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 greatest gamers and innovators within the insurance coverage area all gathered in Mandalay Bay for an unimaginable 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 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, business 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 developments we’re seeing within the area.
David was joined on the Catastrophic Dangers panel by varied business 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.
A giant panel and large discussions. Matters ranged from the consequences of local weather change on property insurance coverage and worldwide delivery 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 may be nothing that synthetic intelligence can’t contact…It represents the best alternative relating to enterprise efficiencies, enhancements, course of implementation, and utilizing large knowledge to give you solutions and data instantaneously…However, it additionally creates huge threats from a cybersecurity perspective and for authenticating official content material.”
Our latest Cyber Danger Index Report discovered that cyber threat was the primary concern enterprise homeowners have in 2023, forward of local weather change and disruptive applied sciences comparable 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 Danger 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 knowledge privateness and the way synthetic intelligence could have an effect on the insurance coverage business.
[David quote about cyber and insurance]
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 thus far, 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 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 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 business. However, we knew that already. What is really progressive is Ben’s ultimate 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 simple for us as doable. That’s the distinction we’re bringing to the insurance coverage business. 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 may be an unimaginable quantity of labor to be accomplished, wonderful individuals and organizations on this area 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 business to take a tough have 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’ll deliver insurance coverage into the twenty first century and shift the narrative of threat switch for individuals and companies alike.
This occasion, in contrast to some other, will get to the guts of the issues and alternatives of our business. 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 gradual them down.
