Insuretech Connect (ITC 2021) returned to Las Vegas last week with a vengeance. Six thousand investors, entrepreneurs, and insurance industry veterans descended on Mandalay Bay to meet in person for the first time since 2019. Between our show floor discussions and attending conference sessions, we heard from some of the industry’s leading and emerging tech luminaries. What follows are key highlights and themes from the three-day event.
Over 600 Insuretechs. The number of insuretechs in attendance has quadrupled since the show first launched in 2016. And the industry’s most dynamic sector shows no signs of slowing. According to the latest Willis Towers Watson Quarterly InsurTech Briefing, insuretechs raised $7.4 billion in the first half of 2021, exceeding the $7.1 billion raised in all of 2020.
Ecosystem Everywhere. “Ecosystem” was the buzzword at ITC 2021. With emerging technologies playing a larger role in the technology landscape, vendors are building partnerships to create a whole that’s larger than the sum of its parts. As one example, a panel discussion hosted by Celent and Axa XL’s Rose Hall (head of construction innovation), described how the company’s construction ecosystem provides a growing number of curated “ConTech” solutions that make the construction industry policyholders’ job sites safer and more productive.
Reimagining Workflows. In one panel discussion, representatives from a carrier, an insuretech, and an analyst firm discussed how they are reimagining insurance workflows to open up new possibilities. Technology and workflows are closely tied, and for many insurers, current workflows reflect the constraints of legacy technologies. But technologies are evolving and insurers are exploring new, more flexible platforms that balance open architectures with built-in security and privacy.
The Need for Speed. Innovation continues on the insurance product front. Insurers seeking a competitive advantage through new products need a platform that can spin up a new offering before the window of opportunity closes. In that light, carriers are pivoting from projects that consume tens of millions of dollars and can take up to a decade to implement to shorter projects that speed time-to-value and keep pace with their evolving businesses.
The Power of Data and AI. Insurance has traditionally been data-rich and insight-poor. That’s changing. We asked one senior executive from a major national carrier why he was at the show. His response: “We’re moving beyond technology as a system of record. We’re looking at how to create value through insights.” And he’s not alone. The most common questions we fielded on the show floor were about data aggregation and the applications for AI and predictive analytics.
For Origami, the conference themes validated the principles that guide our products – flexibility, time-to-value, and business insights, among others. The prevalence of ecosystem discussions was particularly timely. We’re thinking more broadly about the insurance ecosystem – the continuum that connects insurers and insureds. And we’re looking at how combining risk management with policy, billing, and claims management on a single platform can accelerate innovation and mitigate risk.
To learn more about how Origami combines insurance innovation and risk management on a single multi-tenant SaaS platform, explore our policy admin and claims admin solutions or start a conversation with us.