Digital bancassurance, lack of offer in Italy, but ready to grow

In the same way, the number of products offered by will also increase digital bancassuranceand, only ten in 2022, mainly focused on the life branch, but which will grow to over 200 products, ranging from sports injuries, to urban mobility, up to the home.

According to IIA estimates, the global bancassurance market reached approximately €1.3 trillion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6% between 2021 and 2026, reaching a value of €2 trillion. by 2026. In terms of the value of insurance premiums, an increase is expected by 2030 up to a maximum of 50 billion euros at European level.

Furthermore, according to the Digital Bancassurance Index, the volumes of digital bancassurance will be driven by the Life and Non-Life business. In fact, in 2021 the bancassurance sector consolidated its relevance in these two areas, especially in the non-life business where in 2021 Italian banks accumulated 7.8% of the total non-life premiums on the market, for a value of 39.1 billion euros, against 2.9% in 2009. But at the moment only a small part of these is the prerogative of digital bancassurancewhich raised a total of €100 million in 2022.

However, this figure is destined to increase thanks to the increase in products sold through digital channels: according to estimates by the Italian Insurtech Association, 2.5 billion volumes of products sold are expected by 2025, and over 14 billion in 2030, with the sector still damage to drive the market.

The strength of the digital channel lies in the distribution methods, which are more agile and within reach of the user. Among the most used models is the embedded Insurance, an insurance offer integrated during the purchase process of the core offer or in credit cards or current accounts. But there are also shelf methods, with customer engagement on the partner’s website and/or app, and phygital, by engaging the physical network in the online distribution of innovative solutions on a dedicated platform.
Technology will obviously be an enabling factor in this phase, supporting the distribution of policies in the banks’ digital channels and helping to strengthen the offer of products with ever greater customization, including in terms of price.