Connecting the dots

Innovation is “social” when it is targeted to create different ways to meet social needs.

Social innovation should represent a breakthrough in the way things are done, a discontinuity with solutions provided, but most importantly it should help improve the life of communities and individuals. Social innovation produces social value rather than market value, and is aimed at responding to society’s rather than individual needs in a better and more sustainable way.

What are the insurance innovations that are truly changing our society?

The Internet-of-Things, omni-channel interaction, Digitalization, Big Data and predictive analytics give the possibility to manage huge amount of interconnected data in the blink of an eye.

Consumers are increasingly wearing devices to track wellness data, installing smart sensors at home for surveillance, or sharing lifestyle behaviors on the social media. There is an incredible amount of information from Customers that tells about their behaviors, who they are, what they like, where they are and what they might need at a specific time.

That does not only give Insurers great responsibility, but also allows them to meet Customer needs with such accuracy and timing that was unthinkable only a few years ago.

These are “on demand” services connected to instant needs such as taking a flight, crossing the border for a daily trip, or going skiing for the weekend, which generate an event-driven insurance (e.g. life insurance for the flight, health insurance for the trip, coverage for skiing) enriching rather than replacing lifetime products and services.

In social terms our role is increasingly based on creating awareness on individuals’ risks, supporting and coaching people in identifying solutions, educating them in preventing dangerous situations or unhealthy lifestyles, providing information as well as products and services that can support them in managing different situations and helping them when assistance for claims is required.

 

 

For further information visit the section about how Generali innovates in order to grow.