The insurance brokerage market - Italy

Insurance brokers belong to the broader category of intermediaries, i.e. people who facilitate the matching of supply and demand in a given organizational context (e.g. real estate, insurance). Unlike insurance agents, who are employed by an insurance company, brokers work on behalf of the customer and have no working relationship with the insurance company. The broker's role is therefore not to sell a particular policy, but to provide advice on a variety of solutions. Insurance brokers may work independently or for a brokerage firm, and may represent two types of customer: individuals or companies. The market is inevitably linked to the insurance sector in Italy, which has performed poorly in recent years and is undergoing continuous transformation in order to adapt to the progressive impact of technology in all business sectors. Indeed, it is thought that insurtech will be responsible for a proliferation of distribution channels, to the detriment of traditional solutions. On the other hand, the rapid expansion of technology is giving rise to widespread concern about data protection and cyber-attacks, uncertainties on the demand side that can create considerable opportunities on the supply side.