ITC Vegas, day 3

November 2, 2023 7:08 PM

The exhibit hall at ITC Vegas in 2023 — The exhibit hall at ITC Vegas on Nov. 1, 2023.

Michael Shashoua, senior editor of Digital Insurance, reported on developments from ITC Vegas Oct. 31-Nov. 2, 2023.

Heather Wilson and Tyler Jones of Clara Analytics — Heather Wilson, CEO, and Tyler Jones, chief marketing officer, Clara Analytics.

The profession of insurance adjuster is rapidly changing with technology advances, according to Heather Wilson, CEO, and Tyler Jones, chief marketing officer, Clara Analytics.

As nuclear verdicts have created a climate of "legal 'Moneyball'," they said in an interview at ITC Vegas, the demands for the "human in the loop" are changing.

"When the models are detecting you don't have enough reserve, or are seeing litigation, technology allows a claims supervisor to come in and help," Wilson said. Natural language processing and large language models (LLMs) will pull out key elements from a claim that an adjuster might not spot, and bring it to their attention for action, Wilson and Jones added.

Ted Epps of EY — Ted Epps, life insurance technology leader, EY.

In life insurance, many companies are still "sitting on systems from the 1960s, '70s and '80s," said Ted Epps, life technology and group alliance leader at EY, in an interview at ITC Vegas. This leaves life insurers seeking ways to support and manage new technologies, he added.

Caribou Honig, founder of ITC Vegas, speaks at the event in 2023 — Caribou Honig, founder of ITC Vegas and a partner at venture capital firm SemperVirens, speaking at Tokio Marine Day on Nov. 2, 2023.

Caribou Honig, the founder of ITC Vegas and a partner at venture capital firm SemperVirens, spoke at Tokio Marine Day, an annual event including technology pitches, at ITC Vegas, Nov. 2.

Insurtech, Honig said, isn't moving toward direct-to-consumer. "It remains B2B2C. Historically, the middle B is the broker," he said. "But now the middle B is becoming a business or a bank, enabled by APIs."

The audience at Tokio Marine Day, according to Robert Pick, deputy chief IT officer, Tokio Marine Holdings, included 85 insurtechs ranging from start ups to mature players. These in turn included 20 incumbent established technology companies, 15 systems integrator partners, 7 investors/incubators, and 60 people from Tokio Marine Group, including 5 chief information officers who oversee $18 billion in premiums in the U.S. alone.