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

Risk Thinking in an Unstable World
Industry Risk Thinking in an Unstable World
Businesses are being asked to measure their financial risk of climate-related ch...
Industry To Function or Not to Function?
The Council's government affairs team has a full plate on Capitol Hill in 2020.
Tackling Climate Change: A View from The Hill
Industry Tackling Climate Change: A View from The Hill
Q&A with Congressman Sean Casten of Illinois.
A Cautionary Tale
Industry A Cautionary Tale
Oscar Wilde said he could resist anything but temptation. Veteran Leader’s Edg...
Aiming High in 2020
Industry Aiming High in 2020
As the new chairman of The Council, I want to reinforce our ...
Day of Reckoning
Industry Day of Reckoning
For Lloyd’s, reinvention is now—or maybe never.