Tag Archives: Renova Group

A Word With Shefi: Carbone at Bain

This is part of a series of interviews by Shefi Ben Hutta with insurance practitioners who bring an interesting perspective to their work and to the industry as a whole. Here, she speaks with Matteo Carbone, with Bain Financial Services in Italy, who says the Internet of Things “has introduced more changes than the sector has seen in the last 100 years.”

To see more of the “A Word With Shefi” series, visit her thought leader profile. To subscribe to her free newsletter, Insurance Entertainment, click here.

Describe what you do in 50 words or less:

I advise financial services groups mainly on innovation within their business models. My field is insurance, and I’ve spent the last couple of years handling digitalization of traditional channels: inventing technology-based value propositions, generating customer experience strategies and bringing the omni-channel approach into the insurance business.

Name an emerging technology you are most excited about:

Internet of Things – it’s a game changer! From connected cars to “domotics,” to wearables to connected machines; all the things that are creating tremendous opportunities to price risk, handle claims differently and deliver new services. In the last couple of years, this technology has introduced more changes than the sector has seen in the last 100 years.

Name one similarity and one difference between American and Italian insurance shoppers:

The customer preference for human interaction at the purchase stage within the customer journey is the same in both countries, and so is the digitalization wave, which is obliging insurers to create an omni-channel customer journey around their traditional, physical point of sale.

One important difference is the role of banks in insurance distribution. In Italy, bancassurance accounts not only for more than 80% of the life market but also for 16% of the P&C personal lines market, excluding auto. Currently, banks are looking to play a more relevant role in the auto insurance distribution.

Name a challenge you have faced working in insurance:

You have to really know the intimacy of this strange industry to be able to innovate it. It’s a technical business, so you cannot advise an insurer without knowing the deep aspects of the industry.

A memorable consulting gig:

Without a doubt, it was two years ago advising Renova Group on the acquisition of Octo Telematics, a global leader in insurance telematics solutions. It was amazing to help Renova discover the value of telematics for the insurance business.

Your favorite news source:

As for me, LinkedIn is the primary source. Each day, I check five to 10 insurance news websites yet the best insights come from my LinkedIn network of insurance professionals around the world. I consider the daily sharing of ideas with them an incredible asset.

When you are not working for Bain & Company you are most likely…

My work is my hobby. I enjoy my work, and it is normal for me to think about work even when I am doing other things. However, if I have to identify my main hobby, it is fitness. I am definitely addicted to the gym.

If you weren’t working in insurance consulting, what profession would you be in?

I would probably be managing my family’s historical winery.

Prosecco or Champagne?

Champagne! I’m in love with Krug Clos Du Mesnil; their first vintage was produced the year I was born.

Favorite quote:

“Work hard, play harder.”

Which term best describes you…

  • Driverless or in control? In control
  • Elon Musk (dreamer) or Warren Buffett (doer)? Warren Buffett
  • Risk-averse or risk-taker? Risk-taker