By Paolo Ravicchio, Insurtech VIASAT S.p.A. Business Unit Manager

The IoT and Big Data analysis had a disruptive impact on the car industry and the resulting context makes the traditional business model no longer sustainable. It is necessary for Companies to change their offers in terms of car insurance coverage. According to the estimates of the World Insurance Report, over 75% of Companies believes that it is imperative to develop their skills in the InsurTech field and over 52,7% claim that such skills will encourage the development of new, customised products and services in short time. The traditional insurance paradigm will soon be obsolete. There is no alternative to this ongoing process. Until now, Companies have offered standardized insurance solutions that, considering the lack of detailed information on individual’s driving style, provided a quite fair distribution of risks and costs according to the principles of mutual assistance. Today, with the help of on board telematics and Black Boxes, it is possible to monitor a variety of different parameters and to turn them into customized, detailed, and flexible rates based on the actual percentage of risk of each single driver. Such rates are based on behaviours, habits and driving style that include high valueadded services which are capable of ensuring a more virtuous mobility, as well as to extend the level and quality of the insurance assistance with the help of the latest technological solutions. With the simple use of an app. The goal is to maximise our protection and assistance standards, to enhance the relationship with our clients becoming a sort of virtual assistant on board, and to diversify our offer. That’s what we do in Viasat: we develop and create solutions to encourage the paradigm shift in order to make our clients’ life easier and simpler.

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