What’s the Most Underused Buzzword at ITI? | FF News at ITI 2024

At Insurtech Insights Europe we wanted to find out what people thought was the most overused and most underused buzzword at the conference.

It’s no surprise that a certain word is all the rage at tech conferences across the world right now. As we mentioned in our previous video, AI was all over the agenda at the conference.

But what might be more curious is what people feel is underused. In other words, what should we be talking about? We asked attendees and exhibitors at the conference, taking place at the InterContinental in London, what they thought.

It certainly didn’t go unnoticed that AI was getting talked about a lot. There’s both excitement about what it could do and concerns about how it’s implemented. Back in 2021, McKinsey published an article, highlighting how AI will come to impact the insurance industry by the year 2030. It suggested it would be defined by an explosion of data from connected devices, increased prevalence of physical robotics, open-source and data ecosystems, and advances in cognitive technologies, as well as changes in distribution and interface with the customer.

According to KPMG, when they surveyed industry leaders for their KPMG 2023 Insurance CEO Outlook, they found that 52% of respondents felt AI was the most important technology in helping them achieve their ambitions over the next three years.

And of course, AI is already being used in insurance. Many of the tech providers and startups at ITI will have been touting their solution as the latest to contain the technology. Swiss Re, who were also at the conference, with speakers on the agenda, explained how AI is already being used to automate repetitive tasks, generate insights from large complex data sets, and enhance parametric products and risk solutions.

There are also concerns about regulation and keeping it in check. Establishing trust and reliability was a concern recognised elsewhere too. In the KPMG report, over 72% of CEOs agree that AI should be regulated as rigorously as climate change commitments.

We can all agree that everyone is talking about it, and for good reason. But that can make it overused, and according to industry experts, there are a number of other areas that we could be talking about more.

In the video above, some of the items mentioned include the importance of trust, which is of course paramount in insurance. Building and maintaining trust is a multifaceted endeavor that involves everything from clear communication and fair practices to robust security measures and ethical decision-making.

A couple of people also mentioned embedded insurance, which is undoubtedly going to become more and more prevalent, as insurance is integrated seamlessly into other products and services.

Be sure to watch the rest of the video to find out what else our conference attendees said, and catch the rest of our coverage from conferences here.