The 2023 version of InsureTech Connect Vegas was a wild one. Big cubicles, two pet playpens, a beer backyard (that we positively didn’t discover), and among the largest gamers and innovators within the insurance coverage area all gathered in Mandalay Bay for an unimaginable week.
Our presence at this yr’s ITC was a giant step up from final yr. Our Chief Insurance Officer, David Derigiotis, spoke on-stage for a panel on Catastrophic Risks, the place he spoke to the arrival of AI inside the insurance coverage area and past, and touched on different precise and perceived international threats to companies. We’ll give a deeper recap on that later.
We additionally had nice conversations with media, trade insiders, leaders, and different technology-driven insurtechs. We’ll additionally recap a few of these conversations, and provide you with an thought of the widespread themes and developments we’re seeing within the area.
David was joined on the Catastrophic Risks panel by numerous trade specialists. Host Emilio Figueroa, CEO and Founder of Indemnity Lab, LLC, Ruth Foxe Blader, Partner at Anthemis Group Venture Capital, Stuart Blake, Managing Director of The Bridge International, and Trevor Shanklin, Head of Insurance at Flexport.
A giant panel and large discussions. Topics ranged from the results of local weather change on property insurance coverage and worldwide delivery delays to the evolving nature of cyber danger.
David’s experience within the digital danger and cyber insurance coverage was evident on this panel dialogue. He touched on AI’s rising presence, specifically:
“There is nothing that artificial intelligence can’t touch…It represents the greatest opportunity regarding business efficiencies, improvements, process implementation, and using big data to come up with answers and information instantaneously…But, it also creates massive threats from a cybersecurity perspective and for authenticating legitimate content.”
Our latest Cyber Risk Index Report discovered that cyber danger was the primary concern enterprise house owners have in 2023, forward of local weather change and disruptive applied sciences comparable to AI. However, regarding cyber dangers, malicious AI is tied with provider disruption as their prime concern going into 2024.
Are you ready for cyber dangers?
Read our 2023 Cyber Risk Index Report to search out out what companies are frightened about, how they’re defending themselves, and what the longer term holds.
David fielded some viewers questions on knowledge privateness and the way synthetic intelligence might have an effect on the insurance coverage trade:
“A lot of legacy insurers, they’re doing it the old school way…The organizations at ITC are looking to marry Security Plus management with insurance and looking to do it in a more frictionless way… I think our industry is really leading the way in doing that. But I don’t think we can continue to operate in silos without having more advanced data analytics and risk management tools.”
Ahead of ITC Vegas 2023, we launched an replace on our progress on the Embroker ONE platform, in addition to a recap of the work achieved up to now, and Embroker CEO Ben Jennings’ imaginative and prescient for the way forward for insurtech and Embroker’s contributions to it.
Here’s what he needed to say:
“Embroker will continue to drive technology disruption in the commercial insurance space, embracing cutting-edge technologies, AI, ML, and Big Data to improve the customer’s overall buying experience dramatically. Embroker ONE does exactly that. ONE provides an easily understood, low-friction purchasing process that educates business owners while stripping away the needless complexity of traditional insurance. The customer is presented with a policy or policies tailored specifically to their unique business needs.”
We had the chance to talk with many organizations and media members about Embroker’s path ahead. The sentiment is {that a} technology-driven, customer-centric method to insurance coverage is sorely wanted within the trade. But, we knew that already. What is actually revolutionary is Ben’s closing line above: insurance policies tailor-made particularly to distinctive enterprise wants and danger profiles.
Embroker ONE is about assembly companies the place they’re, not making insurance coverage as simple for us as doable. That’s the distinction we’re bringing to the insurance coverage trade. This message, to everybody we spoke to, resonated.
InsureTech Connect Vegas was stuffed with positivity and optimism. As illustrated by the $250M funding in NEXT Insurance by Allstate and Allianz, introduced simply earlier than the occasion started, capital is flowing. While there’s an unimaginable quantity of labor to be achieved, wonderful individuals and organizations on this area are working to revolutionize it. As catastrophic dangers look to alter how our world, not to mention insurance coverage, appears, now could be the time for everybody in our trade to take a tough have a look at how issues are going and alter them.
Insurance is an previous and cussed area. But, by specializing in serving to the client by means of digital-first options, we are going to deliver insurance coverage into the twenty first century and shift the narrative of danger switch for individuals and companies alike.
This occasion, in contrast to another, will get to the guts of the issues and alternatives of our trade. With all of the sources at our disposal, we’re extremely excited concerning the future.
For Embroker, we’re persevering with our journey. We are serving the underserved and delivering a product that can proceed to assist companies develop, not gradual them down.