InsureTech Connect 2021 Key Takeaways
InsureTech Connect 2021 brought together insurance and insuretech experts from all over the world this year in Las Vegas. After the effects of COVID-19 kept members of Volaris Insurance away from events for a more than a year, the team was heavily excited to attend one of the largest gatherings of insurance leaders.
Our team met with software businesses and insurance carriers from across the globe, and through conversations with industry leaders, there were some strong takeaways regarding the current and future states of the insuretech industries. We sat down with John Baker, Director of Sales & Marketing at Silvervine, to share his key findings from the conference.
1. Talent experience is becoming as important as customer experience
The insurance industry has taken a strong focus on improving the customer experience through new digital innovations. However, a big topic of discussion at this year’s event was how many insurance companies are placing a greater focus on implementing digital solutions to support their internal teams. These implementations make work for staff easier and quicker to complete, and result in less training required for new team members. As these solutions improve productivity, companies may not require as large of a workforce, meaning that insurers can maximize profitability long-term. While the insurance industry has been slower to adopt and implement stronger digital experiences, it will become an increasingly vital need of the insurance industry over the coming years.
2. Strategic partnerships are increasing
This year’s ITC saw a great increase in discussions and communications around strategic partnerships. For example, providers of niche software products are forming partnerships with a greater number of core systems providers to integrate their products with, in order to increase the number of potential customers available to them. Strategic partnerships such as these provide benefit to both software providers and can enable companies of any size and scale to discover new growth opportunities. As a result, many insuretech companies were networking amongst each other at this year’s tradeshow compared to prior years in order to form new business relationships, demonstrating that the market is finding greater value in these partnerships and that industry collaboration is growing.
3. Artificial Intelligence is in the infancy stage
Many insurance companies are beginning to utilize data to a higher degree and are adopting AI for both the purposes of leveraging said data and to support task performance. However, while many companies in the insurance industry are promoting these solutions, they are yet to be adopted at a level in which market standards can be established.
Large companies with strong resources and newer companies are putting a greater level of investment into AI and data integration, however the insurance industry overall is still slowly working towards mainstream adoption. Once this finally occurs, we can then see certain players emerge as industry standards to measure against, and witness the true benefits to the industry.
This year’s InsureTech connect provided great opportunities for Volaris Insurance and its VBU’s, including Silvervine, Insuresoft and Covenir to connect and engage with insurance and insuretech businesses from across the globe. David Squibb, President & General Manager of Covenir, also had the opportunity to speak on a panel discussion focused on data protection strategies.
It’s clear that that there are some key trends that all point to the fact that greater connectivity is key to a successful future. We look forward to attending InsureTech Connect 2022, as well as many other industry tradeshows and events across the globe in the coming year. See you there!