Our Top 3 Takeaways from ITC 2023

Insurance Industry

All Tags

Insurance Industry

By The Boost Team on Nov 13, 2023

2 min read

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.

Explore Popular Categories

Boost News Insurance 101 Insurance Infrastructure New Product Development White-Label Insurance

Explore Popular Tags

Business Owners Insurance Captive-as-a-Service Crypto Insurance Cyber Insurance Data in Insurance Embedded Insurance Employee Spotlight Growing Your Business Guides Insurance Industry Management Liability Insurance Parental Leave Insurance Pet Insurance Reinsurance Why Boost

Share this Article

The top 3 takeaways from our embedded insurance consumer survey

Embedded Insurance Survey Results: What We Learned From Consumers

Feb 3, 2023

You may have heard that embedded insurance is a big opportunity to grow your business, but are your customers actually interested? We wanted to get the story straight from the source, and so in Q4 2022 Boost surveyed 650+ US consumers. We asked about their experiences with insurance, how they felt about their current insurance options, and what mattered most in their insurance purchases. Here are the top 3 things that we learned from our consumer insurance survey results. [See Full Size] In our insurance survey, a whopping 73% of consumers had either already bought insurance from a non-insurance brand, or would be interested in doing so. While price was mentioned most often, other reasons included brand loyalty and convenience. Trust was another important factor. 62% of respondents were interested in buying financial products from a trusted brand, rather than a bank. For millennials, the number went up to 95%. First movers might have an advantage here as well. 20% of our respondents had never been offered financial products from a retail brand - but they liked the idea. All this is promising news for companies outside the traditional insurance sphere who are looking to build revenue and customer loyalty with embedded insurance. If you can deliver the product and experience consumers are looking for, the appetite is there. It’s hardly a secret that convenience is crucial to customer experience in the digital age, so it comes as no surprise that it was important to our respondents. 59% told us that they’d be more likely to buy insurance if it were offered digitally, as part of a related transaction. Younger consumers were more likely to be enthusiastic about digital insurance: nearly 70% of respondents aged 18-29 were interested in buying insurance directly through a transaction on a retail website. For half of our respondents, embedded insurance wasn’t a novel idea. 50% had already bought embedded insurance at least once, at the point of sale in a related transaction. For many consumers, insurance is a long-term purchase. 68% of our survey respondents told us they’d had the same insurance provider for at least two years, and 10% had had the same provider for more than five years. For retailers, insurance could also be an overall boost to retention. 62% of respondents said that when a retailer offered protect-your-purchase options, they were more likely to be repeat customers. Learn more about offering embedded insurance in our free guide, or contact us to get started.

Get the Guide: Growing Your Revenue with Embedded Pet Insurance

Jan 12, 2022

It’s a great time to get into the pet insurance market. In fact, more than 70% of American households now own at least one pet, and with the rising cost of vet care, those households are more and more likely to insure their pets’ health. For businesses that serve pet owners, offering embedded insurance is a significant opportunity to grow their revenue and deepen relationships with their customers. At the same time, for most pet-related companies, insurance is a whole new line of business outside their core expertise. The opportunity is there, but it can be hard to know how to get started in the pet insurance market. Partnering with Boost can make it easy to get underway! Download The 2022 Guide to Growing Your Revenue with Embedded Pet Insurance, and learn everything you need to know to get your business started with pet health insurance: Learn how pet health insurance works and what coverages are most commonly available, and explore the use cases that make pet insurance valuable to your customers. Learn which types of businesses have the best opportunity for offering white-label pet insurance, along with what it takes to actually get started (spoiler: less time than you’d think). Learn how to reach your customers with your new insurance offering, using the knowledge you already have about their preferences and buying habits for their pets. The 2022 Guide to Growing Your Revenue with Embedded Pet Insurance is free to download HERE. And as always, if you have any questions about our pet health insurance product or anything else, our team is here to help.

Introducing The New Boost Brand

Nov 9, 2022

It’s an exciting day for Boost: today we’re officially launching our new brand identity, and a shiny new website to go along with it. When we started Boost in 2017, we had one big goal: to drive innovation in the insurance industry. The insurance market is highly regulated, inefficient, technologically underdeveloped and traditionally dominated by a handful of large players, who haven’t had much incentive to change with the times. This added up to an environment that made it very difficult for new players to get modern ideas to get off the ground - which is why buying insurance was still a painful, largely offline process, with often-outdated products. We built Boost to change that. Our mission is to make the insurance industry accessible to innovators by providing the compliance, capital, and technology infrastructure they need to offer modern protection to their customers. We wanted to make it easier for new players to get to market, and to make insurance work better for everyone - the people buying it, and the people offering it. Five years later, it’s been a wild ride. We’ve built an API-based platform that enables any company to offer branded, digital insurance through their website or app, powered by one of the most advanced policy administration systems in the industry. We’ve launched a suite of first-of-their-kind insurance products like parental leave insurance, crypto wallet insurance, and management liability insurance designed for startups, as well as launching improved, more customer-centric versions of established products like business owners insurance for small businesses, cyber insurance and pet health insurance. Since Boost’s inception, we’ve powered more than 40 insurance innovators as they’ve improved the insurance buying process. I couldn’t be more proud of what we’ve accomplished. But we’re nowhere close to finished. Boost’s overall vision for the insurance industry is much bigger than where we are today: we’re building the insurance market for the modern world. Our vision is to democratize the industry through technology and innovation so everyone can have access to the protection they need, when they need it. To tackle that vision, we’ve grown a lot as a company - and it’s time for our brand to grow, too. The updated Boost brand better reflects who we are now: a bold, modern, tech-forward leader in the insurance space. It allows us to tell our story in a way that’s easier to understand, and gives us room to scale as we continue moving forward. The central element in our new brand identity is one you’ll hear us talk about often - the idea of the platform. Boost delivers more than just robust tech infrastructure, white-labeled insurance products or access to risk capital through our managed reinsurance facility (though we have those too). With Boost, you get an end-to-end platform comprising every layer of the embedded insurance value chain, all in one turnkey solution. The platform is what gives our customers the tools to scale their insurance programs and build long-term, profitable lines of business, and that’s why we made it the cornerstone of our brand. Alongside our new brand identity, we’re also excited to unveil the all-new Boost website. Our new online home isn’t just prettier to look at - it’s also packed with more information about what we offer, and more ways to connect with us. Boost has come a long way since the beginning, and I look forward to the next steps we take on our journey. Much more to come!