About a month ago, I met with some of the most innovative minds in the industry at Insurtech Connect (ITC) in the vibrant venue of Mandalay Bay, Las Vegas. Everyone was there to move the industry forward – from carriers to technology solution providers.
Some of my main takeaways from the event:
Relationships Are Key
Wearing the Ivans logo, I was fortunate that many people recognized the brand and approached me. Even with that recognition, I still realize the need to build and foster relationships with solution providers while working together to solve industry challenges. As Ivans’ director of partnerships, I’m here to build stronger relationships with our tech partners – from agency management systems who we have worked with for a long time to new players in the industry. We’re all better together, and I think this event provided an excellent outlet to build momentum on relationships in general.
Speed to Market Matters
The consistent message and theme I heard at the conference was speed. Everyone is looking to do things better, faster and at a lower cost. There has been a lot of research and development behind the scenes over the past few years. This show was a jumping-off point for many folks because a lot of the stuff we talked about three years ago is now a reality.
The Entrepreneurial Spirit Is Contagious
While insurance is an industry historically based on legacy systems and processes, the niche of insurtech developed with the industrial spirit behind them. And that spirit is contagious. Innovators are working hard to build new technologies and make changes to help the entire industry be better. From quoting solutions to claims automation, AI and machine learning, it’s about finding the right niche and manically researching to understand it. Being around these innovators at ITC, their inventive and entrepreneurial spirit motivated even the most traditional insurance companies to do better.
We’re All Better Together
With everyone being back together for the first time in a while, the mood was very positive, and you could feel the collaboration. People were engaged and excited to be there. So many things in carriers’ lives are challenging. They get bombarded because there are delays in processing. Whether it’s claims or inflation, there are so many challenges they have to deal with that they have to be a little more creative to meet their numbers. You can tell that the carriers and tech companies at this conference have a vested interest in working together to solve these challenges and more.
Tech Is Moving the Industry Forward
Carriers, agents and MGAs have a lot on their plate and sometimes limited resources, so there hasn’t historically been much time or money put into research and development. It is almost as if the niche of the insurtech industry exists in part to provide that research and development for them. These companies, whether they’re small startups or larger businesses, continue to gain momentum together with the industry at events like this.
Partnering for the Future
You don’t need to wait until ITC 2023 to look at potential insurtech partnerships. Ivans’ growing list of partners are here to help the industry succeed. You could be next! Collaborate with Ivans to help ignite the most industry connectivity and value.