Top Takeaways from ITC 2021: Las Vegas
On October 3rd, 2021, three members of Hillside Ventures—Melvin Andre, Ishita Panwar, and I (Karolina Tarnacki)—flew to Las Vegas, NV to attend the InsureTech Connect Conference (ITC). ITC is the world’s largest insurance technology conference, hosted at the Mandalay Bay Convention Center from October 4th to October 6th.
Our team was notified of the conference by several Hillside supporters; namely, those within Hartford’s insurtech ecosystem and alumni within the industry. Given the prominence of ITC to our very own community, we were excited at the prospect of attending to engage with entrepreneurs, industry executives, and fellow investors—all individuals that share our excitement towards the insurtech industry.
In attending the conference, our team gained invaluable knowledge that has been instrumental in our growth as student investors. ITC was particularly successful because it managed to gather thousands of individuals most passionate about pushing innovation within the insurance industry. Below, I will outline some of the event details and provide the biggest takeaways that I’ve learned at the conference.
Key Experiences/Features
I found that the many experiences and features of ITC, such as those outlined below, allowed attendees to fully immerse themselves in the dynamic and multi-faceted insurtech industry:
Technology & Networking
Given the sheer magnitude of ITC, the event organizers equipped attendees with a “Smart Badge” and a complimentary phone app. By pressing the badge button simultaneously with a nearby attendee, their contact information was synced and compiled on your event profile. The phone application also allowed users to view a list of attendee matches customized by their profile and interests. Upon matching with another attendee, users could schedule a meeting time at one of many clearly labeled and designated networking spaces.
I found the strategic use of technology helped facilitate meaningful conversations through matching two individuals with overlapping interests. In the end, this availability of resources allowed me to meet many incredible individuals in the industry.
Panel Sessions
ITC 2021 hosted numerous panel discussions featuring incumbent executives, founders, government officials, venture capitalists, and more. Each day was full of conversations on diverse topics that helped grow and develop my perspectives from many facets; this was instrumental to my knowledge of the industry, where it may be moving, and what areas would most benefit from innovation.
Expo Hall
The expedition hall at ITC hosted booths from many large companies within the industry. It was incredible to speak with both insurance leaders and those with ancillary functions, such as Salesforce or Accenture. Many insurtech accelerators also featured their startup cohorts, allowing us to meet the management teams of incredible, disruptive, and innovative companies.
Top Takeaways
Identification of the Most Prevalent Trends
One of the panels I attended was titled “Putting the “Venture” into Venture Capital. The session featured four venture capitalists discussing the factors they consider when investing in the insurtech industry.:
Consumer engagement and acquisition
Insurtech solutions for existing lines of insurance are most difficult to identify opportunities within because of incumbent carrier advantages. An exception to this case can be made when the customer engagement and acquisition model stands out; startups can experience success if they leverage technology to make customer acquisition seamless and engaging.
Distribution
A long-term trend, only accelerated by COVID-19, is that consumers are increasingly interested in acquiring goods or services through digital channels—and the insurance industry is not immune to this shift in consumer preferences. These trends emphasize the need for technology to enable consumers’ ability to acquire insurance online.
Compulsory insurance
Many of the VCs that spoke at the panel discussed their focus on compulsory insurance, such as auto; the greatest market for a particular insurance line will be the ones that require mandates.
Exotics
Exotics, as defined by the VCs at the panel, encompasses new risk management or insurance products. Kettle, a startup focused on underwriting wildfire risk, was one example used. The emergence of these companies can, then, solve a need in a market that has yet to be addressed.
Tangible Excitement in the Industry
As we returned to in-person events from the peak of the pandemic, I was able to pick up on a sense of excitement that is more difficult to notice over a virtual Zoom meeting—especially in having gathered thousands of individuals passionate about pushing change in the insurance industry. Ishita and I, for example, found ourselves discussing embedded insurance days after attending an incredible panel on the topic.
The excitement within the conference left me, and I am sure many others, incredibly inspired to continue supporting innovation and change in an industry that could greatly benefit from it.
Emphasizing our Value Proposition as Students
Through the length of the conference, our team gained a better understanding of how we could pitch our value proposition as a student-run venture fund. We understand our position regarding small check sizes, so we most successfully connected with individuals when sharing that our greatest motivation is to provide students with a first-hand experience of venture investing, entrepreneurship, and creating change with capital. I believe that the many incredible people in this community resonated with the mission to push change and allow this opportunity in an industry that would most benefit from it. With the emphasis on being a student-run experiential learning program, we also shared that our inspired group of students would be most excited about working in the industry, alongside all the internal and external resources our University houses.
Overall, attending ITC helped develop my understanding of insurance technology, provided me lessons to share with the rest of the fund, and left me inspired to continue making a difference.
Given this incredible experience, I am hopeful that our analysts can attend the conference next year!
Karolina Tarnacki, Managing Director