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The 2023 version of InsureTech Join Vegas was a wild one. Large cubicles, two pet playpens, a beer backyard (that we undoubtedly didn’t discover), and a number of the largest gamers and innovators within the insurance coverage area all gathered in Mandalay Bay for an unbelievable week.
Our presence at this yr’s ITC was a giant step up from final yr. Our Chief Insurance coverage Officer, David Derigiotis, spoke on-stage for a panel on Catastrophic Dangers, the place he spoke to the appearance of AI throughout 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 offer you an concept of the frequent themes and traits we’re seeing within the area.
David was joined on the Catastrophic Dangers panel by numerous trade consultants. Host Emilio Figueroa, CEO and Founding father of Indemnity Lab, LLC, Ruth Foxe Blader, Companion at Anthemis Group Enterprise Capital, Stuart Blake, Managing Director of The Bridge Worldwide, and Trevor Shanklin, Head of Insurance coverage at Flexport.
A giant panel and massive discussions. Subjects ranged from the results of local weather change on property insurance coverage and worldwide transport delays to the evolving nature of cyber threat.
David’s experience within the digital threat and cyber insurance coverage was evident on this panel dialogue. He touched on AI’s rising presence, specifically:
“There’s nothing that synthetic intelligence can’t contact…It represents the best alternative relating to enterprise efficiencies, enhancements, course of implementation, and utilizing massive information to provide you with solutions and data instantaneously…However, it additionally creates large threats from a cybersecurity perspective and for authenticating legit content material.”
Our current Cyber Threat Index Report discovered that cyber threat was the primary concern enterprise house owners have in 2023, forward of local weather change and disruptive applied sciences reminiscent of AI. Nonetheless, regarding cyber dangers, malicious AI is tied with provider disruption as their high concern going into 2024.
Are you ready for cyber dangers?
Learn our 2023 Cyber Threat Index Report to search out out what companies are apprehensive about, how they’re defending themselves, and what the longer term holds.
David fielded some viewers questions on information privateness and the way synthetic intelligence might have an effect on the insurance coverage trade:
“A number of legacy insurers, they’re doing it the old-fashioned means…The organizations at ITC wish to marry Safety Plus administration with insurance coverage and trying to do it in a extra frictionless means… I believe our trade is admittedly main the way in which in doing that. However I don’t assume we are able to proceed to function in silos with out having extra superior information analytics and threat administration instruments.”
Forward 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 to date, and Embroker CEO Ben Jennings’ imaginative and prescient for the way forward for insurtech and Embroker’s contributions to it.
Right here’s what he needed to say:
“Embroker will proceed to drive know-how disruption within the industrial insurance coverage area, embracing cutting-edge applied sciences, AI, ML, and Large Knowledge to enhance the shopper’s total shopping for expertise dramatically. Embroker ONE does precisely that. ONE gives an simply understood, low-friction buying course of that educates enterprise house owners whereas stripping away the unnecessary complexity of conventional insurance coverage. The client is introduced with a coverage or insurance policies tailor-made particularly to their distinctive enterprise wants.”
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. However, we knew that already. What is really modern is Ben’s last line above: insurance policies tailor-made particularly to distinctive enterprise wants and threat profiles.
Embroker ONE is about assembly companies the place they’re, not making insurance coverage as straightforward 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 Join Vegas was filled with positivity and optimism. As illustrated by the $250M funding in NEXT Insurance coverage by Allstate and Allianz, introduced simply earlier than the occasion started, capital is flowing. Whereas there’s an unbelievable quantity of labor to be achieved, wonderful folks and organizations on this area are working to revolutionize it. As catastrophic dangers look to alter how our world, not to mention insurance coverage, seems to be, now could be the time for everybody in our trade to take a tough take a look at how issues are going and alter them.
Insurance coverage is an outdated and cussed area. However, by specializing in serving to the shopper via digital-first options, we are going to convey insurance coverage into the twenty first century and shift the narrative of threat switch for folks and companies alike.
This occasion, in contrast to some other, 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 in regards to the future.
For Embroker, we’re persevering with our journey. We’re serving the underserved and delivering a product that may proceed to assist companies develop, not sluggish them down.
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