InsureTech Connect Conference 2022 was an event to remember, buzzing with the latest technology innovations to drive the digital revolution in the insurance sector in the coming years. Over 9,000 executives, investors, and entrepreneurs from around the world presented us with this unique opportunity to understand the industry mindset, connect and learn where the market is headed.
One of the world’s largest events in the insurance arena, InsureTech Connect Conference 2022, was held at Mandalay Bay, Las Vegas, from September 20 – 22, 2022. The 3-day event witnessed the insurance community coming together to showcase the different innovations that are set to transform the industry by reducing costs, increasing productivity, and, ultimately, enriching policyholders’ lives.
The insurance industry has come a long way since the first edition of ITC, held in 2016. The insurtech funding for last year reached $15 billion, double that of the previous year. However, this year shows a decline in funding, forcing businesses to refine their strategies and focus on growing profitability.
With ‘Future of Insurance’ being the event’s central theme this time, the event primarily focused on encapsulated hyper-personalization of insurance offerings, digitization and automation of workflows, and data-driven CX. Several interesting demos and discussions on disruptive technologies brought forth a lot of tech innovation possibilities to deliberate on.
Sharing his experience at Insurtech Connect, 2022, Nagendra Rao, SVP Sales, Trigent Software, commented, ‘‘ Insurtech Connect strongly communicated that the insurance industry is constantly evolving. The promises that analytics and big data hold for the sector are immense, be it in risk management, fraud detection, or analyzing user behavior. From automobiles to healthcare, hyper-personalization will be instrumental in enabling insurers to manage their risks more efficiently and offer an adequate premium to customers.”
Hyper Personalized Micro Insurance
An impactful demo by Trimble from the Exhibit floor illustrated the new ‘Insurance Ecosystem’ that delivers real value to customers and insurers alike. Connected IoT Devices embedded in cars capture data on driver performance. InsureTech platforms aggregate the data, analyze and derive scores that quantify the driver profile.
An Insurance MarketPlace combines the driver profile with data from the DMV regarding traffic violations and data from the car manufacturer in regard to vehicle maintenance to arrive at a hyper-personalized composite risk profile of the customer. Insurers get to balance their risk and offer attractive rates and custom policies.
A win-win-win ecosystem for all participants in this digital insurance ecosystem.
Workflow automation for faster customer onboarding
Another focus area at the event involved digitizing insurance workflows for effective customer management to lower operations costs and improve efficiency. Intelligent automation technologies are the key to unlocking these improvements. As Deloitte highlights, AI-enabled automation can reduce time spent on documentation by 80%. These savings reduce costs internally and sculpt the industry-leading experience that customers crave.
Centralizing communication and going digital through an automation platform helps insurance teams ensure any delays, mistakes, or omissions are met with prompt bot-driven follow-ups. This reduces the need for human check-ins, and the time can be utilized to field deeper concerns and improve customer relationships.
Data-driven CX for customer satisfaction & retention
Improving customer experience is paramount for any business and results from a clear understanding of customer needs and their implications from an operational standpoint. An insurance company that correctly predicts the needs of prospective customers with robust data-driven analytics has more potential to make the sale than a counterpart just using conventional methods of selling.
Socotra, with whom Trigent shares a close partnership, views its platform as living software with continuous upgrades, new features, and improvements being rolled out that are based on insights garnered from the use of its solution and data from the ecosystem.
In addition, advanced analytics and claims predictive modeling can help identify potential claims fraud. The predictive analytics model can even detect individuals who have more odds of submitting fraudulent claim reports.
Glimpses from the even floor of InsureTech Connect Conference 2022
Carriers, InsurTech companies, and startups need a well-orchestrated digital core to create purpose-built insurtech insurance solutions for customer segments across varied digital touchpoints. This digital core will bring together multiple discrete technologies, minimize vendor dependency and allow the business to move quickly to meet the changing customer needs. Building a digital core entails transforming all the interdependent elements of the Core Insurance stack for maximum impact.
Trigent offers a robust digital core modernization framework for businesses to transform their Insurance service stack in a phased manner keeping Customer Experience as the core focus. The framework is developed based on our experience working on various disruptive technologies and with companies across the value chain, delivering visible impact to the brand, rapid RoI, and value to the customer.
The reward for work well done is an opportunity! The ITC 2022 conference was a great time to catch up with existing customers like Socotra, whom we partnered with to maximize CX through automation. It was also an excellent opportunity to scout for new prospects. Being a part of the event for these three days this September gave us a renewed perspective—and pride—about the industry and the people.