The Three Pillars of Connected Insurance

Being connected has become the talk of the town, and insurance companies are surely one of the main interested parties in this discussion, some of them being actual promoters of change and innovation. Traditional players will have a tougher time adapting to the new paradigm, but my view is that they will have to adjust in the long term to the new rules of the game if they want to stay competitive. Consumers are becoming more and more connected whether it is at home, at work, behind the wheel, when they engage in sports and leisure activities, and so on. This is happening quite fast, due to the adoption of smart devices, and companies have to be able to react accordingly in order to maximize value both for their clients and for themselves. The surrounding environment is becoming smart and is being incorporated in the connected ecosystem, thus creating new opportunities for insurance companies, opportunities which must be managed appropriately in order to maximize value. Here big data analytics play a huge role, as the quantity of collected data & variables is getting higher and higher. To be precise, the discussion focuses on how companies will be able to read the data in order to identify patterns and optimize their business models by controlling loss, perfecting risk assessment and prevention etc.

Andrea Silvello

Andrea Silvello is founder and CEO of Business Support, a strategy consulting boutique based in Milan and Singapore. He has over 15 years of experience in business and strategy consulting including BCG and Bain & Company. He is founder of InsurTechNews.com and co-founder of insurtech startup Neosurance.

Andrea is an international speaker known for his thought leadership in insurtech and digital health and his thoughts have been published, among others, by Harvard Economics Review, Journal of the International Society for Telemedicine and eHealth and Cutter Business Technology Journal. He co-authored “ALL THE INSURANCE PLAYERS WILL BE INSURTECH” together with Matteo Carbone and “THE INSURTECH BOOK” published by Wiley Editors.