This October, our team at Wisedocs had the opportunity to sponsor and exhibit at the premier insurance networking event for the insurtech industry, ITC Vegas 2024 held at Mandalay Bay Convention Centre in Las Vegas. It was an inspiring event with connections made and engaging discussions on how artificial intelligence is becoming the future of insurance and a major tool in propelling the industry forward. Our team was able to sponsor the event and numerous after hours events to make the most of our time, connect with insurance professionals, and gain meaningful insights around future technology solutions for the insurance industry.  

What is ITC Vegas 2024? 

InsureTech Connect (ITC) Vegas 2024, was held in Las Vegas this year from October 15-17, 2024, and is an annual event centred around gathering the most innovative minds in the industry to discuss the future of the insurance landscape. With over 9,000 insurance professionals, tech innovators, and insurtech experts attending from across the world, there was plenty of knowledge and insights to gain while at the conference.

The conference which hosted keynote speaking sessions, industry led panels, pitch competitions, and curated programs, ensured that all those attending the event would walk away with newfound learnings about the future direction of the field. ITC Vegas also hosted over 100 events and experiences during the conference, including two happy hour events, co-sponsored by Wisedocs! While at the conference, our team made sure to make the most of it, connecting with like minded individuals who are passionate about reimagining the claims process with modern technology. 

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Key Insights Gained from ITC Vegas 2024

Wisedocs was fortunate enough to sponsor ITC Vegas this year at booth #1531, and showcase our artificial intelligence (AI)-powered platform to the insurance, medical, and legal market looking to streamline their medical record review process. At the conference, our team discussed how our platform has helped organizations save up to 70% of their time processing records, enhance their workflows, and scale their businesses. Furthermore, with our exhibitor booth, Wisedocs hosted many meaningful discussions and live demos with professionals looking to harness the power of AI to gain a comprehensive overview and summary of complex medical records, with accuracy and time saved. 

Aside from hosting insightful discussions, our team also took part in many engaging sessions, panels and experiences offered at ITC Vegas. We found some interesting insights around the future use cases of AI in the insurance sector and are excited to share our key takeaways from the event:

AI Adoption is Here 

All over the globe, insurtech companies and carriers are embracing AI to streamline processes like claims management, underwriting, and fraud detection. This seismic shift toward automation is no longer a future trend—it's happening now, with AI tools enabling insurers to improve efficiency, reduce costs, and offer better customer experiences. This adoption of modern technology is changing the way the insurance claims process operates as we know it, and businesses leveraging this technology are seeing the benefits with more opportunities to scale with additional cases.

Embrace Customer-Centric Innovation

There’s a strong focus on using technology to enhance customer satisfaction in the insurance sector. From personalized policy offerings to real-time claims updates, insurtechs are helping insurers adapt to evolving customer expectations, making services more accessible, transparent, and user-friendly. The implementation of automation is making a sizable impact on the way insurers handle claims, reshifting the focus off of manual work to higher yield tasks that are effectively enhancing results and faster claim settlements. 

Collaboration is Key

For us, the event highlighted the importance of partnerships between traditional insurance companies and tech startups. With ITC Vegas being the hub for Insuretech networking, it was evident that successful collaboration can accelerate innovation, drive market growth, and help established insurers stay competitive in a rapidly changing landscape. The most successful partnerships include incorporating internal systems to educate insurance professionals about AI, proactively addressing any ethical concerns by choosing a reliable product, and ensuring data security.

How AI is Transforming the Insurance Landscape

Reflecting on our time at ITC Vegas, we’ve come back more inspired than ever to reimagine the claims process. We’ve seen first hand how AI is transforming the insurance industry and changing the way insurance professionals do their jobs. From embracing automation, focusing on human-centred care, and championing collaboration amongst insurtechs and carriers, the sky’s the limit on what we can achieve as an industry. With the global AI insurance market expected to reach 826.70 billion by 2030, growing at a CAGR of 28.46%, AI tools are bound to become a staple, not an anomaly, within insurance processes. The profound impact seen from modern technology at ITC Vegas, and by fellow insurtechs showcased, inspires us to continue to innovate the future of insurance.