BCG_Digital_Insurance_in_Italy_Mar_2015_-__1

Digital Insurance
in Italy
The Time to Act Is Now

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March 2015 | The Boston Consulting Group
Digital Insurance
in Italy
The Time to Act Is Now
Ugo Cotroneo
emanuele costa
Giovanni Ciarlariello
in collaboration with

2 | Digital Insurance in Italy
Contents
3 executive summary
5 Digitization Is a Disruptive Trend
The Digital Economy
Italy’s Digital Evolution
7 Follow Your Clients Online
The Effect of Digital Channels
The Potential Is Untapped
Changing the Go-to-Market Approach
12 Mobile is the Emerging Digital Trend
Providing a Satisfactory Mobile Experience
Engaging Customers
16 A Transformation Journey
Phase One: Preparing the Foundation
Phase Two: Digitizing the Business Model
Phase Three: Creating a Distinguishing Digital Spike
Taking a Cultural Leap
20 Loss Prevention: A Digital Opportunity
Reducing Motor Vehicle Risks
Reducing Health Care and Household Risks
23 The Main Challenge: Internal Legacies
Legacy IT
Legacy Processes
Organization
Management Buy-In
Budget Objections
26 The Time to Act Is Now
27 Note to the Reader

The Boston Consulting Group | 3
Digitization is receiving widespread attention from business
leaders. The global megatrend is causing customers to modify
their purchasing habits and expectations when buying new products
and services, including insurance.
Italy is not excluded from this force that is changing the company-
customer relationship. Customer behaviors highlight the relevance of
digital touchpoints, and e-commerce is on the rise, fostered by the
widespread use of mobile devices. The insurance industry’s awareness
in Italy has rapidly increased in the past years, but only a few players
have a clear path of digital transformation already ongoing.
This report, a collaboration of The Boston Consulting Group and
Google, outlines the opportunities and threats that lie ahead for Ital-
ian insurers and makes the case that the time to act is now.
First, we observe that at least 30 billion to 36 billion in premiums is
affected by customers researching insurance online, making it a must
for insurers to be present where customers are looking for informa-
tion and advice, comparing products and prices, and forming their
purchase decisions.
Furthermore, we argue that insurers should build their digital
presence considering the fast-growing importance of mobile
connectivity; Google’s experience shows that searches using
smartphones and tablets across multiple insurance lines have
increased dramatically since 2008. This means that insurers should
not only ensure a user-friendly display of information and a simple
interface but also take advantage of mobile technology that enables
“geo-fencing” and click-to-call functionality.
Moreover, this report addresses the typical dilemma of how to start a
digital transformation with a three-phase approach: laying the foun-
dation with some no-regret initiatives, such as simplifying interaction
Executive Summary

at digital touchpoints and gradually building up data assets; digitizing
the business model by developing digital tools and applications that
facilitate sales and service the customer; and finally, developing com-
petitive differentiation with a uniquely recognized “digital spike.” In
addition, we stress the key role that an innovation-oriented culture
plays in the success of a digital transformation.
Looking at specific digital opportunities in insurance, we see that im-
proving loss-prevention effectiveness has huge, untapped potential.
According to BCG, insurers that take this step could improve their op-
erating margins by as much as 1 to 2 percent of premiums. Reducing
motor vehicle risks is a good place to start, owing to the widespread
use of telematics, or black boxes. Connectivity is also rapidly spread-
ing in health care and household management, making them promis-
ing areas for innovation, too.
Finally, we conclude with a collection of the challenges that Italian in-
surers believe are hampering their digital development, such as the
complexity of their legacy IT systems and current processes. A lack of
alignment among an organization’s various stakeholders and the in-
ability to secure management buy-in and investment are also stalling
digital efforts. To help managers address these challenges, we offer
some practical suggestions stemming from our experience and that of
successful innovators.
The report draws on BCG’s experience and research in the digital
insurance sector in Italy and abroad; analysis and insights from
Google’s research and experts; and interviews—jointly conducted by
BCG and Google—with several Italian insurance managers to provide
a new, practical, Italy-specific perspective on the insurers’ digital
opportunity.

Digitization is everywhere. Today,
there are 7.3 billion mobile-phone
subscriptions,1
3 billion Internet users,2
and
2 billion social-media users.3
There are more
digital connections in the world than there
are people. Digital innovation happens at a
rapid pace, and its influence spreads at an
exponential rate.
The Digital Economy
The new digital economy is a product of digi-
tization and is radically different from the tra-
ditional one. If we consider the ways compa-
nies interact with their customers, digitization
has increased the number of touchpoints, im-
proved the ability to target specific segments,
and broadened and accelerated the reach of
companies’ actions. Digitization is driving a
fundamental shift in the relationships that
companies have with their customers.
Digitization is also a major disruptive force
that has completely reshaped traditional
business models that have been in place for
decades; so-called digital disruptors have
emerged in many industries.
Digitization is not about doing the same
things only faster or cheaper; rather, it is
about enabling new business ideas and busi-
ness models—from a sharing economy to
global scalable platforms. There are many ex-
amples of winning companies with “digital
DNA.” Uber, the app-based transportation
network and taxi company, has been quickly
disrupting city transportation services and
the traditional taxi business. Netflix, a con-
tent distributor, has upended the media in-
dustry, causing giants such as Blockbuster to
yield to more agile and digital-savvy players.
Every day there are new businesses being cre-
ated that are generating revenues in new ways.
Digital innovation is never ending. Digital gi-
ants such as Google and Amazon continuous-
ly innovate, reinventing their value proposi-
tion to remain relevant to their customers and
making their industries fluid and dynamic.
Italy’s Digital Evolution
As of October 2014, there were 41 million In-
ternet users in Italy,4
more than 25 million ac-
tive social-network users,5
and about 95 mil-
lion active mobile-phone subscriptions.6
The
country’s Internet penetration of 66 percent
is lower than that of other advanced econo-
mies in Western Europe. In Norway, for ex-
ample, Internet penetration is 87 percent.
However, Italy’s Internet usage has grown in
the past two years by 6.8 percent, and 84 per-
cent of the population use the Internet if we
only consider people between the ages of
11 and 74.
What is surprising about Italy is the wide-
spread use of mobile phones, which had a
DIGITIZATION IS A
DISRUPTIVE TREND

market penetration of 82.2 percent in 2014.
Smartphones are increasing their share
among mobile devices and are projected to
grow from 49.5 percent in 2014 to almost
72 percent in 2018.7
Rapid smartphone adoption is fueling the
dramatic increase in online usage. Every day,
more than 15 million Italians access the Inter-
net from their smartphones, compared with
13 million people who log on from their per-
sonal computers and 5 million who access it
from their tablets.8
E-commerce is also growing. According to a
study from Politecnico di Milano, revenue
from e-commerce sales totaled about 13 bil-
lion in 2014 after growing, on average, 18 per-
cent per year since 2009.9
An even more ac-
celerated growth pattern applies for
purchasing transactions from mobile devices.
Notes
1. GSMA Intelligence, https://gsmaintelligence.com/,
January, 2015.
2. EMarketer, “Worldwide Internet and Mobile Users,”
January, 2015.
3. We Are Social, “Digital Statshot 002,” http://www
.slideshare.net/wearesocialsg/we-are-socials-digital
-statshot-002.
4. Audiweb Database (powered by Nielsen), October
2014.
2014.
6. AGCOM, Osservatorio trimestrale sulle
Telecomunicazioni, September 2014.
7. EMarketer, “Smartphone Users and Penetration in
Western Europe, by Country, 2013 through 2018.”
2014.
9. Pagamenti elettronici e mobile payment & commerce:
i valori del transato, Osservatori.net.

Digital transformation has come to
the insurance industry, bringing with it a
huge business opportunity that will grow in
the coming years. Given that most insurance
players are still exploring the digital land-
scape, the potential is mostly untapped.
Interestingly, the 2014 BCG Global Innovators
Survey—which collected the opinions of
more than 1,500 senior executives world-
wide—shows that insurance managers are
well aware of the coming impact of digitiza-
tion. In fact, this survey reveals that about
40 percent of insurance executives expect big
data and mobile devices to have a significant
impact on the industry over the next three to
five years, placing insurance behind only the
technology and telecommunications indus-
tries in terms of the most affected sectors.
Like executives in many other industries,
however, a significantly lower percentage of
insurance managers are actively targeting big
data and mobile devices in their innovation
programs, hence missing the opportunity.
(See Exhibit 1.)
The Effect of Digital Channels
A recent BCG survey on global consumer sen-
timent highlighted that in Italy, insurance
consumers are turning to digital channels. Ac-
cording to the research, about 50 to 55 per-
cent of protection, health, and property and
casualty (P&C) consumers require both rela-
tionship channels (an agent, bank, or broker)
and digital channels.
In addition, approximately 15 percent of cus-
tomers are ready to transition to digital-only
interactions, bringing the overall reach of dig-
ital channels to almost 70 percent of insur-
ance customers in terms of their future buy-
ing channels. The remaining customers, a
little more than 30 percent, still prefer rela-
tionship channels only, but that number is
decreasing. (See Exhibit 2.)
From 2008 through 2013,
online searches related to
insurance grew 128 percent.
Italian consumers are not only leaning to-
ward digital channels but also making a sig-
nificant part of their purchasing decisions
outside insurers’ domains. Consumers are
increasingly using digital tools to search for
product information, prices, and reviews.
From 2008 through 2013, online searches
related to insurance grew 128 percent, and
more specifically, searches related to car in-
surance grew 185 percent.
These numbers give us a sense of the massive
business opportunity for digital insurance in
FOLLOW YOUR
CLIENTS ONLINE

0
10
20
30
40
50
10 20 30 40 50 60
Chemicals
Consumer products
Energy
Financial services
Industrial/manufacturing
Pharma/biotech/health care
Telecommunications
Retail
Insurance
Technology (IT services)
Technology (soware)
Technology (hardware)
Respondents actively targeting mobile products
in their innovation program (%)
Respondents expecting a signiﬁcant impact from mobile
products over the next three to ﬁve years (%)
Autos/motor vehicles
Tech industry AverageOther industry
Behavior = belief
Impact of mobile products1
Attitude
toward
digital
channels
Property and casualty1
High
10.5
16.7
6.1
Medium
12.0
16.2
5.2
Low
14.2
4.6
14.6
Income
∑ ∑
Protection1
37%
47%
16%
Owners (%) Owners (%)
37%
51%
12%
High
12.1
18.7
2.5
Medium
11.6
16.4
5.4
Low
13.7
15.4
4.3
Health1
High
8.3
20.9
4.1
Medium
9.9
18.5
4.9
Low
15.9
15.3
2.2
∑
34%
55%
11%
Owners (%)
Prefer relationship channelsHybridsPrefer digital channels
Source: 2014 BCG Global Innovators Survey.
1
There is a similar pattern in other digital areas, such as big-data analytics.
Source: 2012 BCG Global Consumer Sentiment Survey.
Note: Interviewees were selected from 11 income brackets. Interviewees were asked this question: In general, how useful are or would the
following interactions modes be to you when it comes to dealing with your insurance providers?
1
Any apparent discrepancies in totals are the result of rounding.
Exhibit 1 | Many Insurance Executives Expect Digital Products to Have a High Impact, but Few
Are Taking Action
Exhibit 2 | Many Insurance Customers in Italy Are Already “Hybrids”

Italy. Let’s take this a step further, however. A
recent market study by Google shows, by in-
surance category, the share of consumers that
use the Web to gather information and com-
pare prices. Using this research, we can better
quantify the size of the opportunity.
Considering that the overall 2013 retail P&C
market (that is, excluding commercial insur-
ance) in Italy was worth 28 billion to 30 bil-
lion in premiums and that the percentage of
insurance buyers who research online ranges
from 29 percent (those interested in house-
hold insurance) to 56 percent (those research-
ing automotive insurance), we can estimate
that the value of digital insurance premiums
is approximately 12 billion to 14 billion (as-
suming the middle of the range). (See Exhibit 3.)
With regards to the life insurance business,
we start from an overall market of roughly
80 billion in retail life-insurance premiums.
Furthermore, our data suggests that about
50 percent of buyers of financial products
research online for information before
purchasing. Hence, even if we prudently
assume that the percentage of life insurance
buyers researching online is much lower than
the broad average for financial products
because of the inherent complexity of the
product—say 20 to 30 percent of buyers—
then we can estimate that the value of digital
life-insurance premiums is 18 billion to
22 billion. This brings the total value of
digital insurance premiums to 30 billion to
36 billion.
This estimate is expected to increase as pro-
spective customers change their purchasing
behaviors. The BCG 2012 Insurance and New
Media Consumer Survey shows that 43 per-
cent of respondents met an agent in person
for past transactions, but only 40 percent will
do so for future transactions. In addition, the
use of digital channels is on the rise: 58 per-
cent of respondents will visit company web-
sites, compared with 18 percent who did so
for past transactions, and 45 percent will use
a Web search engine, compared with 9 per-
cent who did so in the past.
Demographics will play a significant part in
fueling the size of the opportunity in the fu-
ture. Younger Italians are significantly more
Property and
casualty*
Life*
Retail premiums in the Italian market, 2013†
€28 billion
to
€30 billion
Purchasers who researchedonline before buyinginsurance
Total premiums aﬀected by online search
€79 billion
to
€81 billion
€12 billion
to
€14 billion‡
€18 billion
to
€22 billion
29–56% 20–30%
€30 billion
to
€36 billion
Sources: ANIA; Google Consumer Barometer.
*
Estimates.
†
Including European Union companies.
‡
Assuming middle of range.
Exhibit 3 | The Size of the Insurance Market Influenced by the Web Is Already
€30 Billion to €36 Billion

proficient in using digital resources and pre-
fer those channels over the traditional ones.
The Potential Is Untapped
BCG and Google conducted interviews with
major industry players and found that there
is a shared sense of urgency for digital trans-
formation. Most players recognize the impact
of digital channels. Nonetheless, there is
widespread concern given that the industry is
unprepared to cope because of its structural
shortcomings.
Since 2007, traditional insurers have been
gradually losing online brand share to direct
players and aggregators—companies that
have built a significant position online in re-
cent years. Traditional insurers’ brand share
of overall online insurance searches declined
from 39 percent in 2007 to 34 percent in
2014, well below their fair share when we
consider premium revenues. (See Exhibit 4.)
By contrast, direct insurers and then aggrega-
tors filled this gap. Aggregators alone repre-
sented almost a fifth (17 percent) of online
brand share in 2014.
When we compare online brand share with
real brand share for each player (excluding
aggregators), the vast majority of traditional
insurers is underrepresented online. (See
Exhibit 5.) If we consider emerging buying
behaviors, the gap between online and real
brand share should be worrisome for
established insurers in the medium term and
calls for a review of their go-to-market
strategy. That said, some early recovery signs
in 2014 might indicate a greater focus by
traditional insurers on advertising and an
online presence.
Changing the Go-to-Market
Approach
Changing the way an insurer interacts with its
clients is critical to harvesting the potential of
digital insurance.
With rising acquisition costs and surging
churn rates, customer retention is an impera-
tive for Italian insurers. For example, churn
rates for third-party-liability automotive in-
surance in Italy increased from less than
10 percent to approximately 20 percent in the
past five years.
To be successful, industry players should de-
vote the effort necessary to truly understand
the “moments of truth” in the customer jour-
Trend inversion in 2014 potentially signals eﬀorts by traditional insurers
to increase advertising and improve Web presence
39 40 37 33 29 30 31 34
59 59 61
65
60
53 49
49
10
16 20 17
80
100
40
20
0
60
1
Traditional insurers Direct players
Insurers’ brand share of online search (%)
11
Aggregators
20142013201220112010200920082007
2
Source: Google proprietary data.
Note: Any apparent discrepancies in totals are the result of rounding.
Exhibit 4 | Online Brand Share Is Dominated by Direct Players and Aggregators

ney and explore how digital channels can
help improve the customer experience at
those touchpoints.
BCG experience shows that when improving
the digital experience for customers, it is criti-
cal to segment them on the basis of behaviors
and needs, since the reasons for an insurance
purchase may vary significantly across clus-
ters of consumers. Digital features multiply
the number of possibilities to personalize the
selling proposition—if the insurer is able to
identify the segment in which a customer be-
longs early on in the sales process.
Digital channels have multiplied the number
of touchpoints and taken away the early stages
of the sales process—when customers look for
information, compare companies, and form a
buying decision—from physical channels.
Thus, having a direct insurance subsidiary
alongside traditional operations is not suffi-
cient anymore. But, indeed, we see an oppor-
tunity to better leverage the specific experi-
ence and skills that such subsidiaries have
typically developed.
Some insurers have invested in digital mar-
keting not only to target consumers more di-
rectly and effectively but also to gain an addi-
tional opportunity to interact and engage
with their clients. For example, SunLife, a di-
rect-distribution brand of AXA, structured its
online presence to increase trust and brand
recognition through extensive customer re-
views and clearer corporate communications.
Other insurers have taken advantage of mul-
tiple digital channels. For instance, in 2012,
Allianz Germany further expanded its multi-
channel approach and established social
networks as an additional platform for sales
agents.
These and other success stories show that dig-
ital channels enable a wide range of opportu-
nities for insurers to shape the customer ex-
perience across the entire front end of a
company.
9 8
6
3 3 2
14
10
5
4 3
1211
0
5
10
15
#3 #4 #5 #7#6 #11 #12 Others1
#10#8 #9#1
Brands associated with insurance online queries, 2014 (%)
#2
Traditional insurersDirect players
Online share versus
market share
Online market
position
Source: Google proprietary data.
Note: Online brand share, excluding aggregators.
1
Mostly traditional insurance companies.
Exhibit 5 | Most Traditional Insurers Are Underrepresented in Online Share
“Digital channels provide a huge opportuni-
ty to listen to our clients. We are not doing it
seriously, and churn rates prove it.”
—Head of marketing at a large
insurance group

Mobile Is the EMERGING
DIGITAL TREND
Mobile devices are a major consumer
trend in Italy. In 2014, the number of
mobile-device users was 50.7 million, of
which 24.1 million were equipped with
smartphones. On a daily basis, these smart-
phone users made 16.6 million connections
and spent an average of 1 hour and 37 min-
utes online, exceeding the number of connec-
tions and the amount of time spent online by
users of traditional desktops.1
By 2018, the
number of smartphone users will climb to
37 million.
The importance of mobile devices will in-
crease over time, as younger consumers are
naturally more inclined to use these devices.
The 2013 BCG Global Consumer Sentiment
Survey highlights that 76 percent of Italian
respondents between the ages of 18 and 24
use a smartphone, compared with 31 percent
over the age of 65; similarly, 30 percent of re-
spondents between the ages of 18 and 24 use
a smartphone as a shopping platform, com-
pared with 5 percent over the age of 65. A
step change is expected as those under the
age of 18, who consider using mobile devices
“standard practice,” gain purchasing power.
The presence of mobile devices has become
so ubiquitous that, according to Google,
78 percent of all smartphone users are online
daily with their device, compared with
60 percent of laptop users and 49 percent of
tablet users.
Mobile shopping is rapidly gaining share in
Italy. Research by comScore indicates that the
penetration rate of mobile commerce com-
pared with total e-commerce in Italy is the
second highest in Europe and the fastest
growing. (See Exhibit 6.) Mobile shoppers are
usually frequent purchasers; approximately
60 percent buy something through a mobile
device at least once a month.2
By 2018, the number of
smartphone users will climb
to 37 million.
The use of location services on smartphones
is growing exponentially: 92 percent of smart-
phone users access their phone to find infor-
mation on local stores, and 28 percent access
local information every day. More important,
those who research local information are
more likely to engage in specific actions: com-
Score’s research indicates that 48 percent
contacted stores directly, 60 percent visited
them, and 30 percent purchased something.3
Nonetheless, it would be an error to envision
mobile devices purely as substitutes for tradi-
tional laptop connections. According to a study
by Google and TNS, 51 percent of consumers
use at least two types of devices to connect to

the Internet, and 13 percent of consumers con-
nect using up to three types of devices.
This phenomenon, referred to as “multi-
screening,” is another important trend and
proves that digital interaction should not be
thought of as a linear process. Rather, con-
necting with consumers happens on a num-
ber of devices and platforms that are activat-
ed from various places.
In 2015, the potential number of personal
connected devices will increase from
three—a laptop, tablet, and smartphone—to
six, as consumers add Web TV, smart watches,
and connected cars to their mix, giving com-
panies multiple new touchpoints.
Providing a Satisfactory Mobile
Experience
The use of new devices is booming among in-
surance customers. Google’s experience
shows that searches using smartphones
across multiple insurance lines increased dra-
matically since 2008. (See Exhibit 7.)
However, as of September 2014, only two out
of five major insurance groups in Italy had a
native mobile site, or m-site. In addition,
these m-sites mainly focused on providing
fast quotes and agency locations; they didn’t
offer a complete range of services. The re-
maining three insurance groups presented a
smaller version of their desktop website to
mobile users, deteriorating the customer ex-
perience. This is even more surprising if we
consider that statistics from Google show that
67 percent of consumers who access the In-
ternet through a smartphone or tablet are
more likely to take action—buy a product,
complete a form, or download an app—on a
website that is optimized for mobile devices.4
Engaging Customers
A large number of insurers outside Italy have
redesigned their entire approach for mobile
devices, adopting simplicity and ease of use to
improve the customer experience. For exam-
ple, Oscar, a U.S.-based health-insurance com-
pany, designed a straightforward instant-
quote system for mobile devices that lets
customers easily adjust predefined parame-
ters to receive instant pricing information.
More broadly, mobile devices should be part
of a multichannel business model, in order to
23 21 18
12 10
34
70
36
40
30
0
20
40
60
80
Growth across
European countries
averaged 42.5%
France
Mobile e-commerce in Europe (%)
SpainGermanyItalyUK
Year-over-year growth
Penetration (m-commerce compared with total e-commerce)
Italy is Europe’s second-highest market when m-commerce is compared
with total e-commerce and is the fastest growing
Source: ComScore, “The Role of Mobile in Online Shopping and Buying,” May 21, 2014.
Exhibit 6 | Mobile E-commerce in Italy Is Widespread and Fast Growing

drive customers to physical locations. Creat-
ing a smooth customer process requires an
understanding of consumer habits and effec-
tive cooperation with the distribution net-
work. Some real-world examples from other
industries may provide food for thought.
Nissan used mobile technology to increase
the number of digital leads for dealerships. In
July 2013, the automotive company launched
a Nissan Note group for the Waze app that
helps drivers locate the closest dealership for
test-driving the car. In November 2013, Nis-
san launched a “geo-fencing” campaign: cus-
tomers who entered a defined geographic
area received dynamic advertising banners
that included click-to-call buttons to book a
test-drive and directed potential customers to
nearby dealerships. As a result of both ef-
forts, 20 percent of Nissan’s digital leads
came from mobile devices in 2013, and
35 percent of its global Web traffic now
comes from mobile devices in the U.S.
Carrefour Bank’s experience demonstrates
how mobile devices can be instrumental to
both providing value-added services and seg-
menting customers. The French company dif-
ferentiated its mobile presence with two in-
terfaces. The first was a mobile site with a
loan calculator (to determine monthly pay-
ments depending on the amount borrowed),
Web callback, and simple inquiry forms de-
signed to attract new customers. The second
was an app designed to enhance interaction
with existing customers by pushing personal-
ized offers and scheduling retargeting cam-
paigns. The impact was a twofold increase in
conversions on mobile devices, compared
with conversions on desktops. The overall
goal was to have mobile devices account for
25 percent of Web sales in 2015.
Mobile devices can also enable new and inno-
vative business models, and some insurers
have created mobile applications to sell “on
the go” insurance products. Tokio Marine
50
100
0
+158%
2014201320122011201020092008
Mobile search queries (indexed)
Car insurance
100
0
50
+158%
2014201320122011201020092008
Health insurance
100
0
50
+156%
2014201320122011201020092008
Life insurance
0
100
50
+145%
2010 201320112009 2012 20142008
Home insurance
Source: Google internal data.
Exhibit 7 | The Use of Mobile Devices in Insurance Searches Is Booming

Management has introduced short-term in-
surance policies that can be purchased for
short periods of time, such as a day or a few
weeks. These policies are designed to protect
customers when they engage in infrequent
activities. The mobile app uses a global posi-
tioning system (GPS) to determine customers’
locations and proactively prompts them with
relevant one-time insurance products, such as
travel insurance when customers are at an
airport or accident insurance when they are
at a ski resort. Customers can complete the
purchase of the policy instantaneously on
their mobile devices.
Notes
2014.
2. EMarketer, “The Role of Mobile in Online Shopping
and Buying,” May 2014.
3. Google, “Our Mobile Planet: Understanding the
Mobile Consumer,” May 2013.
4. Google, Sterling Research, and SmithGeiger, “What
Users Want Most From Mobile Sites Today.”

A TRANSFORMATION
JOURNEY
Digital transformation is a process of
increasing complexity. Regardless of the
long-term target business model, we recom-
mend adopting a phased approach to the digital
transformation journey. The phases we propose
include initiatives that take into account the
starting point of Italian insurers and address the
major issues insurers face with a pragmatic ap-
proach. All in all, these initiatives represent
stepping stones for change. (See Exhibit 8.)
Phase One: Preparing the
Foundation
Most insurance companies have high ambi-
tions for a digital transformation. But when
companies begin the process, they struggle to
identify a starting point and a coherent
course of action. To help insurance compa-
nies lay the foundation for their transforma-
tion effort, we suggest undertaking the fol-
lowing five initiatives.
“Hygiene” conditions to tap into digitization
• Simple and coherent digital interfaces
• Investment in data assets
• Aligned organization and partners
Digitization embedded in the business model
• Digitization enhances sales process, risk
management, and operations
• Redesign of products and channels
Digital spike is recognized in the market
• Areas of digital excellence, as a marketing lever
and competitive diﬀerentiator
• Customers delighted through digitization
A step-wise journey with a time horizon of at least two to three years
Distinguishing
digital spike
Business model
digitization
Foundation
Phase 1
Phase 2
Phase 3
Source: BCG analysis.
Exhibit 8 | How to Craft a Digital Transformation

Simplify interaction at digital touchpoints.
According to a BCG survey that asked
consumers to rate their digital interactions
with various industries, respondents rated
their digital experiences with the insurance
industry among the worst. The daunting
website registration process to get an online
quote was one reason for customers’
dissatisfaction.
At a minimum, then, an insurer should set up
a simple, effective website that has an intui-
tive registration process and that is easy to
navigate. The website should provide clear
product information and optimize the digi-
tal-conversion funnel. The proper use of fonts
and images can significantly improve custom-
er satisfaction, as can an appropriate amount
of information and interaction.
Insurers can improve cus-
tomer interaction simply by
creating a mobile presence.
Provide a coherent digital presence across
channels. Today, having a digital presence
means providing customers with access to
services anywhere and anytime. Customers
want to be able to choose any channel, or a
combination of channels, to interact with com-
panies. It is critical for insurers to provide this
choice at every step of the value chain. In
addition, insurers should have the same look
and feel across all channels and devices and
coherently manage distributors’ presence on
social media. Furthermore, companies should
ensure that information captured anywhere
online is also available through physical channels.
Create a mobile presence. Insurers can
improve customer interaction and the num-
ber of touchpoints simply by creating a
mobile presence. This is important given that
one of every three inquiries comes from
mobile devices and that 82 percent of the
population uses mobile phones.
Insurers should build websites with dedicated
mobile landing pages. In addition, compa-
nies’ mobile apps should provide customer-
centric—rather than product-centric—func-
tionality and offer support for every step of
the customer life cycle, rather than focusing
only on claims management. Both mobile
websites and mobile apps should implement
functionality that enables direct interactions
with clients. For example, click-to-call buttons
can redirect support requests or leads to the
closest agent available, thus increasing con-
version rates. Similarly, GPS services can be
used to offer customers one-time insurance
products on the basis of their location or to
target specific customer segments by alerting
them that they are close to an agency loca-
tion. Most of these activities can be launched
without running into IT legacy issues or seri-
ous budget constraints.
Build up data assets. Insurers often lack
information about their customers because of
infrequent contact with them; about half of
an insurer’s clients are contacted once a year
or less. In addition, this interaction often
happens with an agent or intermediary.
Insurers should start addressing their chronic
information gap and build up the firm’s data
assets by collecting all the available informa-
tion on existing clients and creating a single
data repository. Information can be collected
online by encouraging customers to use pri-
vate areas on a website, which are now com-
pulsory under Italian regulations. By having
customers log in, insurers can capture person-
al information as well as navigation patterns
and preferences—all of which insurers can
then analyze and monitor. To gather the in-
formation needed, insurers have to drive sig-
nificant traffic to these areas by providing ad-
ditional services—such as a client portal,
personalized information services, and cus-
tomized 24-7 chat support—that are attrac-
tive to customers.
“For us, digital transformation primarily
means to provide a multiaccess service mod-
el to customers, especially presale, creating
an awareness of the need for protection and
an interest in our products.”
—Manager of an Italian
bancassurance operator

Information can also be collected offline
through the agent’s network. Most customer
information still resides in local databases
owned by agents. Insurers should work to inte-
grate and centralize that information through
a cooperative program with their agents. For
example, the adoption of cloud solutions for
document management in the agencies would
allow, at the same time, for improved function-
alities, digitization, and integration of data.
Customer data is a
strategic asset.
Customer data is such a strategic asset that
some innovators are gathering information
on customer behaviors and preferences using
ways that are normally employed by other
consumer-focused industries. For example,
some insurers are creating agreements with
external partners, such as retailers, to share
information about common clients, their be-
haviors, purchasing patterns, lifestyles, and so
on, whenever allowed by regulation. More-
over, the rise of the Internet of Things—the
connection of uniquely identifiable devices
(such as wearables, telematics boxes, and
house sensors) over the Internet—will give
insurers the opportunity to have real-time in-
formation on customers, their behaviors, and
their risks.
Bring distribution partners onboard. For
most of the insurance managers we inter-
viewed, being able to involve their agents in
the digital transformation is key. Insurers
should define a clear mutual-value proposi-
tion for their distribution network to ensure
cooperation. For example, a financial institu-
tion recently launched a co-investment Web
campaign for its insurance agents. Those that
participated would benefit from advertising
sponsored by the corporate marketing
department and targeting users who connect-
ed to the Internet from the agent’s local area.
Providing digital tools that empower agents
can also help get them onboard. Digital tools
not only support a paperless, one-stop sales
process but also have a substantial impact on
operational efficiency, with upsides for both
the company and the sales force.
By implementing these initiatives, insurers
can create momentum for their digital
transformation.
Phase Two: Digitizing the
Business Model
After laying the foundation for a digital trans-
formation, insurers should focus on digital
initiatives to enhance the core business.
Digital tools and applications need to be
leveraged to facilitate sales processes, free up
agents’ time for sales, and enable real-time
KPI monitoring.
If a company wants to pursue online sales, it
should develop a strong online channel with
clear customer segmentation and a strong
value proposition. This requires designing
simple products and services specifically for
the channel.
If a company wants to keep its agent network
as the main sales channel, a digital strategy
should be designed to integrate online and off-
line channels so traffic can be directed from
one to the other. For example, the strategy
should allow leads generated on the Web and
other digital platforms to be directed to agents,
and the strategy should let agents efficiently
and effectively direct their clients to digital
channels for customer care and renewal.
New tools to service and engage customers
proactively should also be created. The basis
for these tools should be an analytics engine,
which can use customer data and insights for
better monitoring and analysis of customer
issues and feedback.
Phase Three: Creating a
Distinguishing Digital Spike
Finally, insurers should enhance their digital
presence by identifying a unique value propo-
sition—be it superior customer care, com-
plete process digitization, or an enhanced
multichannel approach—that differentiates
them from the competition.
Allianz in Italy, for example, was the first in-
surer to offer and broadly advertise “fast
quote” functionality, through which potential

clients can quickly compare an Allianz offer
for automotive insurance by sending only
their birth date and car plate using short mes-
sage service (SMS).
Insurers can also extend their digital strategy
and efforts beyond the core business. They
can enhance the user experience by engaging
users in product design; ensure a seamless
multichannel experience by implementing an
end-to-end customer-relationship-manage-
ment system; or digitize back-office processes
to reduce cost and improve efficiency.
Taking a Cultural Leap
Many major insurers are still deeply rooted in
their traditional cultural and organizational
values, and this prevents real change. It is one
of the main reasons why, in past years, some
companies have launched and delivered
some easy quick wins but have not pursued a
deep digital transformation.
A culture ready for a digital transformation is,
first of all, a culture based on sharing infor-
mation, encouraging experimentation, and
reacting promptly. In particular, becoming a
digital company requires a new paradigm for
innovation that must pervade the entire orga-
nization. The old understanding of technolog-
ical disruption with systematic, long-cycle
R&D efforts based on heavy investments and
a lengthy time frame does not work any lon-
ger. A digital organization requires rapid-fire,
free-wheeling experimentation with minimal
investment requirements and a very short
time frame.
Becoming a digital company
requires a new paradigm.
The oversight process must also be different.
Many insurers are still focused on a few iso-
lated innovation projects, usually controlled
by a centralized committee-driven structure.
The solution is not to create highly detailed
business cases, which usually prove to be also
highly unrealistic, but to manage digital ini-
tiatives as a portfolio. Insurers should find
the right mix by balancing the level of disrup-
tion, the likelihood of success, and the re-
sources required by each initiative in the
portfolio. In this respect, failure should be
integrated as a source of learning: by testing
several, even conflicting ideas, insurers
should try to fail often, well, and soon. An in-
novative culture, which is profoundly differ-
ent from that of traditional large corpora-
tions, is the distinguishing asset of winning
digital players such as Google and Amazon.
Finally, the role of employees should be re-
considered. To support change, all employees
need to be empowered with the freedom to
generate bottom-up ideas. Time and resources
must be allocated to try and test these ideas
at an early stage. In addition, mechanisms
must be put in place to choose among the ini-
tiatives that work and then scale them.
A recent BCG global survey shows that more
than 70 percent of the most innovative com-
panies have a specific organizational entity
for managing radical innovation. Italian in-
surers should consider establishing such fo-
cused innovation units—as some large global
peers have already done—with the mandate
to scout out, nurture, and accelerate innova-
tion efforts. The mission of “digital labs” may
vary depending on the strategy and maturity
of each player, but a dedicated structure can
play a key role in orchestrating a company’s
digital-innovation portfolio and lead to an
overall cultural change.
“Out of ten innovation opportunities, the
management of a venture capital firm would
spend the majority of its time discussing
how to exploit the potential of the one win-
ning idea. Here, we would only discuss how
to deal with the failure of the other nine.”
—Head of distribution innovation
for a multinational insurer

LOSS PREVENTION
A DIGITAL OPPORTUNITY
New affordable technologies help
share information and monitor critical
data, increasing the possibility for consumers
to lower their risk exposure. This develop-
ment allows insurers to move from simple
risk assessment to dynamic knowledge of risk
and mitigation whenever possible.
Digital initiatives, then, can directly affect the
single most important cost item on an insur-
er’s P&L: losses, which in 2013 were about
15 billion for the Italian retail P&C market.
According to BCG analysis, the implementa-
tion of a digital strategy for loss prevention can
generate an improvement in operating mar-
gins of as much as 1 to 2 percent of premiums.
Digital initiatives can affect
the most important cost item
on an insurer’s P&L: losses.
The digital revolution and the rise of the In-
ternet of Things will allow something that has
not been possible before: real-time monitor-
ing and interaction, ad hoc gathering of cus-
tomer information, and data analytics for the
discovery of upcoming risks. (See Exhibit 9.)
On one hand, these capabilities allow insur-
ers to better anticipate risk. On the other
hand, they can lower risk by influencing cus-
tomer behavior through digital interaction
with the customer and through establishing a
direct link between behavior and the amount
of a customer’s premiums.
Reducing Motor Vehicle Risks
Today, Italy has one of the highest penetra-
tions of motor telematics, or black boxes, in
the world. Research conducted by BCG and
Ania highlighted that at the end of 2013,
there were 2 million black boxes installed in
cars, representing 6 percent of the auto mar-
ket. Black box installations are projected to
reach 10 to 15 percent of the car market by
2017. The precious behavioral data collected
through these devices can be stored and ana-
lyzed for loss-prevention purposes.
Additionally, this data can be made accessible
to customers through an online portal and
can be used as a basis for offering value-
added services, such as how to optimize fuel
consumption or driving-style suggestions.
Real-time monitoring can also trigger imme-
diate interaction in case of danger. For in-
stance, in the case of dangerous habits or un-
safe conditions, the system can contact the
driver by sending a text or an e-mail message
or by making an emergency call.
By integrating black boxes with onboard di-
agnostics (OBD), the possibilities expand.

Imagine if a car’s tire pressure created a dan-
gerous situation. OBD would communicate
that information to the black box, which
would alert the customer by displaying a
message and recommending that the driver
stop and check the tires.
Several insurers have started to leverage be-
havioral data coming from telematics. For ex-
ample, Aviva targets younger drivers who pay
higher premiums with an Android app that
monitors drivers’ first 200 miles to determine
individual premiums on the basis of driving
behavior. The app records data on accelera-
tion, braking, and cornering. Safe drivers are
offered discounts up to 20 percent.
Given the widespread use of mobile devices
in Italy—and particularly smartphones—de-
veloping an app that helps customers reduce
their motor-vehicle risks would, in turn, help
insurers prevent losses. In addition, an app
would help insurers gain access to a large
pool of users, even beyond those who in-
stalled a black box in their cars. And an app
could be an opportunity to increase the num-
ber of touchpoints with customers, thanks to
its regular use, and to improve customers’ sat-
isfaction with their insurance company,
thanks to services that make their overall
driving experience better.
For example, an Italian direct insurer recently
launched a hailstorm service that uses Twit-
ter and the company’s website to alert cus-
tomers about potential hailstorms throughout
the country.
The application could be integrated with a
black box and OBD to provide diagnostic in-
formation. For instance, the application could
provide periodic repair reminders and the ad-
dress of the closest branded repairer or links
to a how-to library for immediate repairs.
Bosch Group is already distributing an appli-
cation called fun2drive that is directly linked
to a car’s diagnostics using Bluetooth and
provides several features, such as vehicle-per-
AgricultureTransport
HomeHealth care
Car
Personal safety
Xega’s GPS implant
helps locate someone in distress
Marubeni’s sensor allows
remote monitoring of vital signs
HDFC ERGO insurance uses
RFID tags for livestock insurance
Trucks collect weather data
that is used to improve planning
4.3 m
illion
Google hits
3 m
illion
Google hits
10 m
illion
Google hits
2 m
illion
Google hits
1.3 m
illion
Google hits
4 m
illion
Google hits
Asahi Fire & Marine uses video
dongles for PAYD car insurance
RWE SmartHome has
a portfolio of 20 smart devices
Source: Google and BCG experience, 2013 data.
Note: RFID = radio frequency identification; PAYD = pay as you drive; GPS = global positioning system.
Exhibit 9 | Telematics and Digital Devices Open New Loss-Prevention Possibilities

formance tracking, trip analysis, and engine
diagnostics.
Last but not least, an app could provide use-
ful safety features, such as nighttime driving
alerts and alarms in case a driver falls asleep.
The iOnRoad app warns drivers if there’s in-
sufficient distance between them and other
drivers or if they begin to cross into another
lane. The app also can locate a parked car
and offers SMS and a notification reader.
Although it isn’t costly to develop mobile
apps, insurers should consider providing a
branded interface to best-of-breed apps, such
as Waze or Google Maps.
Hence, the value that an insurance company
can bring to its clients goes beyond a specific
technological solution and consists of provid-
ing a broader integrated service, which at the
same time improves the experience of the
customers and reduces their risks.
Reducing Health Care and
Household Risks
Connectivity is spreading in the service of
health care, too. Humana and other health-
care insurers have incorporated the concept
of remote monitoring into interactive health-
care devices. These devices monitor Medicare
members who are living with congestive
heart failure, allowing for remote detection of
issues and remote advisory to the patient.
This enables quickly responding to emergen-
cies, easily sharing information, and following
up remotely. Office visits are reduced by
50 percent, resulting in reduced costs. In addi-
tion, early detection results in faster treat-
ment, ultimately reducing claim costs.
A large European insurer recently partnered
with a health program that offers individual
participants services and incentives for main-
taining an active lifestyle; data shows that
mortality rates are as much as 50 percent
lower for those who participate and their loy-
alty rates to the insurer are as much as three
times higher. A similar approach can be ob-
served in household insurance, where insur-
ers are starting to leverage the potential of
remote sensors to reduce risk.
Such examples point to the development of
“ecosystems” of companies built around a
specific area of customer need (such as main-
taining good health or ensuring a safe house-
hold)—ecosystems in which the insurer is one
of the players. These advanced business mod-
els, enabled by digital connectivity, may be
created and orchestrated by an insurance
company (as Ping An Insurance did in China)
or be led by a company that owns the cus-
tomer relationship (such was the role of the
Japanese e-retailer Rakuten). In the latter
case, the insurance provider plays only a “fac-
tory” role. Obviously, the share of value cap-
tured by an insurer is very different in these
two scenarios, providing an incentive to be a
first mover.

Our interviews with major insurers
highlighted that many struggle to deliver
on customer expectations mainly because of
internal roadblocks that are impeding digital
change rather than external constraints.
Companies should consider the following
factors and reflect on how they might affect
the approach to a digital transformation
before planning one.
Legacy IT
First and foremost, legacy IT systems repre-
sent a nightmare for insurers, as most compa-
nies have inherited complex, static, and frag-
mented systems. Gartner estimates that more
than two-thirds of global life and P&C insur-
ers still rely significantly on legacy systems—
some of which date back to the 1970s and
1980s—to manage their core processes.
Therefore, in order to craft an IT develop-
ment strategy, it is fundamental to under-
stand what the starting point is and how to
get the basics under control. For example, in-
surers should determine if the current IT
solutions are scalable across online and off-
line channels.
Furthermore, as a digital transformation hing-
es on sharing and integrating information,
companies should assess the effort required
to make their current data assets accessible
by all new systems.
A digital transformation
hinges on sharing and
integrating information.
To address these issues, experience suggests
that developing a temporary IT overlay that
is loosely integrated with a legacy environ-
ment (so-called two-speed IT) can be a way
to rapidly implement IT prototypes for new
product or channel functionalities without
undermining the systems’ integrity.
Legacy Processes
Beyond legacy IT, legacy processes can repre-
sent a serious hurdle. The extent to which
current processes will be replaced by digital
processes is a factor to be considered, thus
anticipating potential resistance in changing
consolidated habits. When planning a digital
transformation, therefore, companies should
THE MAIN CHALLENGE
INTERNAL LEGACIES
“The main obstacle to a digital
transformation is our legacies: first IT, but
also processes, products, and culture.”
—Head of sales at a large Italian insurer

determine the incentives for employees to
switch to new processes and how this transi-
tion can be managed in an organic way
throughout the organization. It is important
that the new processes are implemented
without leaving the old processes still in place
in the organization.
Organization
Our interviews with insurance companies in
Italy highlighted that “digitization” means
different things to different people in a com-
pany: for the claims management depart-
ment, it might imply a new IT system to use;
for the sales force, a new channel to contact
the client; for the actuaries, a new source of
information; and so on. Therefore, it is not
surprising that it is often difficult to align the
various stakeholders and get them onboard
for this kind of project.
Insurers should determine the parts of the
organization that are involved, the goals of
the digital project, and how to sustain a
cross-functional effort toward change. In this
process, pinpointing responsibilities and
identifying a clear sponsor at the senior level
is vital.
In our experience, creating a center of com-
petence with a cross-functional team to de-
velop and test ideas in a safe environment
can be an effective solution at least for the
start-up phase. First, it enables sharing
knowledge and expertise across functions.
Second, it can represent a more agile organi-
zational unit compared with a traditional de-
partment. And third, it may irradiate success-
ful solutions to other businesses units.
Management Buy-In
One of the main issues related to digital
transformation cited by the interviewees is
the difficulty in achieving a strong buy-in
from senior management and from the board
of directors. In most cases, even if officers at
the level of vice president agree on the neces-
sity to implement a digital transformation,
plans and activities remain on paper, and lim-
ited efforts and resources are specifically allo-
cated to it. A recent success story from a ma-
jor European insurer shows that having the
CEO back a radical digital-transformation
project is fundamental, if not necessary. Pro-
ponents of a digital change should therefore
evaluate the level of consensus and commit-
ment from senior executives.
Insurers should determine
the goals of the digital
project and how to sustain a
cross-functional effort toward
change.
Budget Objections
Finally, digital transformation has to cope
with budget constraints and a lack of invest-
ment. A complete digital makeover usually
implies a long-term commitment, significant
expenses, and usually limited returns in the
very short term. Most of the interviewees cit-
ed the difficulty of having these investments
approved and the relatively small budget
they have access to.
To start a digital transformation, therefore,
it’s important to understand the size of the
available budget. In addition, our experience
indicates that applying short-term financial
parameters to evaluate innovation initiatives
can preempt several opportunities. The 2014
BCG Global Innovators Survey clearly high-
lights that breakthrough innovators tend to
treat radical innovation projects very differ-
“People use the buzzword “digital” all the
time, but they refer to very different things.”
—Chief marketing officer of
a global insurance group
“Any investment with a payback of more
than 12 months will not even be considered.”
—Head of claims management at
a large Italian insurer

ently from incremental projects, allowing the
former broader objectives and more time for
iterations. (See Exhibit 10.) More than 80 per-
cent of breakthrough innovators allow such
efforts to start without a projection of future
returns. Insurers should therefore try to avoid
strict enforcement of standard financial KPIs
and choose longer-term success indicators.
Also, it can be helpful to balance a portfolio
of initiatives that have different probabilities
of success and impact and different require-
ments for cash outlays.
How would you describe the processes and cultures governing disruptive or radical innovation projects?
8381
76
8284
81
78
75
8283
66
6164
68
72
59
65
697070
0
20
40
60
80
100
Diﬀerentiates
between high
and low
innovativeness
Room and
time for
experimentation
Allows for
iterations and
adjustments
–21
Respondents selecting “agree” or “strongly agree” (%)
Incentives
linked
to radical
innovations
Diﬀerent
organization for
incremental and
radical projects
Project approval
does not depend
on projection of
future returns
Open
structure for
collaboration
–27 –24
Culture of
experimentation
Protects
radical projects
from strict
cost control
Top
management
committed to
radical projects
Governance Management Organization
Breakthrough Innovators (N = 114) Other companies (N = 228)
Source: 2014 BCG Global Innovators Survey (342 respondents).
Exhibit 10 | Breakthrough Innovators Treat Radical Innovation Very Differently from
Incremental Projects

THE TIME TO ACT IS NOW
We can debate how radical the impact
of the Internet of Things will be or how
much cloud computing will change the way
business is done, but what is clear is that
digital transformation and all that it implies
has come to the insurance industry and will
be growing during the next several years.
What lies ahead is a once-in-a-lifetime oppor-
tunity for Italian insurance companies to
seize significant value while most of their
competitors are still trying to figure out what
to do. The time has come to reorient and
drive the organization in order to face the
structural hurdles that have so far impeded a
digital transformation. This time, change is all
about testing quickly and learning early.
C-level officers should decide whether they
want to start this transformation or not. If
there’s something that the digital economy
has proven so far, it is that a timely reaction
is the only way to survive in the market. The
conclusion can be only one: the time to act
is now.

About the Authors
Ugo Cotroneo is a partner and
managing director in the Milan
office of The Boston Consulting
Group. Emanuele Costa is a
principal in the firm’s Milan office.
Giovanni Ciarlariello is business
unit director of finance, technology,
and telecommunications for Google
Italy.
Acknowledgments
The authors would like to thank
Laura Maida, Elisa Celestini,
Stefano Piacentini, Daniela Rigante,
and Gianluca Uberti at Google, as
well as our colleague Carlo Bravin.
For Further Contact
This report was sponsored by BCG’s
Insurance practice in Italy in col-
laboration with Google Italy. If you
would like to discuss the themes
and content of this report, please
contact one of the authors.
Italy
Ugo Cotroneo
Partner and Managing Director
BCG Milan
+39 02 65 59 91
cotroneo.ugo@bcg.com
Emanuele Costa
Principal
BCG Milan
+39 02 65 59 91
costa.emanuele@bcg.com
Giovanni Ciarlariello
Business Unit Director of Finance,
Technology, and Telecommunications
Google Italy
gci@google.com
note to the reader

© The Boston Consulting Group, Inc. 2015. All rights reserved.
For information or permission to reprint, please contact BCG at:
Phone: +39 02 65 59 91
Fax: +39 02 65 59 96 55
Mail: The Boston Consulting Group, Inc.
Piazzetta Maurillo Bossi 2
Milan 20121
Italy
To find the latest BCG content and register to receive e-alerts on this topic or others, please visit bcgperspectives.com.
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