ITC Vegas 2022 — Otonomi’s Trade Show
ITC Vegas is the world’s largest insurtech event with unparalleled access to the most comprehensive and global gathering of tech entrepreneurs, investors, and insurance industry incumbents.
This three-day event features world-class content, networking, meetings, a dynamic expo hall with the latest insurtech innovations, a puppy lounge, a kick-off party, daily receptions with some of our partners, and a closing party with headline musical talent.
From the 20th to the 22nd of September, Team Otonomi was in Las Vegas for this fantastic event.
Day 1: So what is happening in Vegas?
When the team arrived in Vegas our first focus was to visit the kiosk (K15) in the expo hall. What a relief to see that everything was great and almost ready. Yann was already having vision about the number of attendees who would stop by our kiosk. And obviously he was right!
Next stop was a panel organized by Alchemy Crew and the “InsurTech Queen” Sabine VanDerLinden, where our CEO was speaking on the topic of Disruptive Business Models, in front of a crowded room. Our parametric cargo insurance platform is disruptive but our business model too.
If you didn’t attend this panel or ITC Vegas, let’s set up a call to get more information about Otonomi.
We had a blast.
After that, it was time to go to the party organized by Greenlight Re.
This great event was located in the Top Golf Las Vegas and we had the opportunity to see our CTO Jeremy Sutton testing his famous swing.
Fantastic time and great meetings during this party where we had the chance to relax a bit before the storm of the Expo Hall.
A little bit after we took some time off to celebrate also the birthday of Yann Barbarroux.
Day 2: Getting the Hang of Things.
2022 is a great year for ITC as the number of attendees has almost doubled from last year. When more than 8000 attendees arrive in the Expo Hall to talk to startups and companies, the meeting area is quickly packed.
After a full day of meetings at the kiosk to introduce some attendees to our parametric cargo insurance platform through demonstrations and discussions, it was time to close our shop and to attend parties organized by our partners BMS Re and then American Family Ventures.
Day 3: It’s a wrap.
ITC Vegas is the place to be when you are an Insurtech. You get tons of interesting meetings and time to network, you can also spend time with some puppies to relax.
But it’s also a great place to feel the market and see the current and future trends of the insurance industry.
It’s time to wrap it up.
What did we get from ITC Vegas: the trends.
A huge number of companies present in the expo hall were proposing solutions around data. For 250 years, the insurance industry process and tools were basically the same: actuaries, underwriters, adjusters, and sales agents evaluating available information, issue policies, and pay claims. In recent years, what has changed is the amount of data and the unprecedented computing power to process the data. The industry is facing a revolution based on the digital profile of the customers or the operations of a company. All the big names are proposing products around management of data, creation of data and treatment of data
- Automation and AI
From sales to underwriting to servicing to claims management and beyond, AI can improve insurance operations’ agility, speed in response time, and automation of time consuming processes.
But you don’t need robots for that.
The benefits of automation are huge in payment processing as the insurance service provider is responsible for releasing funds to their clients and provide the relevant receipts for processing the payments. The invoice generation process can be automated to speed up the payment process.
Damage estimation is one of the most time-consuming processes involved in the insurance business. Advanced AI-assisted systems can quickly assess car damages, expedite claims, and even settlements in real-time.
Embedded was almost a buzzword during the ITC expo. Most of the companies are promoting this method of selling relevant and personalized insurance at scale, when the clients need it the most.
Otonomi is part of the Open & Embedded Insurance Observatory and our product fits perfectly in this new trend. And yes we are one of the companies to watch.
- A huge interest for parametric
It’s real: a traction is currently building for parametric insurance products. It’s a really innovative solution that pays out based on whether or not a particular event happened, such as a natural disaster.
Otonomi is the first to market to propose a parametric cargo insurance platform, with products to protect clients from cargo delays and supply chain disruptions.
The potential of parametric insurance products is huge as it helps expand the scope of what can be insured. Cargo delays are not insured in traditional policies so parametric insurance can fill these protection gaps.
What did we get from ITC Vegas: the meetings
We are still processing the number of meetings and discussions we had during the Insuretech Connect event and the team is working hard on tracking the calls that we will have to follow up in the coming days.
It was a great event with tons of opportunities for Otonomi.
And yes, meetings can be done in a cabana by the pool, like this one with Greenlight Re.
Being one of the Sponsors of this event is a great opportunity to explain face to face our technology and the tremendous value of our product for both the end client (logistics company, freight forwarders and shippers) and the insurance partners.
What did we get from ITC Vegas: Vegas.
Vegas will always be Vegas and it was good to have part of the team together to spend quality time in the other city that never sleeps.