Celent Tech Connect: Unleashing the Future of Insurance
InsureTech Connect in Las Vegas is just around the corner, again! It stands as the pinnacle of insurtech gatherings globally, offering an unmatched portal to the world's most extensive and international assembly of tech innovators, investors, and stalwarts from the insurance sector. It serves as a crucible for the insurance community, providing a platform to unveil innovations, explore avenues for enhancing operational efficiency, and discover strategies for cost reduction—all with the ultimate goal of augmenting the quality of life for policyholders and the operational effectiveness of insurers, MGA’s, agents and everyone in between. The event is renowned for its exceptional networking opportunities, facilitating tens of thousands of meetings that are a testament to the ITC event's reputation as a cornerstone for fostering meaningful connections within the industry.
The influence of insurtech and generative AI on the insurance industry over the past 18 months has been profound and multifaceted, reshaping how insurance companies operate, engage with customers, and innovate their products and services. Both will likely be taking center stage at this years event.
Based on a recent Celent North American insurer survey based Celent report, GenAI-oneers In Insurance, insurers are diving into the GenAI pool. The highest areas of focus have been, CX, code development, claims, underwriting and marketing. If insurers aren’t developing GenAI solutions in-house, which most aren’t, they are looking to partners and insurtechs for solutions.
However, there is also a ton of innovation going on throughout the insurance value chain that isn’t only generative AI focused. Here are some of the areas getting significant attention:
·Efficiency and Automation: Insurtech solutions streamline operations, from underwriting and claims processing to customer service, through automation. This not only reduces operational costs but also speeds up service delivery, improving the overall customer experience.
·Personalization and Customer Engagement: Generative AI enables insurance companies to offer highly personalized experiences to their customers. By analyzing vast amounts of data, AI can generate tailored insurance products, personalized communication, and targeted marketing campaigns, significantly enhancing customer satisfaction and loyalty.
·Risk Assessment and Management: Advanced analytics and machine learning algorithms offer more accurate risk assessments, allowing insurers to price their products more competitively and manage risks more effectively.
·Fraud Detection: AI's ability to analyze patterns and detect anomalies plays a crucial role in identifying and preventing insurance fraud, saving the industry billions annually.
·Product Innovation: Insurtech fosters innovation, leading to the creation of new insurance products and models, such as on-demand insurance and peer-to-peer insurance, which cater to the changing needs and preferences of consumers.
·Market Expansion: By lowering barriers to entry and operational costs, insurtech enables insurance companies to reach underserved markets, expanding their customer base and fostering financial inclusion.
If you are looking to learn more and take a deeper dive into how technology is improving operations across the insurance value chain, we invite you to attend Celent’s pre-conference session on October 15th from 1-5pm. (Agenda and registration - Celent Tech Connect: Unleashing the Future of Insurance) We will be presenting a half day of unique and exciting panel discussions and its free to any registrant of ITC. During this half day workshop session Celent will moderate an afternoon of insightful panel discussions which will provide optics into key areas of trending interest in today’s Insurtech space. We will focus on the state of insurtechs, advances in digital distribution, the move to the cloud, the changing role of MGAs and of course, generative AI. It is certain to be an informative afternoon with an awesome group of panelists for each session sharing their current thoughts and vision for future.
We look forward to you joining us and look forward to seeing you at ITC 2024!