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Watch the interview with Steven Zuanella, Group Chief Digital Officer at Generali Group Globally, at TINtech 2019 about digital transformation in insurance.
With so many definitions, ideas and views on the impact of digital transformation buzzing around the boardroom and trickling down into the offices of the people who have to implement it day-to-day, it can be hard to pinpoint, exactly, what impact digital transformation is having on insurance.
In order to give you a clear, streamlined idea of this impact and to continue the themes explored at this year's TINtech conference, we devised a series of short interviews with the industry's leaders.
To kick off the series, we spoke to Steven Zuanella, Group Chief Digital Officer for Generali Group Globally to talk about his definition of the impact of digital transformation.
How would you describe the impact digital transformation is having on the insurance industry?
I'd probably say, it's a fundamental impact and they it probably breaks down into different parts. I'd start with the customer changes so customer changes in terms of driving higher expectations of speed, convenience and price - that's having a fundamental impact on the insurer's ability to actually react to these propositions.
I'd also say the technology advances that have been made over the last - even two to three years - are enabling companies like ourselves and Generali to reinvest at a lower cost price point to achieve greater results financially. And also, it's allowing us to become better at what we fundamentally do, which is taking on risks from individuals, corporates and other enterprises.
What conclusions can draw from these impacts?
Transformation is making us think twice about the industry as a whole. So as before, the industry as whole was insurance. Now the game is probably going to shift more towards packaging of financial solutions or even broader solutions to help customers live their daily lives, and therefore move away from insurance as an individual [vertical] probably is going to be happening to.