ITC Vegas 2024 - Veni, Vidi, Vici

7+ years ago I somehow found myself working in the emerging industry of insurance technology (InsurTech) and quickly realized the wide-ranging positive impact this merger of industries could have on every organization and person on the planet.

Since I started, one conference has consistently stood as the beacon of innovation, creativity, passion, and knowledge – InsureTech Connect. This year, I was fortunate to make my first attendance. Here are my key observations and takeaways:

1. Technology Integration is No Longer Optional
   • AI and InsurTech are fundamentally transforming insurance operations, from underwriting to claims
   • The focus must be on practical value creation rather than hype (don’t chase buzzowrds!)
   • Companies need to modernize or risk falling behind, but implementation should be strategic and measured
2. Industry Structure is Evolving Rapidly
   • Consolidation and private equity are driving vertical integration
   • Distribution models are shifting from fragmented to integrated platforms
   • Traditional roles (especially underwriting) are being redefined by technology and market changes
3. Success Requires Balanced Implementation
   • Start small with clear ROI focus and build on quick wins
   • Ensure proper data foundation and system integration
   • Leadership must understand and drive change while avoiding common pitfalls like chasing technology without clear business value