This week, our team from The Bridge International & CXO2 had the opportunity to attend the InsureTech Connect (ITC) Conference in Las Vegas – the world’s largest gathering of insurance innovators
Day one of ITC was nothing short of insightful. Our team had the chance to hear from some of the leading voices in the industry, and several key themes have emerged. Here are some highlights from Day 1 discussions:
1. Climate Change: The Growing Challenge of Severe Weather Events
One of the most striking statistics shared on Day 1 was the staggering impact of Hurricane Milton. The storm affected millions, leading to tragic loss of life and causing insured losses that are projected to reach up to $60 billion USD – not even accounting for the uninsured losses. With the frequency and severity of weather events continuing to rise, the challenge for insurers to respond and adapt has never been more urgent. The need to innovate and deliver timely, responsive solutions for both customers and communities is clear.
2. The Role of AI: Opportunities and Challenges
AI was a dominant topic throughout the day, integrated into almost every conversation. The potential for AI in insurance is vast, from enhancing operational efficiency to revolutionising customer experiences. However, it’s also evident that AI is still in its early stages of maturity in the insurance world. There’s a steep learning curve, particularly around identifying and preventing fraud. The challenge for insurers now is to harness AI’s potential while staying alert to the risks.
3. Talent: Fostering the Human Side of Insurance
It was refreshing to see a strong focus on people – the humans behind the technology. There was considerable empathy for the challenges faced by frontline staff, from onboarding into an industry as complex as insurance to managing the delicate balance of trust with customers who often feel wary of the small print. Nurturing and investing in talent emerged as a key priority, highlighting the need for supportive environments that help employees thrive.
4. Turning Tough Relationships into Positive Outcomes
One of the most memorable sessions on Day 1 was led by Bryan Falchuk, who spoke about transforming difficult relationships into positive ones, particularly in claims. His insights resonated deeply, especially his view that people are inherently happiness-seeking. By understanding what drives happiness for both ourselves and others, we can tap into that energy to create better outcomes in any situation – a philosophy that has powerful applications in the often-sensitive world of insurance claims.
Overall, it’s been an inspiring start to ITC 2024. We’re looking forward to more engaging sessions and continuing the conversation on how we can push the boundaries of insurance innovation to better serve our customers and communities in these changing times.
Stay tuned for more updates from ITC Vegas!
CXO2 is a dedicated team of customer-obsessed practitioners who, with over 100 years’ combined experience, work side-by-side with business leaders on all aspects of CX transformation. The team understands that where CX happens, is not where it starts. It starts in the boardroom, with strategy and with culture. From customer strategy to execution, operational health checks, journey design, channel optimisation, and culture and capability, CXO2 was created to “breathe new life into customer experience.”
For more on CXO2, please visit: www.cxo2.com.au
For further information please contact Mitisha Paleja, CXO2 - mitisha@cxo2.com.au or +61 483 829 707.
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