Insurance Day, Alberto Minali: “Insurance needs to pay attention to new competitors such as Google and Amazon”
C.E.O. Alberto Minali interviewed by CLASS CNBC
Insurance Day, now in its 17th edition, organised by Accenture in partnership with Milano Finanza, was held on 4 October at the Centro Congressi Fondazione Cariplo in Milan. This year's key theme discussed by the Italian market's leading insurance companies was the technological revolution. How does insurance respond to the digital transformation? This was the question at the centre of the debate, from which it emerged that the insurance sector responds by innovating processes and products, often investing in both internal and external expertise, such as start-ups, with a view to open innovation.
The key individuals of the day included Alberto Minali, Chief Executive Officer of the Cattolica Group, who explained how, in order to deal with the technological change, the Company has made major direct investments in technological platforms that are capable of handling huge amounts of data. “Data,” emphasised Minali “that must be kept within the company, because it represents an essential asset, almost the core business of the company itself”. “I do not agree in saying that the Italian insurance market is more behind others in digital matters.” He then added “We have the greatest penetration of auto telematic products and many companies are working towards sensors for homes. Our market has made progress towards both products and distribution, equipping corporate networks with IT tools. Of course, new players are now entering the market. Above all, I’m thinking about the start-ups that, with their applications, will replace parts of the insurance production processes, but there must be no competition: companies must work on their own portfolio but also be open to this innovation. Other new competitors include banks, post offices and many digital operators, such as Amazon and Google”.