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Wrap-up of InsureTech Connect conference in Las Vegas

Eucon was present at InsureTechConnect Sept 23-25, 2019 in Las Vegas, NV.  This is the world’s largest meeting of insurance industry leaders and technology innovators in InsurTech space globally. The conference, hosted by Oliver Wyman, brought together more than 7,000 attendees, including more than 600 CEOs, from over 60 countries for three days.

Wrap-up of InsureTech Connect conference in Las Vegas

Christopher Humphrey, Eucon Business Development Manager, Real Estate US, attended multiple innovation sessions where leaders from Allstate, MunichRE, Prudential, QBE, Zurich and many others drew direct comparisons between the significant improvements in banking driven by FinTechs with the improvements necessary in insurance. Fundamental improvements that reach beyond simple process efficiencies to the realization that true improvements are about solving problems for customers in advance of the customers realizing that problems exist.

InsureTech Connect     InsureTech Connect     

These improvements span the lifecycle from customer acquisition through retention and require a re-evaluation of the insurance business including processes and purpose. Insurance industry leaders spoke of their need to develop partnerships with InsurTech firms to deliver solutions that they [the insurers] are unable to do themselves – for a variety of reasons. Insurers understand the importance of integration within digital ecosystems and intelligent networks to meet evolving needs in a rapidly changing marketplace. Technology leaders, such as Loren Nickel, Director of Business Risk & Insurance, Google, said “The insurance industry needs more pioneers to make the insurance process better.”

Our three takeaways from the conference were:
  • #Partnerships bridging the gap with #Connectivity: The future is connected with customer centricity as a focus. The need to think and move within a connected ecosystem seamlessly are the challenges for the future.
  • #Centricity: If companies want to attract and retain their customers in the long term, they need to put them at the center of all their considerations and efforts today.
  • #Technology: Smart technologies such as RPA, Artificial Intelligence, machine learning and data analytics are opening up enormous potential for the intelligent automation of processes and improvement of customer experience.

Our presence shows our commitment to securing our role as a digital pioneer in data and process intelligence, a global leader, an innovator, and a solutions provider. With our AI-powered solutions, we are ideally positioned to meet the challenges of the insurance industry. We are excited to drive insurance innovation and follow up on the contacts we made.

Written by Eucon Group