InsureTech Join Vegas: An Embroker Recap
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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 positively didn’t discover), and a number of the greatest gamers and innovators within the insurance coverage house all gathered in Mandalay Bay for an unimaginable 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 inside the insurance coverage house 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, trade insiders, leaders, and different technology-driven insurtechs. We’ll additionally recap a few of these conversations, and provide you with an thought of the widespread themes and tendencies we’re seeing within the house.
David was joined on the Catastrophic Dangers panel by numerous trade specialists. Host Emilio Figueroa, CEO and Founding father of Indemnity Lab, LLC, Ruth Foxe Blader, Accomplice 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 consequences of local weather change on property insurance coverage and worldwide transport 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 may be nothing that synthetic intelligence can’t contact…It represents the best alternative relating to enterprise efficiencies, enhancements, course of implementation, and utilizing huge knowledge to give you solutions and data instantaneously…However, it additionally creates large threats from a cybersecurity perspective and for authenticating official content material.”
Our current Cyber Danger Index Report discovered that cyber threat was the primary concern enterprise homeowners have in 2023, forward of local weather change and disruptive applied sciences comparable to AI. Nevertheless, regarding cyber dangers, malicious AI is tied with provider disruption as their high concern going into 2024.
Are you ready for cyber dangers?
Learn our 2023 Cyber Danger Index Report to search out out what companies are anxious about, how they’re defending themselves, and what the longer term holds.
David fielded some viewers questions on knowledge privateness and the way synthetic intelligence might have an effect on the insurance coverage trade:
“A variety of legacy insurers, they’re doing it the old-fashioned means…The organizations at ITC want to marry Safety Plus administration with insurance coverage and seeking to do it in a extra frictionless means… I feel our trade is actually 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 performed to this point, 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 industrial insurance coverage house, embracing cutting-edge applied sciences, AI, ML, and Huge Knowledge to enhance the shopper’s total shopping for expertise dramatically. Embroker ONE does precisely that. ONE supplies an simply understood, low-friction buying course of that educates enterprise homeowners whereas stripping away the unnecessary complexity of conventional insurance coverage. The shopper 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 trade. However, we knew that already. What is really modern is Ben’s closing 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 doable. That’s the distinction we’re bringing to the insurance coverage trade. 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 unimaginable quantity of labor to be performed, wonderful individuals and organizations on this house are working to revolutionize it. As catastrophic dangers look to alter how our world, not to mention insurance coverage, appears, now could be the time for everybody in our trade to take a tough have a look at how issues are going and alter them.
Insurance coverage is an outdated and cussed house. However, by specializing in serving to the shopper by digital-first options, we’ll convey insurance coverage into the twenty first century and shift the narrative of threat switch for individuals and companies alike.
This occasion, in contrast to some other, will get to the guts of the issues and alternatives of our trade. With all of the assets 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 may proceed to assist companies develop, not gradual them down.
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