Insuretech is an industry on fire with no signs of slowing down. Global insuretech funding topped $3 billion in 2018, and has continued at a brisk pace in 2019 as well. New startups are consistently entering the space with innovative digital products and apps. Traditional insurers are also investing heavily in cutting-edge tech capabilities as they look to serve the modern customer and gain a competitive foothold.
Yes, the insuretech space is a cauldron of innovation, which is why we’re especially excited to attend this year’s InsureTech Connect conference later this month in Las Vegas. As one of the industry’s premier conferences, there’s bound to be no shortage of great discussion about the present and future of insurance technology. And with Billy Idol scheduled to perform the after-party, those who attend will be living a Charmed Life indeed.
With that in mind, here are 3 things we’re looking forward to at InsureTech Connect 2019:
The Internet of Things (IoT) has changed much of how we live our daily lives, as well as how insurance products are derived and delivered. Telematics can give auto insurers real-time data on how safe drivers are. And some life insurers are utilizing wearable technology to calculate discounts for customers who exercise regularly.
Several sessions at InsureTech Connect will cover the topic of connected devices, including how auto insurers can use APIs to work with data from connected homes and connected cars. There’s also a session on how telematics can provide better touchpoints with customers to make engagement less disruptive and more meaningful. We are keen to hear more on these topics.
Drones Used in Insurance Claims
Drones are for more than just flying in the park or for smuggling contraband into prisons. They are also used in the Property & Casualty insurance space, for reasons like inspecting home damage after a storm or hurricane. In fact, insurance companies already employ 17% of all commercial drones, according to one calculation.
We’re interested in sitting in on some of the topics around new regulation when it comes to use of drones, how drones can help adjusters be more productive and work more efficiently, and role they play in the overall digitization of the insurance landscape. It’s that drones will continue to play a key role in many different aspects of the insurance process.
Machine Learning’s Application in Insurance
You can’t go to any conference that deals even tangentially with technology and not hear about artificial intelligence. And with good reason; AI is transforming almost every industry, from banking to energy to healthcare. And insurance is no different.
AI is revolutionizing the underwriting experience. It is also being used to improve the customer experience and offer a more personalized digital experience, such as by powering chatbots that can pull a person’s geographic information or prior history. It is also being deployed to make for a faster claims settlement process, automating certain functions and reducing instances of fraud.
Once again, InsureTech Connect is shaping up to be a must-attend. And remember: what happens in Vegas doesn’t always stay in Vegas. Attendees will surely take much of the knowledge gained back with them as the insurance industry continues to evolve.