Looking back: ITC Vegas 2023
As we look ahead to 2024, here is a quick recap of our experience at ITC Vegas 2023.
ITC 2023 in Las Vegas marked a distinct shift in networking dynamics, offering a unique blend of interactions with existing clients, partners, and newfound connections. While familiar technologies and solution providers were present, the influx of new companies and partners signaled the ongoing evolution and innovation within our industry. Here are key highlights from our three-day immersion:
Automation takes center stage
Throughout the event, the resounding theme was automation. Speakers, breakout sessions, and discussions emphasized the imperative to automate tasks and process management across the insurance industry. Technological advancements are enabling increased efficiency, error mitigation, and enhanced customer service. Carriers and providers are fervently pursuing strategies to “do more with less” by streamlining clunky manual workflows.
A significant portion of the insurance marketplace appears hesitant to embrace the rapid technological advancements, such as AI, Blockchain, and cloud digitization. Some are adopting a “wait and see” approach, while others cite financial constraints as a barrier to investing in a modern tech stack. Thought leaders unanimously emphasized the urgency to modernize, cautioning against waiting, as customer expectations are evolving rapidly. Within the next five years, failure to deliver a unique and differentiated experience may render companies obsolete.
The rise of AI
AI emerged as the dominant buzzword, featuring prominently in over half of the presentations and discussions. Despite its conceptual integration into various aspects of the insurance business, including underwriting, claims processing, customer service, and risk assessment, there is consensus that widespread adoption will require substantial development, modeling, and regulatory considerations. The prevailing sentiment is that the journey to adopt AI will be more prolonged than initial expectations suggest.