We share our top takeaways from this year’s InsureTech Connect Conference.
InsureTech’s Annual Conference, InsureTech Connect 2022, was a three-day event held in Las Vegas, Nevada.
InsureTech Connect is the world’s largest insurtech event, and it is a great opportunity to witness new industry innovations, learn how to enrich the lives of policyholders, and network with thousands of insurance leaders and innovators.
Here are our takeaways from InsureTech Connect 2022.
1. Insurtech Solutions: The Future of the Insurance Industry
Insurtech has become a powerful force of change within the insurance industry, and carriers are continuing to take notice. This year, over 2,400 companies and 8,500 attendees showed up for the conference. The increased attendance over the past few years proves there continues to be growing interest in insurtech solutions and offerings.
This growing interest in evolution within the insurance industry has created significant pressure on insurtechs to scale – and to do so quickly. As a result of this urgency, we saw a large percentage of maturing insurtechs in attendance. As a whole, the industry recognizes these insurtechs emerging as leaders in particular areas, and these leaders want to expand their scope and capabilities into adjacent areas. We are also witnessing new entries taking advantage of niche use cases and focusing on specialized solutions to grow quickly.
2. Incorporating AI into Insurtech Solutions
Artificial intelligence (AI) has become increasingly popular within the insurance industry. At InsureTech Connect, we saw that AI is becoming table stakes for insurtech solutions focused on solving particular insurance processes.
Three or four years ago, carriers tried transforming processes like claims and underwriting problems using automation and AI. For insurtechs, AI is now becoming part of a solution versus the solution itself. Insurers want solutions that include AI. They aren’t likely to consider it a solution if it doesn’t.
3. The Need for Holistic Data and Analytics Solutions
Surprisingly, there wasn’t as much emphasis on stand-alone data and analytics solutions at InsureTech Connect. Similar to what is happening with AI, many insurtech companies want to create solutions that include a focus on data and not specific pinpoint solutions. These pinpoint data solutions do not incorporate AI or low code, no code and leave a gap in service for many carriers. Additionally, pinpoint solutions don’t easily integrate with core systems vendors.
Many carriers wish to address data and analytics through a holistic solution. At InsureTech Connect, we presented live demonstrations of our Insurance Analytics Platform (IAP). Our IAP is a holistic analytics solution that powers business insights to drive premium growth, retention and improved operational efficiency. We built customizable and reusable dashboards that illustrate top insurer considerations like reserving accuracy and renewal trends, on top of a modern analytics platform and insurance data model that lets us bring all your data into view.
4. Emphasis on Insurtech and Core Systems Integration
Over the past few years, the presence of core systems vendors has grown significantly at InsureTech Connect. At this year’s conference, the attendance of core systems vendors was higher than ever.
Core systems vendors are starting to recognize how important it is for them to fit in the insurtech world. They now realize they must seamlessly integrate with insurtech solutions and provide speed to market for new products and solutions to remain competitive.
5. A Resurgence of Professional Services
We also noticed more professional services companies attending the conference than ever before. Most professional services companies now realize there has been a gap at InsureTech Connect, and insurers require professional services to make these products and solutions work.
Relationships between service providers and solution providers remain a need. Similarly, we saw a shift back towards core system vendors as well. Core system vendors in this space are reengaging professional services and solution providers to make everything work smoother for carriers and brokers.
Summary
InsureTech Connect continues to be where insurers think strategically about what’s happening in the industry and contribute to what happens next. InsureTech Connect 2023 will take place in Las Vegas from October 31 – November 2, 2023. We look forward to seeing you there!
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