The new edition of Nomisma's "Hybrid Lifestyle" Observatory, created in collaboration with Crif, investigated the relationship between Italians and insurance companies, trying to understand how the pandemic and the new greater propensity to use digital technologies are affecting a field of confrontation that until recently was very static. In general, the Observatory records an increase in the awareness of Italians with respect to exposure to risk and a progressive approach to technological innovations such as apps and commercial formulas for consumption. The research was carried out on a sample of a thousand citizens between 18 and 65 years old.
Towards a decrease in the protection gap
Italians are historically an underinsured people. In insurance to protect assets, health and assets, Italy has an important coverage gap compared to other European countries: the incidence of premiums on GDP, according to ANIA and Eurostat data, is 1.1% compared to an average of 2.8% for the European countries analyzed. In other words, the average premium paid by an Italian annually is 300 euros - if we exclude the auto sector -, less than a third of that of other citizens of the main European countries who spend an average of 937 euros.
Among the main factors of the context that contribute to slowing down the spread of an insurance culture are the low level of financial literacy, which places Italy at the bottom of the countries analyzed by the OECD, the welfare role of the state (which does not encourage citizens to protect themselves independently) and a low sensitivity to risk.
However, the pandemic situation appears to have initiated a change. 55% of Italians are now more sensitive to the risks to which they are exposed, in particular 43% say they are partly more aware - a situation particularly felt for the age group 30-44 years - while 12% (for the great part of citizens aged between 55 and 65) believes that they have a complete vision.
An interesting fact that emerged from the Observatory is that 4 out of 10 Italians would be interested in a risk assessment. These are mainly citizens with a medium-high education, aged between 25 and 54, residing mainly in central Italy and the North East.
The role of App and on demand insurance
Although among the digital channels of the insurance sector, the use of Apps is still not widespread compared to that of websites, almost 8 out of 10 Italians would be interested in interacting via App with their company or intermediary. A high potential interest due to the possibility of receiving immediate assistance "within reach of a smartphone", minimizing the time required for the management of files in the event of a claim, from the detection of damages to the compilation of the report. These types of services seem more appreciated by a target between the ages of 30 and 55.
Despite being well known only by 10% of Italians (1 in 10 knows perfectly well what it is), while 24% has only heard of it, on demand / instant / pay-per-use insurance is preparing to conquer a great customer segment increasingly intrigued by smart digital insurance and time saving models.
A winning element in its simplicity is the possibility of ensuring commonly used products and aspects of daily life independently and quickly. The new technologies thus make it possible to activate temporary insurance coverage even for a limited period or a specific asset, such as a trip or a rental car. A second winning element is flexibility, because it is possible to modulate the policies according to your needs with the freedom to withdraw at any time.
The Italians interested in the new on demand model and the related benefits are 76%, the focus is on reducing time and bureaucratic steps to a minimum, by-passing the physical channel of the companies, allowing to obtain the right coverage at the moment. just for the time needed. These are mainly men, residing in the area of Northern Italy, with a medium-high level of education and aged between 45 and 65.
In person or online? The subscription channels
The willingness to innovate, albeit strong in the type of instrument, is not reflected in the choice of channels, for which Italians still demonstrate an anchoring to tradition (Company or insurance intermediary 79%, Bank 55%, Post 38%).
Today almost 7 out of 10 Italians prefer to find information on the internet on new insurance policies to be subscribed, by consulting the website or app of the insurance company (preferred channels respectively by 35% and 11% of Italians) or the scores and reviews online also on comparison sites that compare different solutions (21%). The share of those who prefer to get information "in person" by relying on agents / brokers is 22%, followed by advice from relatives and friends (10%).
Sites and apps also play a central role in the purchase phase of a new policy: the share of Italians who prefer the digital channel over the physical one is 52%. In detail, 31% would prefer to buy a new policy through the insurance company's online channels (24% would buy it on the website and 7% via the app) and 22% through sites and portals that compare different solutions. On the other hand, 47% of Italians still prefer to rely on "traditional" channels to sign a new policy: 39% would buy it by physically going to the agency and 8% through agents and brokers.
