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Insurtech Trends Uncovered at ITC Vegas 2023

By 11.07.23
Reading time: 2 minutes

I had the privilege of attending ITC 2023 in Las Vegas last, gathering with insurance leaders, tech entrepreneurs, investors, and clients to learn about the latest insurtech trends and how technology is helping insurers navigate industry shifts. There was amazing networking, insightful thought leadership, new technology capabilities that can be leveraged to help insurers, and of course, everyone was talking about AI. Here are a few highlights I found interesting while in attendance. 

Automation is key! 

Speaking with many IT leaders in the insurance space, everyone is looking to automate. Automating tasks can provide numerous benefits, including increased efficiency, reduced errors, and improved customer service. I listened to a panel discuss a few considerations when determining where to automate and where to keep the human involved. As you look at your business, look for repetitive and routine processes such as data entry and document generation. This can save time and reduce the risk of human error.

I had the chance to share our SIF client success story in the partner theater at the Salesforce booth. This story is a great example of how using business flows and good user experience design can increase the efficiency of collecting the data needed for application processing. We utilized Salesforce for Industries solutions and focused on the data collection, product modeling, and rating engines within Salesforce to produce quotes in minutes instead of days or weeks. 

Salesforce also gave a very cool demo of how Salesforce Industries can leverage policyholder data in a flow with ACORD APIs to easily generate the appropriate ACORD forms. Once generated, these forms are easily accessible by producers to send to market, and the automation of opportunity creates more accurate pipeline visibility. I was able to capture the demo on my Salesforce for Insurance YouTube channel. Check it out!   

IT projects don’t fail, people do. 

While not a new concept, I thought this worth repeating. One of the session speakers took time to point out how important it is to understand your user base and their needs, and develop a change management plan to drive the adoption of new technology for the best results. Learn more about Silverline’s approach to Change Management and how it might help you on your next initiative. 

Is Insurance ready for AI?

Finally, AI was discussed as being increasingly utilized in the insurance industry to enhance various aspects of the business, including underwriting, claims processing, customer service, and risk assessment. I saw a couple of use cases that are interesting, including predictive analytics and customer service automations. The main topic around AI was that while it offers many advantages to the insurance industry, it also raises ethical and privacy concerns, such as data security and the potential for bias in AI algorithms. As a result, the adoption of AI in insurance is accompanied by the need for strict regulations and guidelines to ensure fair and responsible usage. Humans aren’t going anywhere anytime soon. 

Of course, no good conference goes without networking. Silverline and Salesforce teamed up to host insurance executives for a happy hour with an incredible view at the Foundation Room. Making connections and creating real relationships is a core value of Silverline. We partner with our clients and know it’s incredibly important to celebrate each other and recognize that we are all better together. Learn how our Insurance experts can help your organization.

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