InsureTech Connect 2018: Why Now? For How Long? And Where To? - Insurance-Canada.ca - Where Insurance & Technology Meet
Home » News, Technology News » InsureTech Connect 2018: Why Now? For How Long? And Where To?
InsureTech Connect 2018: Why Now? For How Long? And Where To?
Boston, MA (Oct. 2, 2018) – There’s no doubt about it. InsureTech Connect has become the biggest and most influential tech event in the insurance industry. The entire ecosystem of insurance is well represented: insurers, InsurTech startups, incumbent tech companies, venture capitalists, industry associations, consultants – you name it. They are here. The event is a good representation of the InsurTech movement and industry transformation overall. Everyone in attendance is energized and senses that this is an industry in motion. After a long slumber, insurance is transforming big time. The questions are: Why is this happening and why now? How long will this continue? And most importantly, where will it all lead? I’ll tackle these questions one by one, writing this blog on the run in the midst of meetings, receptions, dinners, and the overall hectic pace of the event.
I am tempted to say forever – although not always the way it is today. The InsurTech movement, in its current form, is likely to continue for at least the next 2-3 years for one simple reason: there is still a lot of money set aside for InsurTech investment. And new funds seem to be announced every day. While it’s true that the big money is going to a small set of leaders, everyone is still keeping an eye open for that next wave of winners. The money, coupled with the impetus to transform, will fuel this movement for quite a while.
I do wish that I had a crystal ball. The possibilities are intriguing. One thing I am certain about is that this industry will look very different in 10 years, perhaps even in 5 years at the rate we are going. I am very optimistic that the industry will not only survive but will thrive, extending into new coverage areas and new services, playing a substantial role in evolving new ecosystems like smart homes/property, connected vehicles, smart healthcare, and more. Early examples include the revolution underway in marine insurance. Who would have guessed? Global shipping titan Maersk is at the center of multiple partnerships that are building solutions based on IoT, blockchain, and AI which collectively are poised to transform that entire line of business. I expect this story to be played out over and over in every line of business and in many forms.
Tags: InsureTech Connect, InsurTech, Mark Breading, Strategy Meets Action (SMA)