percentage of drivers who look at insurance products online, in fact, is constantly growing. The news comes from the research “Digital Consumer"Dell 'Italian Insurtech Association (IIA), according to which in 2023 57% of people who bought a policy chose an online insurance, while in 2010 this share was just 10%. In particular, as confirmed by the Fintech & Insurtech Observatory of the School of Management of the Milan Polytechnic, Today, more than half of consumers purchase car insurance online.
Obviously the digitization process in the field of car insurance has been very long. At a regulatory level, an important step occurred in 2015, with the abolition of the obligation to display the insurance coupon in the car and the possibility, in the event of a check by the police, to show the insurance certificate in digital format.
Today, the results of this process allow online companies to offer a 360-degree digital experience, which starts from the stipulation and ends with the management of the policy.
Online car insurance: from high customization to ease of purchase and use
The growing diffusion of online car insurance policies has first of all determined a simplification of processes, which has allowed consumers to save a lot of time right from the stage of evaluating the amount of the prize.
Do you want to know How much does car insurance cost?? For example, by addressing a leading reality in the sector such as Verti, to get a quote it only takes 15 seconds: by entering the owner's date of birth and the vehicle's license plate in the practical online form you will in fact get a completely tailor-made quote. Naturally, when defining the prospectus it is possible to customize the policy by choosing from a wide range of ancillary guarantees.
The simplification of processes allows for great convenience also in terms of Policy Management. Always looking at the possibilities offered by Verti, in case of an accident it is enough Open a claim online from the reserved area of the website in complete autonomy: you will only need to answer a few questions and upload the CAI form and all other documents such as photographs of the accident, to be able to check the status of the accident and verify the progress of the case directly online.
Online car insurance in the age of AI: Here's how the industry could change
The transition from traditional car insurance to online RCA policies and additional guarantees has represented asignificant evolution, guaranteeing consumers increasingly simple, tailor-made and easy-to-manage solutions.
Of course, this process is constantly evolving and has now entered theera of artificial intelligence, a technology destined to profoundly innovate the insurance sector in the coming years.
Specifically, according to a study by EY and IIA, the emerging technologies with the greatest potential in the insurance market are robotics andGenerative AI. These two innovations, in fact, allow insurance companies to improve the quality of the service offered to customers, making the more efficient processes for reasonable investments and free up valuable resources to be allocated to activities with higher added value. In particular, generative AI and robotics applications can guarantee considerable advantages especially in the operations of underwriting of auto insurance policies and in the management of claims.
Of course, the implementation of these technologies also represents a challenging challenge for insurance companies, as it requires an appropriate corporate culture and dedicated training to develop the skills necessary for this further innovation process.
However, this is an essential and inevitable path, to follow an unstoppable trend with the growing propensity for digital insurance solutions by consumers. In the field of car insurance policies this change is in a more advanced stage, not by chance it was precisely this sector that driving innovation in the insurance industry in recent years and will likely continue to do so in the future.
