Seems appropriate that the conference focused on risk is held in Vegas, the gambling capital of the world. There wasn’t much time for us to partake as we spent two meeting heavy days learning about what’s next in the world of insurance and risk.
Here are just a few observations:
- Cyber risks are talked about at almost every conference and the Insuretech Conference was no different. From start-up companies doing analytics to help insurers plan for and underwrite risk to companies that help you quote, compare and buy online.
- Real Artificial Intelligence (AI) use cases are starting to emerge from new start-ups and the incumbent insurance companies are paying big bucks to acquire them. While most of the examples were in the auto industry, it’s only a matter of time before we’ll start to see application to reduce medical malpractice and workers compensation risks.
- Data and analytics are huge, but are just the tip of the iceberg according to the Lemonade founder, Daniel Schreiber. Think about all the data that is collected in the healthcare industry. The key to success is figuring out how to best apply it to improve outcomes, as well as customer experiences.
- Let’s face it, trust is an issue in insurance. This is one of the only industries where we take the customer’s money and then put them through the wringer to get paid. What types of things can we do in this business to change that perception?
- Lastly, at a company where relationships are everything, it was great to see many of our valued partners at a conference where people are exploring what’s next in the insurance industry. Thank you for carving out time to meet with us Martin & Company, First Insurance Funding, Origami Risk and Deloitte.
Bottom line is that massive change is on the way. The question is are insurers going to be disrupted by it or leverage it for good? With a company vision to inspire unique ideas and actions to manage our partners’ risk, we’re definitely placing some of our bets in the insuretech space.
If you want more information about our trip to ITC2018, email us at firstname.lastname@example.org.
Article contributed by Kathy Freyman and Jamie Milling.