This year’s Insurtech Connect This conference brought together an incredible group of insurers and the industry’s most innovative insurance technologists to connect over technology that is transforming the insurance industry. ITC provided an opportunity to understand what’s currently happening in the insurance industry, what insurers are excited about, and what’s next for the industry. I wanted to share some insights from ITC, including how carriers can take action on the ideas and suggestions learned at the conference.
AI has reached actionable maturity and is rapidly becoming the industry standard
Everywhere you looked at ITC, someone was demonstrating expertise in AI. From digitizing unstructured data to streamlined claims processing, fraud detection, and more, insurtechs are rapidly expanding and diversifying AI to solve all kinds of business problems. . As stated in a recent report, Why use AI for insurance claims and underwriting?, AI has reached maturity and is no longer theoretical or futuristic. At the same time, the costs associated with developing and implementing AI have been significantly reduced. The richness of these solutions at ITC is further evidence that AI can address the value-adding insurance industry. Widespread adoption of AI across businesses is not only inevitable, but essential to staying competitive.
The excitement of the space is obvious, but the number of players can be overwhelming
The energy at ITC was inspiring. The conference had an unprecedented turnout, and attendees were excited. It’s clear that carriers are passionate about change and what it means for their businesses. At the same time, with so many companies showcasing their solutions, it will likely be difficult for carriers to determine which companies make the most sense for their transformation efforts. Sho. We believe the following are most important:
- Be clear about what features you want to buy or partner with, and what you want to build yourself. The number of options is vast, and it is important to curate a more specific set of targets based on competency categories or value chain aspects.
- We expect some improvement in terms of integration and redesign. The insurtech community is full of innovation and creativity, but many offer point-only solutions that serve a specific part of the value chain or business area. You and your team need to think about integrating insurtech solutions into your ecosystem and processes.
- Always look at the different ways you or your business can be involved in AI adoption. You can invest in solutions, partner with insurtech providers to create new solutions, or acquire smaller organizations. Decide what makes the most sense for your business’ long-term digital strategy.
Despite the hype, there’s still a lot to do
ITC attendees were clearly passionate about change, and we saw progress being made in making technology available to carriers and their teams, but what we saw at the conference was just the beginning. It doesn’t work. There is still much work to do to get to where we want to be. Many of the sessions focused on the benefits of transformation, how to prioritize transformation efforts, and simply where carriers should start. This makes it clear that most carriers are still taking their first steps towards digital transformation and there is still plenty of room for leading innovators to move forward.
It’s no surprise that insurance companies are more systematic in their approach to change than most industries. But the momentum this year has definitely shifted away from talk about change and toward action.
Whether you attended ITC 2022 or not, we’d love to hear about your organization’s digital transformation strategy and discuss how your business can take the next steps with solutions like AI.Please feel free to contact us here.
Qorus-Accenture Innovation in Insurance Trends 2022: Our report highlights the key insurance innovation trends that are shaping the industry.
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