Takeaways from InsureTech Connect 2024

This yr’s InsureTech Join convention introduced collectively an unimaginable group of carriers and a number of the business’s most progressive insurtechs to attach over the expertise that’s remodeling the insurance coverage panorama. ITC offered a possibility to know what’s occurring within the insurance coverage neighborhood proper now, what carriers are enthusiastic about and what’s subsequent for the business. I wished to share a number of insights from ITC, together with how carriers can take motion on the concepts and choices they realized about on the convention.

AI has reached viable maturity and is quickly changing into an business normal

In all places you turned at ITC, somebody was demonstrating their AI experience. From unstructured knowledge digitization, to streamlined claims processing, fraud detection and extra, insurtechs are rapidly scaling and diversifying AI to resolve every kind of enterprise issues. As we talked about in our latest report, Why AI in Insurance coverage Claims and Underwriting?, AI has reached maturity and is not theoretical or futuristic. On the similar time, the prices related to AI improvement and implementation have come down considerably. The abundance of those options at ITC is additional proof that AI can meet the insurance coverage business the place it’s at to ship worth. Widespread adoption of AI throughout the enterprise isn’t simply inevitable, it’s vital to remain aggressive.

Pleasure within the house is palpable, however the variety of gamers will be overwhelming

The power at ITC was inspiring. The convention had unprecedented attendance and the joy amongst attendees was electrical. It’s clear that carriers are keen about transformation and what it means for his or her enterprise. On the similar time, there have been so many firms showcasing their options that it’s going to doubtless be a problem for carriers to determine which of them take advantage of sense for his or her transformation journeys. We really feel it’s most vital to:

  1. Have a transparent view of what capabilities you suppose you need to purchase or accomplice for and what you like to construct by yourself. The sheer variety of choices is overwhelming and curating a extra particular set of targets primarily based on the class of functionality or a facet of the worth chain is vital.
  2. Count on to do a number of the lifting in relation to integration and redesign. Whereas innovation and creativity abound inside the insurtech neighborhood, many solely provide level options that serve a particular a part of the worth chain or line of enterprise. You and your groups will want to consider integrating insurtech options into your ecosystem and processes.
  3. Hold your thoughts open to the other ways you and your online business can get entangled with AI adoption. You’ll be able to put money into options, accomplice with insurtech suppliers to create new options or purchase a smaller group. Decide what makes essentially the most sense for your online business’s long-term digital technique.

Regardless of the hype, there may be nonetheless plenty of work to be carried out

Whereas ITC attendees have been clearly smitten by transformation and that progress has been made to get expertise prepared for carriers and their groups, what we noticed on the convention is only the start. There’s nonetheless plenty of work to be carried out to get to the place we need to go. Most of the classes targeted on the advantages of transformation, how you can prioritize transformation initiatives and, merely, the place carriers ought to even start. This revealed that almost all carriers are nonetheless taking the primary steps in the direction of digital transformation and that there’s nonetheless loads of room for main innovators to drag forward.

It’s not stunning that insurers are extra methodical of their method to vary than most industries. Nevertheless, this yr the momentum has undoubtedly shifted away from speaking about transformation and moved in the direction of motion.

Whether or not you attended ITC 2024 or not, I might love to attach with you about your group’s digital transformation technique and focus on how one can take the following steps with options like AI in your online business. Be happy to achieve out to me right here.

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