Our Top 3 Takeaways from ITC 2023
We’re back from another great year at ITC Vegas! ITC is one of our favorite events here at Boost - there’s always a lot of interesting discussions, and this year is no exception.
Here’s three big trends we saw this year, and our takeaways.
1. Most innovation focused on AI.
No surprise here - AI is everywhere this year, and insurance is no exception. AI-based innovations and services were heavily represented in the exhibit hall, with many providers aiming to enable smoother, faster processes. The trend wasn’t limited to a single segment - we saw options for full or partial automation across a broad range of insurance functions, including claims workflows, underwriting processes, support, policy issuance, risk management, contract interpretation, and more.
At the same time, most of the conversations weren’t focused on how AI could replace existing workflows, but on how it might streamline or augment them. The general sense was that the new era of AI is here, and it’s crucial to figure out how insurance can best leverage these new capabilities to not just do more, but do it faster and better.
It’s still early in the AI boom, and it remains to be seen how much of the hype translates into actual impact for the insurance industry. It’s clear from this year’s conference, however, that a lot of insurance-focused companies are betting big that the impact will be significant.
2. Timely data and intelligence are more vital than ever.
Obviously, access to accurate and relevant data is always important. But with current market conditions reducing the margin for error, it’s critical for insurance businesses to be able to make decisions based on the most complete, up-to-date information available.
It’s unsurprising, then, that data and business insights were a major theme at this year’s conference. We saw multiple panels - and multiple product offerings - centered around helping insurers more effectively gather and utilize data. That includes Boost; visitors to our booth could explore a live demo of our new Portfolio Insights product, which gives our (re)insurance partners anytime access to real-time performance data for any Boost programs that they support.
Getting access to the right data is only half the battle, however. The other half is using that data effectively. We also saw a lot of discussion around how insurers could get the most value out of the information available to them, including everything from how to best price products to how to evaluate risk by analyzing new data sources.
3. The industry is adapting to a changing world
The insurance industry has a reputation for being slow to respond to change, but you wouldn’t guess it from the conversations at ITC. Adaptation was a major theme of this year’s conference around a number of new developments, including:
Climate change and its impact on risk assessment, underwriting, and claims
Evolving technology and how it can shape workflows (and not just limited to AI)
Overall changes to work culture, and its effects on traditional benefits offerings
Generational preferences and how new marketing and sales approaches can better reach younger customers
A lot of change is in the air, and we can’t wait to see what develops from it by the time ITC 2024 rolls around.
Our thanks to everyone who stopped by the Boost booth to say hi, and we’re looking forward to seeing you all again next year!
Missed seeing Boost at ITC 2023? It’s never too late to connect with us online.