Event Write-Up: Insurance Innovators USA, June 2022
This June, we sponsored and attended Insurance Innovators USA, hosted at the Music City Center in Nashville, bringing together leaders and subject matter experts to discuss digital transformation in insurance, use cases for innovative technologies and driving growth in underwriting operations.
The event covered several themes, including the potential gains of using automation, analytics and AI across operations, facilitating a culture to drive innovation, successfully managing and making use of unstructured data, and exploring how to underwrite new and emerging risks.
At our booth our team members, consisting of Kevin, Jonathon, Tim, Jacob and Louise, caught up with senior figures to discover all the latest document processing trends and learn more about challenges faced by insurance carriers. Jonathan and Kevin also hosted 1-1 meetings with delegates interested in learning more about our technology and the use cases our no-code AI technology supports.
Our co-founder and CEO, Lewis Z. Liu, took to the Plenary stage on day two for a fireside chat on a panel on ‘Optimizing advanced analytics in underwriting’, joining Dennis Sparks from Transverse Insurance Group. During the discussion, the panel explored where advanced analytics have had the most transformational impact in underwriting. Lewis focused on the benefits achieved from speeding up processes using intelligent document processing (IDP), which includes cost savings, winning more deals and collecting more information to make better decisions.
The panel also delved into the potential opportunities from unlocking actionable insights from data, where Lewis was keen to point out how insurers can generate new business by harnessing IDP to facilitate more effective data collection.
In summary, Insurance Innovators USA provided us with useful insights into the evolving world of insurance, valuable discussions with various delegates and the opportunity to share our knowledge on a panel. Our three key takeaways from the conference are:
- Embracing a long-term digital vision is essential for ensuring commercial success.
- Automation in the underwriting process creates opportunity in generating new business and growing existing business.
- Harnessing the power of low-code and no-code tools enables insurance companies to increase agility whilst reducing complexities.
Learn more about using Eigen for insurance and download our white paper to discover how to improve outcomes along the insurance policy life cycle by using our technology.
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