(Finance) – Emerging technologies are profoundly transforming the insurance offer aimed at companies, cI rendo increasingly intelligent, modular solutions ready to cope with the most complex risks, including catastrophic policies: to reveal it the researcto “The future of the commercial line: the impact of Tech on the PMI and Corporate offer”, Made by EY on behalf of Italian Insurtech Association (IIA), presented on Thursday 26 June in Milan during the Insurtech Day – Empowering Ecosystems, the event organized by IIA at the Village by Crédit Agricola.
One data above all clearly expresses this tendenzA: 85% of respondents say that, in the last three years, the weight of the commercial lines (“commercial line”) has significantly increasedor. The same percentage is expected to be further growing in the future, even greater than 25%, according to one out of two interviewees. An evolution that reflects a growing attention to increasingly advanced and tailor-made covers for the entrepreneurial world.
Marco agreed, EY insurance partner said: “The commercial line market is preparing for a profound transformation led by digitalization and extensive adoption of generative artificial intelligence, which permeates the entire value chain, from dynamic underwriting to the personalization of the roofs. In parallel, a more incisive regulatory intervention on the insurance obligation – especially in response to catastrophic risks – and a greater awareness by companies, Driven by the increase in climatic and demographic risks, the priorities of companies are redefined.
Part of the increase in the commercial lines obviously derives from the new regulatory intervention in response to catastrophic risks: 78?% of the interviewees declare that they have already integrated covers against natural catastrophes (catnat) in their offer, demonstrating the now central role that these solutions are taking on the market.
Also coverage products On cyber risks they saw a profound increase: in fact, although only 41% of the respondents say they offer Cyber Risk covers, almost half (47?%) are already developing or evaluating them.
As for the distribution of these products, LA Research highlights how the main channel remains the insurance broker, indicated by 76% of the sample as a primary source of access, followed by 65% which belongs to agency networks, distribution agreements with banks and direct channels.
Despite the increase in the offer of this type of product, obstacles remain to their diffusion. According to EY’s investigation, primary motivation is the low perception of risk by companies (61%), while 56% highlight the low insurance culture of customers. On the contrary, only a minority believes that the complexity of the products (17%) or distribution channels (11%) represent a significant impediment.
“According to Ania data in 2024 only 5% of Italian companies had insurance coverage against catastrophic risks. The introduction of the insurance obligation for SMEs, foreseen by the new legislation, will certainly grow this percentage. But the most interesting aspect, in our opinion, is the coincidence between this obligation and the arrival of technologies capable of offering concrete and timely answers in the management of such events. Artificial intelligence and predictive analysis The sector has made great strides in the forecast and management of these risks, providing companies with fundamental information to make aware decisions on the protection of their business. Simone Ranucci Brandimarte, president of IIA.
Just on this front, EY research brings out a decisive theme: Almost all of the interviewees (89%) believes it is essential to promote Awareness and Training initiatives To strengthen risks sensitivity and develop an insurance culture in SMEs, thus favoring a wider spread of covers.
As regards technologies, the most impactful for commercial automotive are the use of API PEr the safe sharing of data and services, followed by predictive IA and machine learning. In addition, the research also highlights how generative artificial intelligence is that with greater transversality in the value chain: a technology that marks a leap in quality both in the management of the portfolio and in the intake and liquidation of the claims. However, the real impact of emerging technologies depends on the ability of insurance companies to evolve towards a fully data-driven model. According to research, the total of respondents believes that the data – and their advanced analysis – are crucial to support informed decisions, in particular in the risk assessment and forecast.
To become a real Data-Driven company, however, the Only technology is not enough: to truly enable generative Ia you need structural investments in skills (It indicates 78%of the sample), integration with external data suppliers (61%) and a governance capable of translating innovation into value (44%). Only in this way can artificial intelligence operate on solid bases and bring customization, operational speed and the predictive capacity that today the business segment requires.
As for the individual industrial sectors from the analysis it emerges that: