According to the “Fintech & Insurtech Observatory” set up by Milan Politecnico’s School of Management, the number of Italians that used Fintech and Insurtech applications in 2018 has risen to 11 million.
This means that, compared to the previous year there has been a 54% rise, proving this to be the major trend in the insurance industry. The name “Insurtech” is a portmanteau of the words insurance and technology, it basically concerns the provision of insurance services through modern technologies. Predictably, the insurance sector has made smartphone and computer usage a significant part of their strategy, the same choice was made by the vast majority of banks which saw in the new technologies an opportunity to bring consumers closer to this kind of services, and also to make banking and insurance management easier for them.
The study shows that 16% of Italians active on the internet use mobile payments as main method of payment, a significant percentage considering that the usage of smartphones for purchasing has exceeded in this case cash and credit card payments. Also 15% of those surveyed claimed that such services are helping them managing their savings in a better way. Meanwhile 12% of them relies on fintech to make money transfers between individuals. Mobile finance and insurance services are used by 25% of Italians aged between 18 and 74. Not just individuals though are benefiting from the so-called digital transformation, in fact more than half of Italian small and medium-sized enterprises are interacting with banks through mobile apps. Following the innovation path, insurance companies are gradually turning into digital platforms which are accessible 24/7, as it happened for banks all over the world.