The world’s largest insurtech event took place this last September in Las Vegas. The InsureTech Connect gives you access to the largest gathering of tech entrepreneurs, investors, and insurance industries from across the globe. This year the attendance was over 8,000, from 65 different countries, over 275 speakers, and 675 CEOs.
Technology keeps moving the Insurance Industry. One of the main topics of the event was the flowing capital into the insurtech. Such a topic opens the doors to new innovations that will be key to success and growth in this industry. As Jeff Mason, CEO, and founder of Groundspeed Analytics says “ITC is where our fortunes changed, where we landed a champion board member, our biggest client, and our lead investor…all in about four hours.”
5 trends from Insurtech Connect 2019
- IoT is getting real.
The Internet of Things (IoT) is making serious moves in insurance. It will definitely change the world in the coming years. While collecting data from more sources like networked devices, making it an important part of the change. Nowadays there are different types of devices that help us to obtain customers’ information such as behaviors and health status. Here is where the development opportunity lies, Insurance can use all that information as a strategic component and create services or items that will help to cover some market needs.
- AI and Machine Learning is Growing Fast.
Artificial intelligence (AI) is progressing rapidly, from SIRI to self-driving cars. These days insurance buyers want to purchase insurance all from their phones. To meet this demand AI and machine learning seems like the best option to help insurance user to accomplish their goal as quickly as possible. This might be an opportunity to explore what type of new products could be useful like chatbots and AI customer assistants or fraud detection services.
- Data for life!
Nowadays data means everything. Just imagine, the amount of data we created over the year 2000 is now created in one day. The real question is, how to manage, store, and understand all this data? The Insurance Industry can take new opportunities by combining human judgment with high-tech analytics. For example, by analyzing data on driver behavior you can now know how fast the vehicle is driven. With all that information Insurance companies can develop a lot of products according to customer needs.
- Voice services.
The implementation of voice services will make it easy for customers. It definitely helps customer service employees to operate in better, and more efficient ways than ever. In the case of the insurance industry will be to make it possible to detect fraud in real-time. There is also automating authentication, voice recognition can verify the human voice by using 140 different parameters. It gives you the ability to handle up to 80% of insurance claims without even talked with a real person.
- Smart housing and smart health.
When the trend of smart housing started, the market was too limited. Today many insurance companies around the world have cooperation models what do they do with these models? (please answer that). The selling of integrated products via Google or insurance smart-home devices has increased. Technology innovation makes that the customers expect more and different services from insurers. The insurance industry needs to find a balance between innovation and adaptation to new demands and traditional services and products.
As we can see this 2020 for Insuretech comes with a lot of technological implementation. The world is changing fast and we are about to start a phase were 5 different generations are going to be active at the same time. This will give the opportunity of creating new products or services that will make the insurance industry have a stronger presence on the market.