Scary and Exciting: Where Is Insurtech Going?

Changes in technology and data, in societal trends, and in behaviors open up amazing possibilities

The world is changing for insurers, for customers, and for the widening universe of companies connecting the two. Computer vision, conversational AI, robotics and drones, genomics, sensors, and blockchain, among others, continue to shake up this traditionally staid industry.  Where should we look for the most significant change?  Innovators are moving on from the low-hanging fruit and looking at the…

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InsureTech Connect 2017 Closing Thoughts: Five Emerging Themes

Notes from the Intersection of Technology and Risk

InsureTech Connect 2017, presented by Oliver Wyman, brought together over 3,500 leaders from startups, incumbents, investment firms, regulators, and more to project a radical vision of the future of the insurance industry and explore how we can work together to make that vision a reality. Over two days and across thousands of connections on stage, at the over one hundred-twenty…

Start With Solutions, Not Technologies

Innovation doesn't wow consumers unless it betters their lives

Incumbent insurers should pay more attention to identifying and solving customer problems than to the specific technologies that may serve that need—a theme that resonated on day two of InsureTech Connect 2017. “Humans don’t love technology. They love solutions that make life better. Sometimes technology becomes that,” said  Ring CEO James Siminoff. Finding the right solutions is the key challenge, however. Simple is better, especially when it…

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Drones, Leaks, Earthquakes, and Big Data. Oh My!

InsureTech Connect 2017 offers glimpse into vibrant intersection of technology and risk

Down one aisle is an interactive demonstration of Mobileye’s vision analysis and driver assistance systems.  Down another, a trailer from parametric coverage provider Jumpstart provides visitors with a simulated earthquake experience.  These are only two of the 127 companies set up in the ITC 2017 Innovation Center.  A walk through the exhibits gives a sense of the real buzz here,…

Informed Innovation, the AIG Way

"Loving" core problems - then solving them - with deep understanding is key to successful innovation

Understanding public perception of risk, getting actionable data, and finding solutions linked to real problems—-these are the challenges insurers are facing in today’s increasingly technology-driven world. Oliver Wyman’s Prashanth Gangu sat down with Rob Schimek, AIG’s executive vice president and CEO, Commercial, to discuss how leading insurers such as AIG are innovating in the face of changes like autonomous vehicles,…

The Age of Disruption Doesn’t Spare The Insurance Industry

Oliver Wyman partners predict widespread changes to hit the sector

Insurance products will look fundamentally different, existing roles within the industry will disappear and new ones will emerge, and the industrial logic within the sector will appear dramatically reshaped, predicted Oliver Wyman partners Matt Leonard and Prashanth Gangu at InsureTech Connect 2017 in Las Vegas. “We are in an age of disruption. Not just in Insurance. Look at the world…

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Riding The Waves Of Change

Although the pace of change varies by sector, it's coming and all will need to meet it

Fast or slow, change is coming to an industry that is unevenly prepared to meet it. This theme emerged from an idea-packed first day at InsureTech Connect 2017.  Meeting the challenges of innovations like drones, blockchain, AI, and increased use of APIs, was the key theme of the day, both from ITC 2017 Chairman Caribou Honig, who sees continued disruption in the sector, as well as Oliver Wyman’s Matt…

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Take The ITC Blockchain Challenge

The contest is contained in the attendee app for InsureTech Connect 2017

Oliver Wyman Labs has created the ITC Blockchain Challenge available within the attendee app for InsureTech Connect 2017. The challenge uses a private Etherium blockchain to allow ITC attendees to manage connections and check-in to locations and also enables them to learn about how blockchains work and the potential use cases in the insurance industry. At the end of every…

Honig Challenges Industry In InsureTech Connect 2017 Keynote

Kickoff shines spotlight on AI, blockchain, and key choices facing the industry

The insurance industry faces several tests over the next year, from blockchain moving beyond proof of concept, to artificial intelligence replacing the back office, to the insurance tech stack finally benefiting from APIs in the same manner as the rest of the financial services sector, QED Partners co-founder Caribou Honig told InsureTech Connect 2017 attendees in Tuesday’s keynote address. Sporting his signature fedora, Honig…

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InsureTech Connect 2017 To Trumpet Change And What’s Ahead

More than 50 workshops, panel discussions and fireside chats are on the agenda

  Attendees from more than 40 nations are expected to attend InsureTech Connect 2017 at Caesars Palace Hotel and Casino in Las Vegas from Oct. 2 to Oct 4, up considerably from the 30 represented last year. There will be more than 50 workshops, panel discussions, presentations and fireside chats over the three-day event. Among the CEOs participating in ITC2017…