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 greatest 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 a giant 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 appearance 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 offer you an concept of the frequent themes and developments we’re seeing within the house.
David was joined on the Catastrophic Dangers panel by varied trade specialists. 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 massive 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 relating to enterprise efficiencies, enhancements, course of implementation, and utilizing large information to give you solutions and knowledge instantaneously…However, it additionally creates huge threats from a cybersecurity perspective and for authenticating official content material.”
Our latest Cyber Threat Index Report discovered that cyber danger was the primary concern enterprise homeowners have in 2023, forward of local weather change and disruptive applied sciences corresponding to AI. Nonetheless, regarding cyber dangers, malicious AI is tied with provider disruption as their prime 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 could have an effect on the insurance coverage trade:
“A variety of legacy insurers, they’re doing it the old-fashioned manner…The organizations at ITC want to marry Safety Plus administration with insurance coverage and trying to do it in a extra frictionless manner… I feel 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 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 accomplished up to now, 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 house, embracing cutting-edge applied sciences, AI, ML, and Large Information to enhance the client’s total shopping for expertise dramatically. Embroker ONE does precisely that. ONE gives an simply understood, low-friction buying course of that educates enterprise homeowners whereas stripping away the pointless complexity of conventional insurance coverage. The shopper 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 method to insurance coverage is sorely wanted within the trade. However, we knew that already. What is actually revolutionary is Ben’s last 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 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 stuffed 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 accomplished, superb individuals and organizations on this house are working to revolutionize it. As catastrophic dangers look to vary how our world, not to mention insurance coverage, appears to be like, 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 house. However, by specializing in serving to the client by means of digital-first options, we’ll carry insurance coverage into the twenty first century and shift the narrative of danger switch for individuals and companies alike.
This occasion, in contrast to every other, will get to the guts 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 can proceed to assist companies develop, not gradual them down.
