Innovating insurance, Generali as Gold Sponsor at Insurtech Insights 2024

If insurers want to remain relevant in a landscape with a growing demand for affordability through agile pricing, cost optimization and alternative risk advisory services, they need to explore and incorporate Insurtech solutions to maintain a competitive advantage.

Insurtech results from the combination of “insurance” and “technology” and refers to the integration of technology into different areas of the insurance industry, including underwriting, claims processing, customer service, and risk assessment.

The integration has evolved to leverage advancements in artificial intelligence, machine learning, big data analytics, blockchain, and other emerging technologies in order to streamline processes and develop new business models within the insurance sector.

Insurers that leverage digital technologies can better understand customer needs and enhance their offerings based on evolving customer preferences, reduce operational costs and increase operational efficiency, thus enhancing the entire customer experience.

Also called GenAI, Generative AI refers to machine learning algorithms and datasets capable of generating new outputs, including audio, images, and text.

This technology offers insurers new opportunities to revolutionize their operations and enhance customer experiences: from automating underwriting processes and detecting fraudulent claims to personalized risk assessment and claims management, Gen AI is empowering insurers to streamline operations, mitigate risks, and innovate like never before. 

Generali is actively working across the Group to identify and prioritise the most interesting GenAI opportunities. With over 200 potential use cases already identified, Generali is advancing initiatives such as Chatty - an in-house Gen AI conversational agent developed in partnership with Generali’s corporate Start-up HITS and Enterprise Bot. Chatty serves as a chatbot capable of handling routine inquiries, thereby freeing up valuable time for more value-added tasks. 

This year, Generali was Gold Sponsor of Insurtech Insights, Europe’s largest Insurtech conference, that took place in London on March 20^th-21^st. Every year, the event unties industry leaders, entrepreneurs, and investors, with the goal of driving innovation in insurance by fostering connections within the ecosystem and facilitating the formation of partnership and collaborations. 

As Gold Sponsor, Generali also hosted a Start-up alley, where different early-stage startups were featured, providing insurers access to the latest and most innovative ideas within the Insurtech realm.

In addition, Generali’s Innovation team delivered a keynote presentation on how to reinvent insurance and the future of the industry by exemplifying Generali’s Innovation platform. More specifically, initiatives like the Generali Innovation Fund and Generali Ventures that actively enhance and promote innovation were used as case studies of how a large corporation can innovate to remain relevant and become an Insurtech leader in the future.

Leading innovation is one of the pillars of the “Lifetime Partner 24: Driving Growth” strategic plan and investment in digital technology leveraging the potential of data will total € 1.1 billion over the course of the plan. 

As a customer-focused and data-driven innovator, Generali’s goal is to enhance customer value through the “Lifetime Partner” advisory model by scaling digital advisory capabilities and implementing a seamless omnichannel approach across all distribution channels.