In 2021 Insurtech will increasingly pursue the digital path undertaken in recent years and accelerated by the pandemic, reaping the benefits of the Covid19 push for digitalization. This is the opinion of Filippo Renga, Director of the Fintech & Insurtech Osservatorio of the School of Management of Politecnico di Milano, who in this analysis for EconomyUp (in Italian) takes as his starting point the recent evolutions of the EU strategy in this field to outline future trends.
Broadly speaking, according to the academic, in 2021 open finance will grow, new regulations on data management will arrive, decentralized finance will become established, financial players will lean towards proposing and consolidating themselves as platforms, there will be a better understanding of what sustainability means for financial activities and a further development of the fintech (technology applied to finance) ecosystem in our country will occur.
Insurtech startups: the “moment of clarity” in 2021
Renga is mainly confident that what he calls an “epiphany” of Italian startups operating in fintech and insurtech will take place. The 2019 Fintech & Insurtech Osservatorio research mapped 326 such entities in Italy, which have raised a total of €654 million funding. The figure is expected to double in 2021. “The true value of an ecosystem that in previous years, however, was already catching up with the past will come out,” said Renga.
The insurance and insurtech sectors will benefit from the digitalization drive, which in 2021 should continue along the path already started in 2020. “It doesn’t simply mean the adoption of digital tools,” Renga pointed out, “but rather the development of intrinsically digital and integrated processes and services. For some SMEs and insurance companies, only a year ago it seemed impossible to underwrite a policy digitally, today it is commonplace. For the immediate future, an increasingly effective and integrated process is expected”.
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