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The 2023 version of InsureTech Join Vegas was a wild one. Huge cubicles, two pet playpens, a beer backyard (that we undoubtedly didn’t discover), and a number of the largest gamers and innovators within the insurance coverage area all gathered in Mandalay Bay for an unbelievable week.
Our presence at this yr’s ITC was a giant step up from final yr. 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 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 offer you an concept of the widespread themes and traits we’re seeing within the area.
David was joined on the Catastrophic Dangers panel by varied business 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 results 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, 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 massive knowledge to give you solutions and data instantaneously…However, it additionally creates huge threats from a cybersecurity perspective and for authenticating professional content material.”
Our latest Cyber Threat Index Report discovered that cyber threat was the primary concern enterprise homeowners have in 2023, forward of local weather change and disruptive applied sciences similar 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 long run holds.
David fielded some viewers questions on knowledge privateness and the way synthetic intelligence could have an effect on the insurance coverage business:
“Numerous legacy insurers, they’re doing it the old-fashioned approach…The organizations at ITC need to marry Safety Plus administration with insurance coverage and seeking to do it in a extra frictionless approach… I feel our business is de facto main the way in which in doing that. However I don’t suppose we are able to proceed to function in silos with out having extra superior knowledge analytics and threat 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 executed 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 expertise disruption within the business insurance coverage area, embracing cutting-edge applied sciences, AI, ML, and Huge Knowledge to enhance the shopper’s general 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 client is introduced 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 attainable. 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’s an unbelievable quantity of labor to be executed, 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, seems, now could be the time for everybody in our business to take a tough take a look at how issues are going and alter them.
Insurance coverage is an previous and cussed area. However, by specializing in serving to the shopper by 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 every other, will get to the center of the issues and alternatives of our business. With all of the sources at our disposal, we’re extremely excited in regards to 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.
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