The Insuretech Connect 2023 event in Las Vegas brought together the brightest minds in the insurance technology industry, highlighting significant strides in artificial intelligence, efficiency in claims processing, and the evolving role of service providers. Digitalscouting’s Dr. Robin Kiera shares firsthand insights from the world’s largest insurance tech event.
Insight 1: The Rise of AI and Machine Learning
Artificial Intelligence (AI) and Machine Learning (ML) are no longer just buzzwords in the insurance industries. These technologies are revolutionizing how companies assess risk, process claims, and interact with customers. The fair showcased several AI-driven solutions that promise to enhance efficiency and customer experience.
Insight 2: German Presence at ITC
The notable presence of Dr. Stefan Knoll, CEO of Deutsche Familienversicherung (DFV), at InsureTech Connect marked a significant moment. With DFV’s growth story, including a tripling of revenue and significant customer base expansion, Dr. Knoll’s insights were a highlight for many.
Insight 3: How the “death zone” for insurers is growing
Discuss the implications for insurers who fail to adopt efficient technological solutions, as highlighted at the Insuretech Connect. Emphasize the risk of falling into the ‘death zone’ for companies that resist modernization.
Insight 4: The Shift Towards Personalization
Personalization is becoming key in the insurance industry. Customers are looking for tailored policies that fit their unique needs. The fair presented various tools and technologies enabling insurers to offer personalized products and services.
Insight 5: Sustainable and Ethical Insurance Practices
Sustainability and ethics are taking center stage in the insurance industry. The fair underscored the importance of responsible practices and the integration of environmental, social, and governance (ESG) criteria into insurance products.
The biggest insurance fair in the world has set the stage for a big change in the industry. From new technologies to a focus on sustainability, these top insights will have a big impact on the future of insurance. As we accept these changes, the industry is about to start a new and exciting era.