3 Key Takeaways from ITC 2021 in Vegas

Well that’s a wrap on Insuretech Connect 2021 from Las Vegas and “the largest insuretech event in the universe,” as Jay Weintraub once put it, didn’t disappoint.  As we all expected it was a phenomenal gathering of the best and brightest ideas at the intersection of tech, insurance and venture capital. The TrustLayer team was averaging over 14,200 steps per day each, so we have a lot of ground to cover. Here’s what we took away from the event:

1. Shakeups and handshakes: collaboration is key

Solving one of the largest pain points in an industry that has been around for hundreds of years takes partnership and collaboration. In the session “Technology Enabled or Technology Disrupted. Which Will You Be?” in which PruVen Capital founder Ramneek Gupta and Acrisure Technology president, Brendan McCord discussed change is inevitable but that doesn’t mean you must get disrupted. Technology-enabled businesses are the future. 

It’s 2021 and there are, simply put, just better ways of doing things. And there are mammoth-sized challenges to be solved. We think you need to do it hand-in-hand with all constituents. At ITC 2021, we announced our partnership and pilot with Great American Insurance Group. This further validates that the industry is getting behind TrustLayer and demonstrates a key milestone on the path towards digital proof of insurance. 

One thing that we have always believed to be true has become all the more clear. Brokers (and their insureds) must be at the center of any solution.

"The value that a broker adds in the equation is and always will be immense, because insurance is complex and ever-changing. I have such a high amount of respect for the producers who can deliver for their clients year after year while juggling a nearly infinite amount of variables" - John Fohr, Co-founder and CEO, TrustLayer

So the best solutions will be the ones that are aimed to cut them in, not take them out. We are building TrustLayer with and for the industry.

2. We are social creatures

The sessions were amazing, but the real star of the show were those in-between moments. The conversations in the hall. The sneaking into an empty break room to flesh out an idea with a client. The walk ‘n’ talks on the nearly ½ mile trek from the hotel to the event itself. And, yes, the cocktail parties, happy hours and dinners.

There’s a certain intangible something about meeting hundreds of clients and partners in-person for the first time after nearly two years of video calls. Relationships become galvanized, “contacts” become friends. There was clearly a pent up demand to meet and the sense we was left with was we were all just “ready” for it. 

3. Data. It's everything and you have to get it right

There’s a saying that we’re hearing more and more. It’s not new, but it certainly is becoming more and more prevalent: “if the product is free, you’re the product” -- or some variation of that. It could become a considerable problem when the data you’re entering into free platforms isn’t your own, it’s your clients'. So when you open up your AMS to the multitude of plug-ins and tech out there, you could actually be providing access to client information that you’re not entitled to provide, or as a recent article in BIG i poses…

“Opening the agency management system to third parties invites invasion by an outside party. Giving a third party access to the agency's systems creates a significant risk of cyber liability exposure. Does the agency have permission from the customer to allow a third party to have virtually unfettered access to their personal and commercial business private information?”

We attended a session called: Implementing a Comprehensive Data Protection Strategy. Are You at Risk? One of the bigger questions raised was more importantly are you putting your clients at risk -- Are you giving up their data? How is it being used and why?

Going digital is important, it’s critical, and you have a duty to your clients to choose companies (like TrustLayer ✅) that have the right compliance certifications in place and adhere to rigorous standards. Also companies that have the right motivation -- the motivation to add considerable value for all stakeholders involved. Every relationship, business and otherwise hinges around the notion of trust. Making it easy to establish trust between multiple parties is at the core of what we do. Without being too cheeky, trust is what we’re all about. 

At the end of the day it was truly humbling to see how many people were genuinely excited and understand the need for what we’re building together. There’s room for innovation and there’s room for everybody to benefit from it. 

See you next year!

 Bonus: Who said insurance can't be fun?!

One of the buzzworthy events from ITC was TrustLayer’s own networking lunch held at Dig This -- a heavy equipment playground. In addition to having a blast, we may have even learned a thing or two about our insureds. I overheard someone say “I finally know why we have a rollover exclusion on these policies,” 🤣 

I mean… a little bulldozer ballet never hurt anyone, right? 

Thanks to everyone who came out -- can’t wait to dig a little deeper with each of you!