The world's largest insurance innovation event, InsureTech Connect (ITC) Vegas 2024 brought together the brightest minds and leaders in the insurance industry for three days of conversation and inspiration. With over 10,000 attendees walking the expansive showroom floor at the Mandalay Bay, you were sure to hit your step goal for the day hopping between booths, speaking sessions and networking areas.
In true Vegas fashion, the energy was high with an overwhelming focus and spotlight on AI, the keynote even joked this year’s show could have been called “AI-TC.” And just as I hit it big at the slot machines, the show delivered major wins for everyone and some key takeaways.
AI: A powerful advisor and catalyst for efficiency, growth
AI is rapidly transforming the insurance industry, but the conversations at ITC Vegas emphasized that it must be integrated strategically. Insurers are looking to AI to streamline internal processes, improve submission-to-quote times, and reduce administrative burdens on the back-office and their sales force. The key is using AI to advise and enhance human decision-making, rather than replace it - advise and guide, but not decide. AI-driven personalization, and predictive analytics are allowing insurers to offer tailored, data-backed solutions at scale, creating more meaningful interactions across the customer journey.
Insurers stressed the importance of having structured, trusted data to power AI models. AI’s potential to drive efficiency and reduce costs is significant, but it must be built on a foundation of flexibility, scalability, security, and compliance to succeed in the long run. As insurers invest in AI, they must ensure it complements human expertise, enhances customer relationships, and delivers value across the entire insurance technology stack.
Strategic partnerships fuel innovation
One of the strongest messages from ITC Vegas was the critical role that tech partnerships play in driving innovation. Insurers are increasingly turning to insurtech companies to help them reimagine their operations and customer interactions. With a large percentage of the insurance workforce retiring in the next few years, all their knowledge and experience is at risk of going with them. Insurtechs can close that knowledge gap, and automate processes so that your team can have the mindshare to focus on what matters most.
As digital transformation reshapes the industry, insurers are looking for partnerships that drive long-term value creation. Insurers are seeking partners who can help them unlearn outdated processes, redefine their brand stories, and build stronger relationships with clients. From improving operational efficiency to delivering superior customer experiences, partnerships with insurtechs continue to play a pivotal role in shaping the future of insurance.
Customer experience is the cornerstone of loyalty
In an industry where trust and transparency are paramount, creating exceptional customer experiences is essential for long-term growth. Panelists emphasized the need to build personalized, seamless customer journeys that reduce friction and add value at every touchpoint. AI and data analytics enable g insurers to offer hyper-tailored solutions that empower humans to do their best work. Technology should empower agents to provide better advice and deliver more personalized services, making it easier for customers to navigate complex insurance decisions.
Generational shifts are also influencing how insurers approach customer experience.Insurers are adopting tech that mirrors consumer experiences—think easy-to-use platforms like Amazon—and offers the transparency and simplicity that younger generations expect. The companies that can create a blend of tech-driven efficiency and human connection will be the ones that build lasting loyalty and differentiate themselves in an increasingly competitive market.
ITC Vegas 2024 reinforced that the future of insurance will be built on a foundation of innovation, adaptability, and strong partnerships. Insurers need to embrace new technologies, rethink customer experience, and find the right partners who align with their vision for the future. Flywire is a trusted partner in the insurance space offering comprehensive solutions for premium and billing collections that integrate seamlessly into your existing tech stack. Our focus on delivering value, improving efficiency, and enhancing the customer experience ensures that we’re well-positioned to help insurers adapt, grow, and ensure long-term success.