During one of the sessions, a panelist joked that it only took 15 minutes for the topic to turn to AI. While AI has dominated the discourse as of late, at its core, ITC Vegas 2024 was about relationships. 

From sessions focused on AI integration and customer experience to discussions about data utilization and cybersecurity, it was clear that while the pace of innovation is accelerating, relationships remain the driving force behind the insurance industry’s success.

Here’s a look at the major themes that emerged from the insurance industry’s biggest event.

AI integration: The innovation everyone is talking about

It didn’t take long for AI to dominate the conversation, and it’s no surprise why. From underwriting to customer experience, AI’s role in transforming the insurance sector was front and center. 

In sessions like Underwriting Reinvented: Embracing Innovation for Smarter Risk Assessment, we heard about the potential of AI and machine learning to revolutionize risk assessment by improving accuracy and efficiency.

This focus on AI had already been set earlier in the day by Zack Kass, former head of GTM at OpenAI. In his opening keynote, he emphasized that businesses need to prepare for “tremendous change” driven by AI and emerging technologies, outlining four actions every company should be taking:

1. Prepare for tremendous change.
2. Embrace adaptability as a strategy.
3. Learn how to learn.
4. Optimize for humanistic qualities.

These principles were echoed throughout many of the sessions, particularly in discussions around using AI to create more efficient workflows, streamline processes, and enhance customer experience.

As Dan Latimore of The Financial Revolutionist remarked, “Not surprisingly, AI was front and center at the show. Our research at Most Impactful has shown that insurance as an industry is ahead of banking in its announced use of AI today, with more smaller insurers committing to at least experiment with the technology relative to the smaller banks.” This further solidified ITC’s role as a showcase for the insurance industry’s proactive stance on AI adoption.

Enhancing customer experience: Where innovation meets people

Innovation in insurtech isn’t just about automation and AI — it’s about improving the customer experience. At ITC 2024, there was an emphasis on making interactions more personalized and streamlined for policyholders. Whether it was through AI-powered platforms or leveraging data to tailor customer experiences, insurtech is bringing significant changes to how insurance companies interact with their customers.

A standout session, Insurtech Integration: Innovating Distribution Channels for Competitive Edge, focused on how the insurance industry is finding new ways to reach and serve customers. The panel explored how innovative distribution models can help insurers stay competitive, especially by leveraging tech-driven solutions to deliver more seamless and personalized services. Companies are now looking at ways to optimize the entire customer journey — from acquiring policies to handling claims — using data and technology to make interactions more meaningful.

But beyond tech, it was clear that the customer experience is inherently tied to relationships. Insurtech may be the enabler, but the relationships among brokers, agents, and policyholders remain essential for long-term success.

Relationship building: The true heart of ITC

Insurance is fundamentally a relationship-driven industry, a sentiment echoed by many attendees at ITC Vegas 2024. From networking events to discussions with agents, brokers and industry leaders, the value of personal connections was highlighted time and time again.

As part of this relationship-centered atmosphere, Caliber ran the media room at ITC, facilitating impactful interactions. Caliber COO Kristie Galvani also moderated the Breaking News panel, where several companies made live announcements, bringing an exciting, real-time element to the event and showcasing the power of PR in amplifying industry news. 

Not only did these in-person connections create valuable opportunities for engagement, fostering professional relationships and open dialogues between industry experts and the media. They also afforded our team a unique opportunity to get to know reporters on a more personal level. After all, good media relations means knowing not just what is relevant and newsworthy, but also how to make reporters’ jobs easier.

Data utilization and cybersecurity: Balancing innovation with responsibility

Data was another major topic at ITC Vegas 2024. Everyone seems to be collecting vast amounts of data, but one question kept surfacing: “What problem are you solving with that data?” 

In the session From Information to Intelligence: Maximizing Data Value for Effective Risk Management, a key takeaway was that data collection alone isn’t enough — it’s equally vital to understand how to process it and why. Data is only as valuable as the insights it generates, and those insights depend on asking the right questions.

Another key focus was cybersecurity, particularly as insurers handle increasing amounts of sensitive customer information. As the volume of data grows, so do the risks of cyber threats, making protection a top priority for the industry. In response, several sessions explored strategies to bolster cybersecurity measures, highlighting the importance of building trust with customers by ensuring their data remains secure.

Keynote highlights: Adaptability and perseverance

The keynote speeches at ITC 2024 left lasting impressions. Zack Kass’ focus on adaptability was a call to action for the insurance industry to continue learning and evolving, embracing the future rather than shying away from change.

Astronaut Scott Kelly’s keynote, on the other hand, was a reminder of the power of perseverance. He shared an inspiring quote that resonated with many: “You can have a goal you don’t think you can achieve, just keep trying.” His message underscored the importance of tenacity and pushing boundaries, a sentiment that fits well within the innovation-driven theme of ITC Vegas 2024.

Industry implications: The future of insurance

The key themes from ITC Vegas 2024 — AI, customer experience, relationships, data and cybersecurity — have far-reaching implications for the insurance industry. As AI continues to evolve, it will undoubtedly streamline processes and enhance customer interactions. However, at the heart of these innovations are relationships and trust, which remain the bedrock of the insurance business.

Moving forward, insurance companies will need to embrace new technologies while continuing to prioritize personal connections with their customers, brokers and partners. Success in the industry will be determined not just by technological advances, but by the relationships that enable those advances to thrive.

Shaping the future: Where innovation meets connection

ITC Vegas 2024 served as a powerful reminder that while technology may be pushing the insurance industry forward, relationships remain the key to long-term success. Whether it’s leveraging AI to enhance customer service or building trust through in-person interactions, the convergence of innovation and human connection will ultimately shape the future of insurance.

Want to stand out in the increasingly dynamic insurance industry? Caliber has a presence at many industry conferences and continues to share insights. Follow us on LinkedIn and X for updates, using the hashtag #CaliberConnect, or schedule an appointment to discuss how Caliber can help you grow through powerful storytelling.