THE IMPACT OF DIGITAL TRANSFORMATION IN THE ITALIAN INSURANCE SECTOR

Leading global insurance companies have been implementing digital transformation projects for some years now, in order to effectively respond to renewed customer needs and, at the same time, seize the opportunities offered by new technologies in terms of optimisation of operational processes, automation and cost reduction, and progress in the integration of innovative channels with traditional networks. The objective of this paper will be to prepare an analysis of the diffusion of the digital transformation process, assessing its impact on the organisational processes and management of insurance companies with a view to maximising business opportunities and reducing risks. The analysis, therefore, of the possible challenges that Italian insurance companies will be called to face will be conducted with reference to three levels: innovation of the service model, increase in customer knowledge and redefinition of the organisational structure. The insurance company, operating in a network structure, is called upon to continuously interact and develop a complex system of communications with numerous other players. These stakeholders include not only agents, brokers, banks and financial networks, but also service companies, other reinsurance companies (with which it manages co-insurance, reinsurance, retrocession) and, more generally, other financial intermediaries. Given the circumstance of the intangibility of the product and the very connection that it poses between product and process, it appears necessary to analyse the internal and external processes of the insurance company that are fully subject to innovation that takes place continuously over time or in "additional" terms. It appears, then, with all the evidence that insurance companies, with the intention of responding in a targeted manner to the growing needs of the insured, tend to vary the structure of the insurance product over time both in the risk coverage component and in the complementary services.