Attending relevant industry events is important for the Root team, serving as a vital conduit for staying abreast of emerging trends, fostering strategic partnerships, and amplifying our competitive edge in the dynamic landscape of insurance technology. InsurTech Insights Europe 2024 was no exception, providing an invaluable opportunity for knowledge exchange and immersion in the vibrant ecosystem of insurtech.
A key topic of conversation at this year’s event was the growing influence of large brands in driving embedded products and reshaping traditional insurance models. At the same time, Artificial Intelligence (AI) also took center stage, serving as both a sales tool and a subject of intense discussion, although concerns regarding compliance and legal issues lingered.
An increased drive for collaboration among vendors was also a strong trending topic, with the integration marketplace approach gaining momentum. Real-time data and behaviour-based pricing emerged as critical areas for further exploration and debate, reflecting the industry's ongoing quest for insights and innovation as well as for fairness and high ethical standards. Overall, the event underscored the transformative potential of insurtech and the importance of embracing new technologies and collaborative partnerships to navigate the evolving landscape effectively. Here’s what our team said:
Charlotte Koep, Chief Operating Officer:
“Embedded insurance emerged as a dominant topic, with its potential still unfolding across various sectors. Notably, the personal lines market faces a significant crunch, particularly in commoditised areas like motor insurance. However, the silver lining lies in specialty products, tailored precisely to customer needs. Large brands are seizing the opportunity in this space, developing pioneering new embedded products that align seamlessly with their customers’ contexts and existing purchasing journeys. There is a notable power shift from insurers to brands. Watch this space!”
Mike Davis, Head of Software Engineering:
“Artificial Intelligence (AI) took center stage, showcasing its prowess as both a sales and marketing tool. While it’s no surprise that AI garnered headline attention, the value proposition of many products appeared thin, serving as mere wrappers over AI vendors. Compliance and legal concerns loomed large, potentially hindering innovation. In parallel, it was broadly agreed that the rise of no/low-code platforms signals a shift in market dynamics. The integration marketplace approach adopted by claims technology vendors underscored the power of collaboration, while real-time data emerged as a critical asset, demanding robust management solutions.”
Alex Astengo, UK Country Manager:
“The surge of embedded insurance models is undoubtedly reshaping traditional business paradigms, engendering fresh partnerships and business models. From home insurance seamlessly integrated into moving platforms, to lifetime insurance adapting in near real-time to evolving life circumstances, insurers are embracing hyper-personalised offerings driven by data-rich embedded ecosystems. Moreover, vendor coopetition is gaining traction, with strategic partnerships emerging as more than the sum of their parts and embodying the drive for collaborative efforts to address customer needs comprehensively. As emerging risks like cyber threats and gig economy challenges take center stage, insurers are pivoting towards holistic solutions, prioritising sustainability, resilience and adaptability.”
InsurTech Insights Europe 2024 offered more than just glimpses into emerging trends; it was a meeting of action leaders who are paving the way for collaborative innovation and transformative partnerships. As the industry continues to evolve, embracing embedded models, leveraging AI, and fostering collaborative ecosystems will undoubtedly shape the future of insurance technology, the journey ahead promises challenges, yet within them lie unparalleled opportunities for growth and innovation.
Huge thanks to the Insurtech Insights team! See you next year.
