Industry

4 Years of ITC – An Evolving Landscape

Disruption → Collaboration → Partnership → Implementation
By Rob Boyce Posted on October 3, 2019

The evolution of InsureTech Connect (ITC) is best described using four words: Disruption (2016), Collaboration (2017), Partnership (2018) and Implementation (2019).

Now in its fourth year, the InsureTech Connect Conference (ITC) in Las Vegas has more than quadrupled in size, growing from under 1,500 attendees in 2016 to more than 7,000 this year. Even more notable however, is the shift in conversation and evolving market dynamics we’ve seen during that time. Gone are the days of “disruption” and “disintermediation,” — at least in the commercial space. “The ship for disruption has sailed,” explained Jay Weintraub, CEO of InsureTech Connect, in a 2018 interview with Leader’s Edge, as incumbents and insurtechs alike are looking beyond industry siloes for meaningful partnership opportunities.

This year a maturing market was evident in the commercial brokerage space. Familiar faces combined with continuing conversations proved that this year’s ITC conference was building on a foundation established in previous years. While the industry has a long way to go, it’s clear that brokers and insurtechs alike are moving toward meaningful partnerships and opportunity.

However, the theme of this year’s conference was less about specific technology solutions and more about process and implementation. In order to leverage the technology readily available, one must promote a digital culture and incite change before reaping the benefits. “People ask me, ‘What is insurtech?’” said Caribou Honig, ITC co-founder. “I emphasize that it’s not about being a startup or incumbent, it’s not about age…it’s about culture—how a company solves problems.”

Rob Boyce Director, Market Intelligence & Insights Read More

More in Industry

Preparing for a Post COVID-19 Reality
Industry Preparing for a Post COVID-19 Reality
Sedgwick is spearheading efforts and initiatives to keep clients prepared for wh...
Sponsored By Sedgwick
Industry Resilience & Readiness Post COVID-19
2021 is sure to bring opportunities for growth and fresh new ways of doing busin...
Moving Beyond Talk
Industry Moving Beyond Talk
Integrating minority businesses into the insurance ecosystem is no easy task, bu...
Michael Murphy
Industry Michael Murphy
On what’s next for Donald Trump and the Republican Party, Biden’s cabinet pi...
Risk in a Test Tube
Industry Risk in a Test Tube
Lloyd’s has embarked on a controversial effort to introduc...
Full Steam Ahead
Industry Full Steam Ahead
Strong leaders reflect on the past to prepare for the future...