Industry Trends
5 Minute Read
Published: July 18, 2024
By: Reid Holzworth
Industry Trends
5 Minute Read
Published: July 18, 2024
By: Reid Holzworth
On May 7, 2024, some of the most brilliant minds in insurance came together for Insurtech Boston, an event that has been a place for insurance industry professionals to connect since 2016. It is always amazing to get together and see what innovative startups are emerging and to discuss challenges and trends with new peers and familiar faces. This year, we had hundreds of attendees from across the industry, including venture capitalists, carriers, tech companies, agencies, associations, media professionals, and nine expert speakers, many of whom were co-founders and CEOs at insurtech companies. Our discussions ranged from AI and telematics to debunking insurance myths and the challenges of entrepreneurship.
A Catalyst for Connectivity
Like Insurtech Boston, Ivans is focused on connecting the insurance ecosystem, both with technology and in-person relationships. Connectivity is the lifeblood of innovation, and Ivans’ single network of solutions can connect you with new innovative tech, better partnerships and frictionless experiences. Ivans was formed over 40 years ago to solve the problem of connectivity, and the tech stack keeps getting better to help connect the industry across the entire lifecycle of a policy. From automating book rolls to connecting with your clients and partners and unlocking new insights to help you make better choices, there are more opportunities than ever to connect in the industry. At events like Insurtech Boston, we have the opportunity to build on these connections to continue to be the place that brings the insurance ecosystem together.
From the get-go, Insurtech Boston has served as a kaleidoscope of the industry's vibrant future. Each session at this year’s event painted part of a larger picture: an ecosystem packed with potential, driven by individuals and organizations ready to challenge the status quo. Let’s take a look at some of the expert-led topics we covered.
One of the standout sessions from Insurtech Boston '24 was led by Leandro DalleMule, General Manager at Planck. He highlighted the evolving role of generative AI in the insurance industry, from automating mundane tasks to revolutionizing claims processes and fraud detection. However, he also cautioned about the inherent risks associated with AI technology, stressing the importance of using it in a "safe, controlled manner."
Jennifer Linton's session was a candid exploration of the entrepreneurial spirit that fuels our industry. Through her journey with Fenris Digital, she shared the highs and lows of startup life, reminding us that behind every innovation lies a story of resilience, adaptation, and, most importantly, the courage to pursue one's vision.
Matt Fiorentino, VP of Marketing at Cambridge Mobile Telematics, discussed the pressing issue of distracted driving. He pointed out that a staggering 73% of individuals confess to using their phones while driving, with 24% of Americans admitting to browsing Instagram behind the wheel. Despite these alarming statistics, there is a silver lining — distracted driving has seen a six-second reduction from 2022 to 2023. While seemingly minor, every second of undivided attention on the road substantially decreases the risk of accidents. Matt's message is clear and hopeful: engagement in usage-based insurance programs has a profound effect on driving behavior.
Henriette Fleischmann, co-founder and CEO of Hosta A.I., talked about the intersection between the physical and virtual realms. In the wake of COVID-19, Henriette’s venture into spatial AI has revolutionized the way property damage assessments are conducted. Hosta A.I. offers a streamlined, efficient solution by enabling property owners to directly submit photos of damage via a link provided by their insurance carriers. Through advanced image analysis, the platform generates preliminary estimates, allowing claims adjusters to expedite the settlement process.
The conversation around technology in insurance would have been incomplete without addressing the role of advocacy and education. Heather Kramer, COO of the Massachusetts Association of Insurance Agents (MAIA), championed the cause of connecting independent insurance agents with the latest technological innovations. Representing over 1,100 agencies and more than 9,000 employees, MAIA's mission is to enhance the capabilities of insurance agents across Massachusetts through advocacy, market access, marketing, education, and technical insights.
In a thought-provoking segment, Kate Terry, CEO of Surround Insurance, challenged prevailing myths surrounding insurance success. Her insights revolved around five untold truths. Kate’s perspective invites us to reconsider our approach to business and life, emphasizing the importance of humanizing technology and cultivating wisdom and compassion in our practices.
I want to thank all Insurtech Boston speakers and sponsors for bringing the industry together and all the stakeholders who have made efforts to help us better connect the industry. If you're a startup looking to help connect the industry, please reach out to us. We're eager to feature more startups that are stepping up to share their perspectives as we come together to strengthen the insurance ecosystem.
If you missed Insurtech Boston in person, check out the Connecting the Insurance Ecosystem report, which captures snippets of these conversations and how tech can help bridge the disconnect. It's my hope that this report provides you with meaningful insights that will inspire continued collaboration as we work to strengthen the insurance ecosystem together.
Chief Executive Officer
Reid Holzworth leads Ivans’ strategic direction. He is a prominent insurance leader with extensive experience in broker and carrier distribution. He was the founder and CEO of TechCanary, an InsurTech leader Applied Systems acquired in 2019, and hosts The Insurance Technology podcast.
