An InsurTech’s Perspective on InsureTech Connect 2019

Digital Transformation - October 1 2019

When it comes to conferences, they tend to be either great or awful. InsureTech Connect 2019 was an AWESOME experience. It was an InsurTech’s paradise, with more than 600 insurance CEOs and 7,000 attendees convening in one location for three full days.

The conference provided a venue for insurance carriers, brokers, reinsurers, insurtechs, influencers, analysts, media, and industry pundits to all come together at the MGM Grand in Las Vegas for an agenda chock full of education, knowledge sharing, learning, entertainment, and fun.

The energy and enthusiasm were off the charts. Everyone was engaged and excited to be at the conference. The air was full of excitement, curiosity and interest with the exhibit hall bursting with attendees from early morning until late afternoon when the doors closed for evening social activities. Even Billy Idol was on hand to ROCK the house down. From a marketer’s perspective, I have never experienced such a vibrant exhibit hall. Conference attendees were flocking to the hall eager to speak with InsurTechs and keen to learn about new digital solutions to transform age-old processes.

Sessions and Networking

As Nigel Walsh, Deloitte Consulting so eloquently summarized, there was lots of interest and conversations relating to AI, IOT, security, telematics, and automation. And when attendees were not in the exhibit hall, they were busy attending the myriad of sessions from keynotes to panel discussions and workshops to hear how their peers are digitally transforming.

A general theme that was consistent across the conference was insurance is becoming more and more digital. Many of the sessions focused on how insurance companies are adopting new technologies, managing through uncomfortable organizational change, and winning new business.

Even marine insurance, the oldest segment of the insurance industry, which is consistently not profitable, does not make money and is a very traditional market, is innovating.

As John Drzik, President Global Risk & Digital at Marsh put it, innovation and marine are not common bedfellows.

John then went on to share how telematics is helping shipping companies mitigate risk by providing a dynamic view of the risk. With telematics, marine insurers now have access to more rating factors enabling them to improve their loss ratio and reduce administrative burn.

IMG_0808In another session, Zurich’s North American and Global innovation leaders were joined on stage by the Gold and Silver winners of the 2019 Zurich Innovation World Championship. Zurich shared how they are working with Chisel AI and to automate and streamline underwriting processes and discussed best practices for how InsurTechs and Insurers can successfully work together. Ron Glozman, CEO of Chisel AI and Attila Toth, CEO of joined Zurich in the launch of the 2020 Zurich Innovation World Championship.

And if attendees were not in the exhibit hall or attending a session, then they were in one of the many networking areas speaking with peers, business acquaintances, colleagues, and friends old and new. InsureTech Connect provides the perfect networking opportunity with plenty of areas to grab a coffee and leverage the networking app to pinpoint contacts and connect. The networking areas were at a premium as crowds of attendees gathered around cocktail tables, lounged on sofas, flocked to the juice bar and coffee stations throughout the exhibit and conference halls.

If you don’t have InsureTech Connect on your radar for 2020, you should.

On Day 1 of the conference, workshops were hosted by Celent and others. Attendees were raving about the workshops and some said they only attend for the workshops and networking.

There was also a special guest appearance by Kara Swisher, co-founder and editor-at-large, Recode, producer and host of the Recode Decode and Pivot podcasts and co-executive producer of the Code Conference series.

From an InsureTech’s perspective, the conference brought together leading insurance analysts like Celent, Novarica, and Strategy Meets Action (SMA), as well as top industry influencers and key insurance and business media and editors. Publications like AM Best, Insurance Innovator Reporter, Digital Insurance, Business Insurance, Leader’s Edge, and others were on hand. The opportunity to connect and converse with multiple analysts and editors in one location over the course three days is effective and efficient for everyone.

Rob Galbraith’s video diaries provide more insights from conference attendees, insurance executives, vendors and industry pundits. 

What’s New with Chisel AI

And, in case you missed it, Chisel AI announced an enhanced version of our AI-powered Policy Check solution for commercial insurance. Policy Check is the only solution that enables commercial insurance carriers and brokers to automatically check a policy against a binder to prevent errors and omissions (E&O) which can cost insurance companies millions or even billions of dollars in liability.

We were providing demos of Policy Check at our booth in the exhibit hall. If you didn’t get a chance to stop by to see Policy Check in action, you can schedule a demo with our team today.

Not familiar with Chisel AI and want to know more? Check out The Digital Broker Podcast as Ron Glozman shares the Chisel AI story with host Ryan Deeds, Vice President, Technology and Data Management, Assurex Global. You’ll also find Chisel AI featured in this short video promoting the upcoming Zurich Innovation World Championship.

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