The insurance world is changing, and he's doing it fast. Last 18 September 2025, Pietro Franchini, IVASS manager, opened the conferenceItalian Insurtech Association with an intervention that charts a clear course: build an insurance and fintech ecosystem capable of generating value for the country system. A strong message, which talks about innovation, competitiveness and citizen protection.
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An open ecosystem, digital and collaborative
Franchini described a sector in profound transformation, where technologies such as artificial intelligence, Internet of Things, blockchain and cloud computing are redefining the way companies operate. At the center of this revolution is data: shared, interoperable, traceable.
The goal? Moving from a closed model to an “open” one, where collaboration between traditional and technological players generates more accessible products, personalized and inclusive.
L’Insurance Gap: a challenge to overcome
One of the key concepts of the intervention is the "insurance gap": the share of risks not covered or under-covered, which affects millions of families and businesses. According to IVASS, innovation can help narrow this gap, making policies simpler, transparent and adapted to the real needs of citizens. But to do this you need an ecosystem where companies, intermediaries and tech providers work together, with clear rules and shared objectives.
Rules, consumer trust and protection
Innovation cannot ignore trust. And trust is built with solid rules. Franchini recalled the importance of data governance and IT security, citing key regulations such as:
- IVASS regulation 38/2018: traceability of the life cycle of the data, ICT planning, risk management.
- DORA (Digital Operational Resilience Act): digital operational resilience and protection against cyber threats.
- Data Act: fair access to data and interoperability between systems.
- AI Act: rules for the responsible use of artificial intelligence, with attention to bias and transparency.
These rules are not obstacles to innovation, but tools to make it sustainable and safe.
Proportional supervision and explainability of systems
IVASS proposes a risk-based approach to supervision, with particular attention to the moments in which the customer interacts with digital systems. Franchini he invited us to go beyond formal transparency to embrace theexplainability: systems must be understandable, fair and non-discriminatory. A fundamental principle to protect the consumer and strengthen trust in digital.
An invitation to dialogue and experimentation
The intervention ended with an appeal: build the future of the sector together. Regulators, company, intermediaries, consumers and tech providers must communicate, experience, innovate. Tools likeregulatory sandboxes, innovation hub andcontrolled trials they are essential for testing new solutions in a protected environment, favoring the evolution of the market without sacrificing protection.
Alex Gaetani
Read the full speech:
Innovation and competitiveness: the insurance and fintech ecosystem for the country system