InsureTech Connect Vegas 2023 is crazy. Large booths, two puppy pens, a beer garden (which we definitely didn’t explore), and some of the biggest players and innovators in insurance all converged on Mandalay Bay for an incredible week.
Compared with last year, we have taken a big step forward at this year’s ITC. Our Chief Insurance Officer, David Derigiotis, spoke on stage at the Catastrophic Risk Panel, where he spoke about the emergence of artificial intelligence within and beyond insurance, as well as other real and perceived global threats facing businesses. We’ll review this in more depth later.
We also had great conversations with media, industry insiders, leaders and other technology-driven insurtech companies. We’ll also review some of those conversations to give you a sense of the common themes and trends we’re seeing in the space.
David participates in catastrophic risk panels with several industry experts. Hosts Emilio Figueroa (CEO and Founder of Indemnity Lab, LLC), Ruth Foxe Blader (Partner at Anthemis Group Venture Capital), Stuart Blake (Managing Director of The Bridge International) and Trevor Shanklin, Director of Insurance at Flexport.
Large panels and larger discussions on topics ranging from the impact of climate change on property insurance and international shipping delays to the changing nature of cyber risks.
David’s expertise in digital risk and cyber insurance was demonstrated during this panel discussion. He talked about the growing influence of artificial intelligence, specifically:
“There is nothing beyond the reach of artificial intelligence… It represents the greatest opportunity for business efficiency, improvement, process implementation, and the use of big data to derive answers and information instantly… However, from a cybersecurity perspective, it also brings Comes a huge threat as well as verifying legitimate content.”
Our recent Cyber Risk Index report found that cyber risk is the top concern for business owners in 2023, ahead of climate change and disruptive technologies like artificial intelligence. However, in terms of cyber risks, malicious artificial intelligence ranks alongside vendor disruption as the most important risk to worry about heading into 2024.
David answered some audience questions about data privacy and how artificial intelligence is impacting the insurance industry.
[David quote about cyber and insurance]
Ahead of ITC Vegas 2023, we publish an update on the progress of the Embroker ONE platform, as well as a review of the work done so far, as well as Embroker CEO Ben Jennings’ vision for the future of insurtech and Embroker’s contribution to it.
Here’s what he had to say:
“Embroker will continue to drive technological disruption in the commercial insurance space, using cutting-edge technology, artificial intelligence, machine learning and big data to significantly improve the overall buying experience for customers. Embroker ONE does just that. ONE provides an easy-to-understand, low-cost cost-effective solution. “The friction buying process can educate business owners while removing the unnecessary complexity of traditional insurance. Customers are offered one or more policies specifically tailored to their unique business needs. ”
We had the opportunity to speak with many organizations and members of the media about Embroker’s path forward. Our view is that the industry urgently needs a technology-driven, customer-centric approach to insurance. But, we already know this. What is true innovation? Ben’s last sentence above is: policies specifically tailored to unique business needs and risk profiles.
Embroker ONE is dedicated to meeting the needs of businesses and not making insurance as easy as possible for us. This is the difference we bring to the insurance industry. This message resonated with everyone we spoke to.
InsureTech Connect Vegas was filled with positivity and optimism. Capital is flowing, as demonstrated by the $250 million investment from Allstate and Allianz in NEXT Insurance announced ahead of the event. While there’s still a lot of work to be done, amazing people and organizations in this space are working hard to revolutionize it. With catastrophic risks looking set to change our world, not to mention insurance, it’s time for everyone in our industry to take a hard look at how things are developing and change them.
Insurance is an old and stubborn field. But by focusing on helping customers with digital-first solutions, we will bring insurance into the 21st century and change the way individuals and businesses transfer risk.
This event gets to the heart of our industry’s issues and opportunities like no other. With all the resources at our disposal, we are very excited about the future.
For Embroker, we are continuing our journey. We serve underserved populations and provide products that will continue to help businesses grow rather than slow down.