We all know the saying, “what happens in Vegas, stays in Vegas”, but what if what happened was that we witnessed the InsureTech industry go from burgeoning to a force to be reckoned with? I think that means we can put the old saying aside and share with you some of what we witnessed last week at InsureTech Connect.
We had a team of 8 people attending the 3 day event and although we had a hugely successful week meeting everyone from potential clients, to strategic investors, to industry partners, I wanted to share with you some of our more general takeaways.
- InsureTech is the next big industry. Go back one to two years and “InsureTech” was seen by most as a relatively young space, often characterized as a subset of FinTech. But it’s clear now that it’s standing on its own two feet and we’re even seeing sub-industries emerge like LifeTech, focused solely on the Life Insurance industry.
- A lot of money will be invested in InsureTech startups in the next few years. There were a lot of investors in the crowd, and what was particularly apparent was that most major carriers had set up strategic investing arms and they were out in full force.
- There was a spirit of collaboration in the air. We met with dozens of startups who in a different scenario could have been seen as competitors but instead were interested in collaborating in order to provide a value add to either their clients or ours. It’s clear that no one startup can solve all problems and a lot of companies were there looking to collaborate.
- While FinTech took about a decade to come to maturity, it paved the way for InsureTech and because of this everything will move much faster. The industry can sense change and everyone we spoke to last week is ready and willing to jump on the bandwagon. We even met people from the financial sector who aren’t in insurance but they witnessed what happened with FinTech and they were at ITC to figure out how to get in on the InsureTech revolution. Further proof is in the fact that in just a few short years ITC has gone from a few hundred attendees to over 7000 attendees with 600 of those being CEOs from across the industry.
Next up, we’ll be at the LIMRA Annual Conference in Boston. Looking forward to seeing you there!