March 29, 2019
Insurance powered by Innovations. Global InsurTech Summit in London – First Hand Impressions
The Global InsurTech Summit in London proved to be one of the brightest events that gathered tech innovators, investors and insurance providers who are driving the digital revolution. As a careful innovations follower and implementer, we at CoreValue would never miss an event of such scale.
The 3-day conference, hosted by FinTech Global and AltAssets took place in London on March 4-6th, 2019, and assembled the industry’s professionals to identify and explore how tech is paving the way to transforming insurance and identifying the future of Insurance in a digital world.
According to organizers, FinTech Global, the Summit received overwhelmingly positive feedback from delegates, sponsors, exhibitors and speakers. Over the three days they welcomed 794 senior-level insurance executives, advisors and innovators, resulting in hundreds of productive meetings. Nearly a hundred industry leaders went on stage to share their vision of the future of the insurance market.
Gavin Fletcher, Head of Emerging Technology at CoreValue, attended the Summit and made the following observations: ‘FinTech Global did a great job of hosting the InsurTech Summit. The blend of delegates included insurance industry peers, Insurtech startups and scalesups, and investors and technology partners. The Summit agenda clearly focused on topics that are relevant and how technology is affecting Insurance today, but also balanced it with the views of experts, with respect to the future of the industry.’
The Summit was packed with engaging speeches, informative presentations and panel discussions that were great opportunities to connect with the most senior individuals in the insurance arena. They addressed the current concerns of further insurance model evolvement by harnessing the innovation, competition and regulations environments. A complicated issue, with a simple message to the industry, is that building partnerships between insurance and tech innovation companies is the feasible way forward for the industry. Insurtech is taking a solid position in becoming an enabler of the modern customer-driven environment and saving insurers a lot of hassle.
Richard Sachar, Director at FinTech Global shared, ‘We have built our relationships with major insurance companies and technology investors over the last 19 years. As a result, we are privileged to receive the support and participation of hundreds of board-level industry leaders at our events. The opening panel discussing the Insurance Leaders’ Perspective received the biggest audience. It offered a balanced perspective from two energetic company founders (Sam White, Pukka Insurance and Tim Attia, Slice Labs) along with industry heavyweights – Neville Koopowittz, CEO of Vitality, Bernie Hickam, CEO of Legal & General Insurance and Pravina Ladva, CTO of Swiss Re. Additionally, the demo sessions were fully packed due to the fact we are able to invite senior insurance executives who are actively looking for potential suppliers, partners and investments.’
Gavin Fletcher further added, ‘It was great to meet with a number of the most influential brands in the Insurance market that are adopting new data-driven technology solutions to improve the customer experience and drive operational efficiencies, in what is regarded as one of the more traditional industries. It was also refreshing to see disruptive startups such as Wrisk responding to the changes in the market needs with their technology powered products and it was inspiring to see how artificial intelligence and blockchain are being utilized by scaleups, such as TruePic, to rid us all of inflated premiums caused by fraud.‘
The Summit was another successful step towards helping the insurers as well as technology providers to build even deeper awareness that the insurance value chain is ready for innovations.
As Gavin Fletcher noted, ‘It will take some time for some traditional insurers to adopt new tech, but the eco-system now allows for technology partners and startups to connect and collaborate, allowing them to capitalize on the benefits of new technology and the availability of data offers.’
Richard Sachar commented, ‘We are keen to promote InsurTech innovation and connect innovative solutions providers with potential buyers. The Global InsurTech Summit is our headline initiative but during the year we organize private senior-level roundtables, webinars and showcase the leading innovators in our annual InsurTech 100 list.’
Photo credit: FinTech Global