Part 1 – Key Takeaways from ITC Vegas : My Journey Through the Lens of Insurance Innovation

January 29, 2024

AI and ML

My Encounter with ITC Vegas:

My venture into ITC Vegas in late September 2022 marked a significant moment, reminded me of my earlier days attending massive technology conferences. The excitement was similar to that youthful enthusiasm about the future, albeit now seasoned with decades of experience.

Nothing could quite prepare me for the enormity of ITC. The scene of over ten thousand attendees converging for breakfast before the keynote was a testament to the event’s scale. As I navigated the exhibition hall, a sense of impostor’s syndrome crept in, surrounded by thousands of companies, each seemingly more advanced and better funded. This realization spurred me to explore deeper, to understand our positioning amidst this technological showcase.

The panels and speaker sessions revealed a striking similarity between the challenges faced by our clients and those of other vendors, encompassing software implementation, support for legacy platforms, and adaptation to modern insurtech solutions. Yet, ITC Vegas, with its primary focus on the US market, also highlighted distinct differences from the African insurance landscape, such as insurance penetration and the scale of asset management.

Initially intent on absorbing the content and atmosphere in stealth mode, I unexpectedly reconnected with old acquaintances like Cedric Todwell from Pula and made new connections, such as Kagabo Ngiruwonsanga, of Greenlight Re in Barbados and of course the ever-present ITC cofounder Bill Harris. These interactions, both planned and serendipitous, enriched my experience, transforming it from mere observation to active engagement.

Impactful Keynotes and Revolutionary Tech:

The keynote by Francois Theron of Discovery Insure showcased how their partnership with Cambridge Mobile Telematics is driving societal change through auto insurance. Gary Vaynerchuk’s emphasis on rapidly changing customer expectations in insurance resonated deeply with me, mirroring the evolving landscape in Africa. Additionally, a demonstration by an Israeli company, utilizing mobile phone cameras for health stats, opened my eyes to the potential of technology in transforming public health access – a game-changer for regions with limited healthcare resources like parts of Africa.

Personal Detours and Vegas Vignettes:

On my way to Vegas, a heart-warming detour to watch my son’s soccer game in New England set a perfect tone for the trip. Arriving in Las Vegas, the city’s transformation for the upcoming F1 event and the awe-inspiring MSG Sphere reminded me of the relentless pace of innovation and human determination.

This first part is a precursor to my journey. In Part 2, I’ll deeply explore my  key takeaways, insights and lessons learned during my time in Las Vegas and how this has influenced my perception of the African insurance landscape.

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