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Over the past few months, our team at Carbon Underwriting had the privilege of attending some of the most prominent insurtech events of the year: ITC DIA Europe, hosted in Amsterdam, and Insurtech Insights USA in New York. These global gatherings of the best and brightest minds in insurance offered us a unique opportunity to engage with industry leaders, showcase our innovations, and gain valuable insight into the evolving landscape of insurance technology.

Two weeks, two different continents, two major insurtech events. Read on and I’ll give you the two key takeaways that stood out to me as the team and I reflected on our experiences.

But first, the events themselves…

Insurtech Insights USA: A Hub of Innovation

At the start of June 2024, we participated in Insurtech Insights in New York, an event that brought together over 6,000 delegates from the insurtech community. The sheer scale and energy of this event highlighted the dynamic nature of our industry and underscored the importance of continuous innovation and collaboration.

ITC DIA Europe: Showcasing Graphene Studio

A week later, we presented at ITC DIA Europe, where we were thrilled to introduce Graphene Studio during a well-attended “show and tell” session. Graphene Studio is Carbon’s no-code solution designed to simplify data preparation and integrity checks. This is an innovation which has proven invaluable in speeding up bordereaux processing and improving quality and accuracy at Carbon. The positive feedback and interest we received were immensely encouraging, reaffirming our commitment to driving simplicity and efficiency in insurtech. You can read more about Graphene Studio here.

My Two Key Takeaways: Navigating the Future of Insurtech

1. Ecosystems, Not Workbenches

One of the most profound insights from these events was the importance of adopting an ecosystem approach, rather than imposing entire solutions onto existing models. By integrating technology gradually and where it’s most needed, we create a more flexible and less disruptive environment. Steve Jobs once said, “You have to start with the customer experience and work backwards to the technology.” This philosophy is crucial in our industry; focusing on enhancing the customer experience through an ecosystem approach ensures smoother transitions and better outcomes for everyone.

2. AI: Let’s Get the Basics Right First

While it’s obvious that generative AI models and LLMs hold immense potential, it’s essential to crystallise the value we aim to generate before promoting it as a universal solution. It’s not an off-the-shelf panacea for all our challenges. Sure, generative AI can significantly enhance our capabilities, but its benefits can only be fully realised if the solid foundations are set first. By prioritising fundamental value generation, we can pinpoint where advanced technologies like AI can truly add value in insurance, rather than being a solution in search of a problem.

Broader Perspectives: Learning from Other Industries

The insurance industry isn’t alone in grappling with legacy practices. Industries such as architecture and construction face similar challenges, and there’s so much we can learn from their approaches to innovation. By connecting insights across various sectors, we can uncover innovative solutions that might otherwise be overlooked.

The future of insurtech is brimming with possibilities, and it’s an exciting time to be part of this transformative journey. If you’re interested in discussing how we can navigate these changes and explore new opportunities together, I’d love to hear from you. Let’s connect and collaborate to shape the future of our industry.

If you’d like to chat further and learn about what we’re doing at Carbon, feel free to add me on LinkedIn or get in touch with the team on our contact us page. We’d love to chat.