ITC 2022 was one of the most well-attended shows in years. Carriers, MGAs, TPA, analysts, and vendors of all sizes were in abundant attendance, and concerns over Covid seem largely to have passed.
With six separate speaking sessions on the topic of customer experience, it’s clearly at the top of the agenda for many insurers and vendors. There was a long list of solution providers trying to help insurers address customer experience issues, including using AI to create better customer engagement and efficiency.
Embedded insurance also was among the most prevalent topics addressed. Many insurers have optimized digital sales functionality and are focusing on creating digital experiences that are engaging and organized.
Vendor ecosystems also have become a major focus for innovation. Many of the larger players are focused on building open integrations or pre-integration hubs to core systems as opposed to hard wiring or acquiring point solutions. Insurance carriers are looking to understand what point solution capabilities are available and applicable to their specific needs and how to prioritize them into their IT roadmaps.
Data is king, and with global warming changing the game for many property insurers, it’s never been more important. Third-party property risk data vendors, drawing from satellite imagery, building sensors, cell phones, and other sources, were everywhere you looked.
It makes sense, given that more data is readily available to insurers than ever before. However, harnessing the data for purpose is the challenge. For insurers, the challenge remains to incorporate that data into underwriting and claims processes to improve automation and decision-making.
Finally, enthusiasm seems to be in the air. There was general excitement about and positivity toward insurance everywhere. Exhibitors had huge amounts of floor traffic, and there was great feedback on the sessions, vendors, and events from everyone we talked to.
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