My first time attending an Insurtech conference, and I couldn’t have asked for more. From the minute I stepped into the bustling room I could feel the buzz in the air, it felt like another reality with stands strewn across the ground floor in a club-like environment, flashing lights and smoke. Over the course of the two days spent there, I found myself engaged in conversations with individuals who identified a common foe in the insurance industry: spreadsheets..Spreadsheets have been the backbone of many insurance processes, from risk assessment down to claims management. Yet despite their normality, they have become synonymous with inefficiency, errors and frustrations. As I became more engaged with industry experts and innovators at the conference, it became increasingly clear that the reliance on spreadsheets was an issue continuously plaguing the industry.
One of the recurring themes in conversations made was the impact of spreadsheets on productivity and accuracy. Many hours spent inputting data manually, navigating complex formulas and troubleshooting errors. It was an agreement in unity that spreadsheets, whilst very familiar to everyone, were ill-equipped to handle the complexities in insurance operations.
One of the sessions I attended delved into emerging technologies, such as artificial intelligence, machine learning, blockchain among others and how they were reshaping traditional insurance models. From streamlined claims processing to personalised risk assessment, the future seems endless.
Another session focused on InsurTech startups. Entrepreneurs shared their own stories and experiences of resilience and adaptability and navigating the complex terrain of compliance and market volatility. The passion from each and every one to address real world insurance challenges was fascinating and made me proud to be a part of these solution(s).
However, amidst the excitement and optimism there were also discussions about challenges the industry faces (besides spreadsheets…). Cybersecurity emerged as a theme, with experts underlining the importance of robust data protection in an increasingly interconnected world, something which was once overlooked is now a fundamental necessity.
As the conference drew to a close over the two bustling days, I couldn’t help but feel excitement for the possibilities that lie ahead. The convergence of both insurance and technology is not a mere trend, but a seismic shift that is reshaping the industry itself. From improving operational efficiency to enhancing customer experiences, InsurTech has the potential to unlock new avenues of growth and innovation, and I’m proud to say that at distriBind we’re at the forefront - leading the charge.
As I stepped away back into my daily routine, I carried with me a sense of purpose and conviction that the future of insurance is bright and fuelled by the transformative power of technology.