The insurance industry is on the move in the right direction.
That’s a wrap #ITCvegas! It was truly inspiring to witness over 10,000 tech entrepreneurs, investors and insurance industry executives descend on Las Vegas with a shared goal to seek partnerships and relationships grounded in a mutual desire to innovate and move forward.
Very much like the infamous Las Vegas strip, ITC2023 was loud with active insurance software discussions. The floor was filled with the bustle of purpose, bright with ideas, disruptive technology solutions and the energy of ambitious thought leaders vying for an audience to amplify a shared vision: the time is now!
Send spoke with many potential partners, investors, and clients about how the insurance software industry of tomorrow will continue to be grounded in the legacy of yesterday, but propelled forward on the back of innovative insurtech that is creating opportunities to differentiate and create competitive advantages to underwrite faster, among other things.
Several consistent themes emerged over the past few days that should make us feel good about the year ahead:
- The industry – not just pockets of it, but all of it – is eager and ready to embrace technology and digital transformation as a catalyst for growth.
- Macroeconomic conditions are key driving forces in the realization for the need to adapt, evolve and change.
- The investment community is a proactive partner in continuing to fund the advancement of innovation and development of a future state that benefits the entire insurance value chain, for brokers, carriers, MGAs, reinsurers and third-party partners.
- Change is a staged activity, one that is being planned for and activated and embraced – insurtechs need to recognize that engagements with forward-thinking organizations may start small, but every engagement has the potential to evolve to an enterprise-wide scope.
- Underwriting discipline and a strong mandate for growth need to work hand in hand in order to realize ROI.
- Culture and people are critical dependencies for technological advancement – this isn’t about replacing people but empowering them to do more.
Send is well-positioned to be a key player in the industry, with our workbench including over 60+ lines of cover with plans to include more than 100 by the end of 2024. The integration of workflow and process, and the ability to configure and deploy our platform in months vs years is turning the tide from a DIY-mindset to a more collaborative approach to leveraging technology partners and existing infrastructures as a means of accelerating growth timelines.
It’s not a question of ‘if’ the industry will change, it’s already started. Making the investments today that fuel the growth and competitive advantages of tomorrow are not an option for those who want to continue to succeed and provide value for their customers.
In an industry grounded in mitigating risk, the risk of not embracing that technology is underwriting future success is one of the most relevant milestones in the insurance industry’s history since the first ringing of the bell at Lloyd’s marking the safe passage of ships.