Insurtech Connect (ITC) 2022 was an absolute whirlwind. Not only was there record attendance (over 8000 insurance folks!), it seemed that everyone was even more engaged than the average trade show. Maybe it was that people were ready and excited to meet again after years of not being able to. Or it could have been the conference, its organized seminars, and impromptu breakout sessions expanding the boundaries of insurance. From new distribution methods, underwriting techniques, and novel technology vendors, insurance is evolving quickly. It was my first time attending and after three extremely busy days spent with some of the most interesting people in the industry; I wanted to share three insights.
Open for business
One thing I noted almost immediately was the wide range of participants. Solution vendors, insurance carriers, innovative brokers, leading wholesalers, and just about everyone else that plays a role in the insurance industry attended. It goes to show that regardless of the current inflation and other economic turmoil, the insurance industry is ready and open for business.
Even with its moniker as a ‘recession-proof’ business, it was clear among participants that insurance is in flux. And that the way of doing business for the next decade will vary significantly from the previous one. This takes us to the next point, ‘change is necessary.’
Change is necessary
Insurance is a great business to be in, all the time. Unlike other industries with significant slumps, insurance has proven itself to be stable even with economic headwinds. That being sent, there was a powerful undercurrent at the conference, regarding the need for change, and the need for further innovation.
Many of the participants shared the view that this change as necessary, but are not exactly sure where to begin. As this topic keeps recurring, we put together an article on how adopting the KISS methodology streamlines innovation and encourages a higher likelihood of a successful outcome. At ITC, this topic was on full display. Discussed in panels, and among the participants on the floor, it may have also resulted from a myriad of solution vendors, with lots of category overlap. Welcome to the age of ‘innovation paralysis’ where too many similar options lead to adopting none. If you’ve seen one payment solutions vendor, is it possible you have seen them all?
Insurance as a demographic is changing
In recent memory, insurance has skewed older. Yet, as ITC is a technology conference, it attracted a younger demographic. Insurance is undergoing drastic demographic changes. And it must continue if it is to attract new employees with a fresh mindset. Luckily, Audrey Torrence put together a series of articles on how you can diversely recruit for your business to help you get started.
The insurance industry is on the verge of profound change. What insurance is will remain the same, but how we engage policyholders, invite new buyers, and service existing accounts is very much in flux. This provides an opportunity for those that can harness these changing technology to their advantage. With the market hardening, we can expect to see more innovative companies emerge. And more existing companies leverage the innovative solutions provided by insurance technology start-ups.