The 2023 version of InsureTech Join Vegas was a wild one. Massive cubicles, two pet playpens, a beer backyard (that we positively didn’t discover), and a few of the largest gamers and innovators within the insurance coverage house all gathered in Mandalay Bay for an unbelievable week.
Our presence at this 12 months’s ITC was an enormous step up from final 12 months. Our Chief Insurance coverage Officer, David Derigiotis, spoke on-stage for a panel on Catastrophic Dangers, the place he spoke to the arrival of AI throughout the insurance coverage house 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 frequent themes and tendencies we’re seeing within the house.
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, Associate at Anthemis Group Enterprise Capital, Stuart Blake, Managing Director of The Bridge Worldwide, and Trevor Shanklin, Head of Insurance coverage at Flexport.
An enormous panel and large discussions. Subjects ranged from the consequences 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, particularly:
“There’s nothing that synthetic intelligence can’t contact…It represents the best alternative concerning enterprise efficiencies, enhancements, course of implementation, and utilizing huge knowledge to provide you with solutions and knowledge instantaneously…However, it additionally creates large threats from a cybersecurity perspective and for authenticating legit content material.”
Our current Cyber Danger 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. Nevertheless, 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 Danger Index Report to search out out what companies are nervous 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 could have an effect on the insurance coverage trade:
“A number of legacy insurers, they’re doing it the old-fashioned method…The organizations at ITC need to marry Safety Plus administration with insurance coverage and trying to do it in a extra frictionless method… I believe our trade is de facto main the best way in doing that. However I don’t assume we are able to proceed to function in silos with out having extra superior knowledge analytics and danger 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 executed 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 expertise disruption within the industrial insurance coverage house, embracing cutting-edge applied sciences, AI, ML, and Massive Information to enhance the shopper’s total shopping for expertise dramatically. Embroker ONE does precisely that. ONE offers an simply understood, low-friction buying course of that educates enterprise house owners whereas stripping away the useless complexity of conventional insurance coverage. The client is offered 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 strategy to insurance coverage is sorely wanted within the trade. However, we knew that already. What is really progressive 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 straightforward for us as attainable. 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 executed, wonderful folks and organizations on this house are working to revolutionize it. As catastrophic dangers look to alter how our world, not to mention insurance coverage, seems, now’s 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 house. However, by specializing in serving to the shopper by means of digital-first options, we’ll deliver insurance coverage into the twenty first century and shift the narrative of danger switch for folks and companies alike.
This occasion, not like every other, will get to the center of the issues and alternatives of our trade. With all of the assets at our disposal, we’re extremely excited concerning 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.