Exploring the Future of Insurance: ITC Vegas 2023
The InsurTech industry has been on an incredible journey of transformation over the past few years. With technology and innovation at its core, it has revolutionised the way we perceive and interact with insurance, worldwide. The Insurance Knowledge Hub now proudly sits are the heart of that change.
ITC Vegas 2023, the largest gathering of InsurTech professionals and enthusiasts with 10,000 attendees was a stunning celebration of this evolution, with the legendary Earth, Wind and Fire playing at the closing party on the last night. Rather apt in our era of climate change!
This blog will take you on a journey through the key highlights of the conference, showcasing the innovations and trends that are reshaping the insurance landscape.
Day 1: setting the scene
The first day of ITC Vegas 2023 saw the convergence of insurance leaders, tech enthusiasts, and start-ups from around the world, kicking-off with a sold-out ‘Deep dive into Gen AI for insurance’
presentation. Experts discussed the impact of AI, IoT, and blockchain for improving underwriting, claims processing, and customer engagement.
The start-up pitch competition, presented by State Farm, was one of the highlights. Entrepreneurs showcased ground-breaking ideas aimed at transforming various aspects of the insurance industry, from personalising insurance coverage to automating claims handling. It was clear that the InsurTech ecosystem is thriving with disruptive solutions. A key focus for us at the Insurance Knowledge Hub. And just to prove that insurance and tech folk can do more than talk ‘InsurTech’ there was an aptly named ‘Spook-Easy Kick-off party’ as it was 31 October and Halloween.
Day 2: deep-dive sessions
The second day was packed with engaging sessions that delved into the intricacies of the InsurTech industry, with the vast floor at the Mandalay Bay Conference Centre coming to life. There was not a presentation without AI being mentioned, but the key topics included:
• Customer-centricity: InsurTech companies are now putting the customer at the centre of their strategies. The discussions highlighted how data analytics and AI are being used to personalise insurance products, streamline the buying process, and enhance customer experiences.
• Risk management: a significant portion of the conference was dedicated to risk management. From climate change to cybersecurity, InsurTech is actively working on innovative solutions to mitigate risks and improve disaster resilience.
• Regulatory updates: staying compliant with ever-changing regulations is a crucial challenge in the insurance industry. Attendees had the opportunity to learn about the latest regulatory developments and how they impact their businesses, including the importance of responsible AI.
At Insurance Knowledge Hub, we ran an extensive series of TV interviews for both our Thought Leadership and Disruptive Tech series, with thought leaders from around the world, including Carlos Cendra, Head of Scouting at MAPFRE Open Innovation, InsurTech UK’s new CEO, Melissa Collett, and my own interview with the ever-insightful Matt Connolly, CEO of Sønr, ITC’s Global Intelligence partner.
Day 3: networking and collaboration
The third day of ITC Vegas 2023 was all about networking and fostering collaboration. Attendees had the chance to meet industry peers, connect with potential partners, and explore synergies that could drive the industry forward. The conference floor was filled with exciting demos from start-ups, showcasing cutting-edge technology solutions.
The Tech Pavilion was a hub of innovation, where attendees could witness the latest InsurTech tools and platforms in action. From AI-powered chatbots to telematics devices, the exhibit hall showcased the future of insurance.
Panel discussions during the day explored the impact of global events on the insurance landscape, such as the growing concern over climate change and the latest developments in AI, including, of course, Generative AI. It was evident that these events are shaping the industry’s direction and forcing insurers to adapt and innovate. The smart ones, like MAPFRE and Swiss Re, are now taking the lead.
Conclusion: the future of insurance
ITC Vegas 2023 was a testament to the ever-evolving landscape of InsurTech. With technology as the driving force, the insurance industry is adapting and transforming to meet the changing needs of customers and the challenges of our time. As the conference concluded, it was clear that the future of insurance is digital, data-driven, and customer-centric. InsurTech is not just about streamlining processes but also about reimagining the entire insurance experience. The event left attendees inspired and motivated to continue driving innovation in the insurance sector.
If you’re part of the insurance industry or simply interested in the intersection of technology and finance, mark your calendar for ITC Vegas 2024, between 15-17 October next year. It promises to be yet another exciting chapter in the story of InsurTech. We will be there.