1. IN A PERIOD OF PROFOUND STRUCTURAL REORGANIZATION FOR THE INSURANCE SECTOR, FROM YOUR POINT OF VIEW, WHAT CHARACTERIZES THE CURRENT LANDSCAPE AND HOW ARE THE STRATEGIC PRIORITIES OF MAJOR PLAYERS CHANGING?

The insurance landscape in recent years is no longer just in a phase of digital transition, but is undergoing a true structural metamorphosis. If 2024 and 2025 were the years of experimentation (especially with GenAI), 2026 is the year of AI adoption at industrial scale and of managing its impact in terms of security and operational continuity.

Companies are facing increasing complexity linked to systemic and interconnected risks (from climate change to cyber risk), which require a shift from a reactive operating model to one increasingly focused on prevention and resilience.

At the same time, the adoption of AI, advanced analytics, and intelligent platforms is profoundly transforming core processes - from underwriting to claims management - enabling operational efficiency and data-driven decisions.

The relationship with customers is also changing: demand is growing for personalized, omnichannel experiences integrated into broader ecosystems, also thanks to models such as embedded insurance.

As a result, strategic priorities are shifting toward investments in scalable technologies, partnership development, and the integration of ESG topics, with the aim of evolving toward a customer-centric, proactive, and data-driven model.

3. HOW DO WE SUPPORT INSURANCE OPERATORS DURING THEIR MOST COMPLEX BUSINESS TRANSFORMATIONS? CAN YOU SHARE A CONCRETE EXAMPLE?

We support industry players by taking responsibility for the operational management and governance of the most critical phases of their journey, especially when corporate evolution may put operational continuity, regulatory compliance, and deadlines at risk.

A very significant and almost unique example is the Cronos Vita project, where we supported the total non-proportional demerger of the insurance company, the transfer of assets to five beneficiary/acquiring companies, and the simultaneous termination of the original company.

The main risk was operational and regulatory disruption during a phase in which accounting, tax, HR, operations, and regulatory compliance had to continue without interruption. The business units (a unified set of assets and liabilities for each beneficiary) had to be completed and correctly allocated, while IVASS and the beneficiaries required neutral, third-party, and centralized oversight.

In this context, we were engaged as Main Contractor for the post-demerger phase and the subsequent long-term data preservation phase, taking on a role of governance and integrated operational execution.

Specifically, we ensured continuity of all standard operational activities previously managed by the demerged company (accounting, tax, HR, operational, and regulatory), handled the definition and finalization of the business units to be assigned to the five beneficiaries, and executed the related technical migration operations, acting as a single interface for beneficiaries, suppliers, and consultants.

This approach enabled the client and the beneficiaries to go through one of the most delicate phases in the life cycle of an insurance company without operational disruptions, reduce regulatory and operational risk in an IVASS-sensitive context, and allow beneficiaries to focus on their strategic priorities by delegating execution complexity to a single competent entity.

5. LOOKING AHEAD, HOW DO YOU SEE THE INSURANCE SECTOR EVOLVING IN THE COMING YEARS, AND WHAT WILL BE THE KEY SUCCESS FACTORS IN AN INCREASINGLY CONSOLIDATED ENVIRONMENT?

The future of the insurance sector will not be defined solely by technology, but by companies’ ability to redefine their social and economic identity. In an increasingly consolidated market, scale will be a necessary but not sufficient condition to succeed.

Within a few years, most retail policies will be digital and largely embedded: insurance will no longer be a product purchased separately, but a native feature of other services.

In a context of growing embedded insurance and partnerships with banks, fintechs, and marketplaces, our Universo platform, for example, can act as a “core system” interacting with multiple ecosystems, turning the adoption of external solutions into a structural competitive advantage. Its presence thus becomes a system-level success factor, as it raises the sector’s digital maturity, reduces technological complexity for companies, and supports a more flexible, personalized, and rapidly scalable product offering.

At the same time, it will be crucial to address the shift from Risk Transfer to Risk Mitigation. Companies will stop being mere “premium collectors” and become resilience managers. With the rise of systemic risks (cyber and climate), the cost of pure risk transfer will become unsustainable, making excellence in data science essential. Winning will not mean having more customers, but having the best data to predict and prevent losses, drastically reducing the Combined Ratio.

The market will split into two major categories:

• Efficiency Giants: Large groups leveraging economies of scale, mature platforms, and extreme automation (Agentic AI) to offer standardized products at unbeatable costs.
• Niche Champions: Players (often MGAs – Managing General Agents) that use technology and expertise to underwrite highly complex risks (e.g., space, biotech, reputational risks).