Insights from InsureTech Connect
What sets ITC apart from other conferences?
ITC is the largest gathering of what is interesting, new, and exciting in insurance. It is the convergence of start-ups and insurtechs alongside traditional insurance companies. No other conference showcases emerging tech and trends to the degree ITC does, so much so that nearly 10,000 people attend, with some companies sending up to 100 of their people to the conference each year. Hundreds of carriers also attend it; even smaller, mutual, and mid-market carriers send at least one or two people. Many CEOs also attend to stay on top of the latest trends and technology.
What are the main challenges of the insurtech industry, and how can GB help address these challenges?
My Carrier Practice colleagues and I love attending ITC because it aligns with many of the solutions we offer to some of the most critical challenges that carriers face, including “tech debt.” Understandably, carriers want to keep pace with the latest technology but may owe a “tech debt” whereby an outdated system can no longer integrate with newer technology but bridging the gap may prove to be cost-prohibitive.
While many carriers may feel restricted by an outdated system, they need not be when partnering with GB. For example, at the First Notice of Loss (FNOL) stage of the customer claims experience, carriers often face significant challenges when it comes to their process for accepting claims. Partnering with GB means carriers have access to our claims management process. This process includes an app and web portal, which can be white-labeled, for insureds to easily submit their claims while also supported by more traditional means of claims submissions, such as phone, email, and fax. While none of these approaches are particularly novel, many customers find them better than the system they had in place.
What topics did you find interesting in your conversations with fellow attendees?
There are endless opportunities for valuable conversations with attendees. There is a wealth of knowledge in the room, and everyone is on the lookout for insights they can bring back for the betterment of their company, making it the perfect setting to foster productive discussions.
I had an interesting conversation about “tech debt” and pain points around FNOL with a representative from a super-regional carrier. Many carriers were desperate for a solution to FNOL-related challenges and, accordingly, this was a popular topic at ITC. It was interesting to hear about the pain points from this representative’s perspective, and he was happy to hear how GB was helping partners overcome these, which is something we will now explore for the super-regional carrier’s workers' compensation program.
We also discussed the options they and many other carriers were looking for in terms of no-code or low-code solutions and ones that embrace the Internet of Things and telematics. It was valuable to talk about GB’s Waypoint and Treatment Quality Index (TQI) tools, for example, and how they enable carriers to access the latest technology through partnership with GB without having to contemplate their “tech debt.”
In particular, what sessions stood out to you as timely and important for carriers?
There were several great sessions, but in my view, the keynote with Jeff Dailey, CEO of Farmers, on “creating a culture that innovates for today and tomorrow” was the best. It stood out because he discussed companies embracing the unknown and looking for opportunities to do something different. This is something we firmly believe in applying at GB to ensure the continued success of our partners.
Then, of course, the session I presented on “optimizing your avenue in insurance—7 lucky career tips.” It was energizing to be able to speak with such an engaged audience on how our industry can take a leading position on navigating all the career and talent challenges we’ve seen over the last few years.
Let’s connect to find out how GB can help you overcome your “tech debt” and other pain points.
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