Lokky participates in the Credit Fair: here’s what SMEs are looking for today

by Sauro Mostarda, CEO and CO-Founder of Lokky

The CEO And CO-founder Of Lokky Sauro Mustard was a guest at the third edition of Fair of
Credit of Milan, an important occasion in which companies and professionals meet and discuss changes and innovations regarding the credit sector, future practices, tools and rules.

Specifically, the role of technology within the innovation process of the insurance market was discussed.

“The insurance market has seen profound changes in recent years: transformation digital and the evolution of consumption models – also following the pandemic period – have determined the emergence of new risks and new coverage needs by requesting companies insurance companies and brokers an evolution towards an increasingly personalized offer and leading to an acceleration of trends that were already underway in this market segment”.

According to the CEO of Lokky, innovation means, in fact, «use the potential of technology and data to put the customer at the center and deliver consistent, authentic experiences that connect in a way
personal to each user. The ability to offer more sophisticated digital services has evolved over time, and so too have the expectations of customers, who increasingly require insurance coverage personalized, curated in real time on digital channels during the purchase of policies. In scope of Data Analytics, Machine Learning allows companies to overcome systems traditional personalization, analyzing very large quantities of data and identifying individual ones coverage needs”.

The numbers speak clearly: “from an analysis of our proprietary research, conducted on Micro-Enterprises, Professionals and Freelancers, it emerged that more than half of the entrepreneurs on the insurance front (51.5%) said they wanted personalized advice and proposals based on their own coverage needs and that for this purpose 75.4% said they were willing to share information on their professional activity and over 58% non-sensitive personal data. The approach totally digital, in fact, accelerates and manages customization in a rapid, effective, scalable manner estimates on different products, digital signatures of customers, replacement archiving of documents (paperless) and supports the correct application of the new rules aimed at increase the transparency and traceability of consents”.

The opinion of the CEO and CO-Founder of Lokky appears clear: “The insurance industry is facing a important challenge: on the one hand it is working to improve the management and quality of data for better identify the risks of each individual customer in order to offer accessible, sustainable, modular and, on the other hand, is contributing to a real cultural transformation of Italian companies that historically they have always had a defensive culture with respect to risk management and now they are evolving towards an approach to risk management as a strategic business lever”.

The same Cenia (University Consortium for Insurance Engineering) declared “THE companies in which the board is involved see risk management as a strategic investment, aimed first and foremost at enabling better decisions. In companies where the risk management function does not get to dialogue with the board, instead, the main purpose of risk mapping is defensive and the investment is seen as secondary. The positive aspect however is that the involvement of the CDA in risk management is increasingly widespread”.