Insurtech Insights 2024: The human side of insurtech 

As a research analyst and first-time attendee at Insurtech Insights USA (ITI), I was struck by the energy and vibrant atmosphere. The event blended seasoned insurance professionals with passionate insurtechs, all eager to explore the future of insurance.

If you have ever attended an insurance conference event, you would know there is always something happening between the diverse range of sessions, bustling vendor floor, and lively networking tables. While logos and banners dominated the event floor, the people were the true focus of ITI. The gathering boasted a wide range of professionals, each with a unique perspective of the insurance landscape. 

Many sessions dealt with pressing concerns we face today as an industry. Discussions addressed everything from claims processing to unlocking the potential of data. I saw high hopes for the potential of technologies to address these issues, with artificial intelligence (AI) emerging as the next frontier in insurance. It was clear that the industry is looking toward the future.

Walking the vendor floor painted a different perspective.

AI solutions were present, but the most interesting interactions came from vendors building into complex workflows with human-centric approaches. On-the-ground observation underscored a key message: technology’s effectiveness hinges on human collaboration and oversight.

A comprehensive approach

The theme was clear: technology alone isn’t enough. I enjoyed this analogy from a panelist in an underwriting session:

Insurance technology alone is akin to driving a Lamborghini through cow fields. It may be a powerful machine, but without a clear path and purpose, its potential remains unrealized.

This is further complicated by the fact that many legacy systems are not equipped to handle the advancements.

The industry needs a comprehensive approach that includes solutions, experts, and efficient processes. Collaboration and human touch remain essential to navigating the complexities of insurance. It’s people who can connect technology to real insurance needs, creating a future where insurance works seamlessly for everyone.

Overall, Insurtech Insights exceeded all of my expectations. It wasn’t just a glimpse into the future of insurance; it felt like an active participation in shaping it. In just two days, I met a plethora of incredible professionals and made connections that will last a lifetime. The event was a congregation of the best in the industry, all working toward a collective vision of better service, innovation, and protecting customers from risk.

At ReSource Pro, we’re constantly working to help our clients achieve these goals, combining technology with true insurance domain expertise. To learn more about how we’re helping organizations harness the power of technology while keeping humans at the center of it all, check out our digital solutions.