The 2023 version of InsureTech Join Vegas was superb. Massive cubicles, two pet playpens, a beer backyard (which we positively did not discover), and a number of the largest names and innovators within the insurance coverage subject all gathered at Mandalay Bay for an incredible he-he week.
Our presence at ITC this 12 months has come a good distance in comparison with final 12 months. Our Chief Insurance coverage Officer, David Deligiotis, spoke on stage throughout a panel dialogue on catastrophic dangers and spoke in regards to the emergence of AI in insurance coverage and past, in addition to different actual and perceived impacts on the enterprise. We additionally touched on the worldwide threats which can be at present being posed. Extra on this later.
We additionally had nice conversations with media, trade gamers, leaders, and different technology-driven insurance coverage technologists. We may even summarize a few of these conversations and talk about widespread themes and traits seen within the subject.
David has participated on catastrophic danger panels with varied trade specialists. Emilio Figueroa, his CEO and founding father of Indemnity Lab, LLC, Ruth Foxe Blader, accomplice at Anthemis Group Enterprise Capital, Stuart Blake, his director managing The Bridge Worldwide, and head of insurance coverage at Flexport. Hosted by Trevor Shanklin.
Large panels and massive discussions. Matters ranged from the influence of local weather change on property insurance coverage and worldwide delivery delays to the evolving nature of cyber dangers.
David’s experience in digital danger and cyber insurance coverage was evident throughout this panel dialogue. He particularly touched on the rising presence of AI:
“There may be nothing that can’t be touched by synthetic intelligence…Synthetic intelligence presents the best alternatives by way of enterprise effectivity, enchancment, course of implementation, and utilizing massive information to get solutions and data immediately… However from a cybersecurity perspective, it additionally creates an enormous menace” to authenticate professional content material. ”
Our latest Cyber Danger Index report discovered that cyber danger is the highest concern for executives in 2023, forward of local weather change and disruptive applied sciences comparable to AI. However with regards to cyber danger, malicious AI and provider disruption are his high considerations heading into 2024.
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David answered viewers questions in regards to the influence of knowledge privateness and synthetic intelligence on the insurance coverage trade.
“Many conventional insurance coverage firms are doing issues the old school approach…The ITC group is mixing Safety Plus administration and insurance coverage to do it in a extra frictionless approach…Our I feel the trade is basically main the way in which in doing that. However I do not assume we will proceed to function in silos with out extra superior information analytics and danger administration instruments. ”
Forward of ITC Vegas 2023, we offered an replace on the progress of the Embroker ONE platform, an summary of our work so far, and Embroker CEO Ben Jennings’ imaginative and prescient for the way forward for insurtech and Embroker’s contribution to it.
This is what he needed to say:
“Embroker continues to drive know-how disruption within the industrial insurance coverage house, using cutting-edge know-how, AI, ML, and massive information to dramatically enhance the general buying expertise for our prospects.” ONE does simply that. ONE offers an easy-to-understand, low-friction buying course of that educates enterprise homeowners whereas eradicating the pointless complexity of conventional insurance coverage. You may be offered with insurance policies particularly tailor-made to your online business wants.”
We had the chance to talk with numerous organizations and media members in regards to the future path of Embroker. The sentiment is {that a} technology-driven, customer-centric strategy to insurance coverage is desperately wanted within the trade. However we already knew that. What’s actually progressive is Ben’s final sentence above: insurance policies tailor-made particularly to his distinctive enterprise wants and his danger profile.
Embroker ONE shouldn’t be about making insurance coverage as straightforward as attainable for us, it is about assembly companies the place they’re. That is the distinction we convey to the insurance coverage trade. This message resonated with everybody we spoke to.
InsureTech Join Vegas was stuffed with positivity and optimism. Cash is flowing in, as evidenced by his $250 million funding in NEXT Insurance coverage by Allstate and Allianz, introduced simply earlier than the occasion started. There’s a big quantity of labor to be achieved, and there are some superb folks and organizations working to revolutionize this house. As catastrophic dangers threaten to reshape not solely insurance coverage, however our world as nicely, it is time for everybody within the trade to take a tough have a look at the present state of affairs and make modifications.
Insurance coverage is an previous and cussed subject. However by specializing in serving to prospects via digital-first options, we’re bringing insurance coverage into the twenty first century and altering the narrative of danger switch for each folks and companies.
This occasion is not like another as a result of it will get to the center of our trade’s issues and alternatives. With all of the sources at our disposal, we’re very excited in regards to the future.
For Embroker, we’re on a journey. We serve underserved populations and supply merchandise that proceed to assist companies develop, not sluggish them down.
Learn the announcement about Embroker ONE right here.
