LAS VEGAS — If you think you've heard allthere is about tech-driven innovation in insurance, thinkagain.

"We've only begun to scratch the surface," Cedent Chairman and CEOMichael Coles said during a plenary session that he moderated onTues., Oct. 3 during InsureTech Connect at Caesars Palace in LasVegas, an event billed by organizers as "the largest and mostglobal gathering of insurance innovators to come together under oneroof."

Although hearts were heavy and spirits dampened in a generallybright and buoyant town following the deadly Route 91 country music concert shooting just daysbeforehand, InsureTech Connect organizers said that grislyhappening chased away only a fraction of their originally scheduledattendees. They expected roughly 3,000 insurance entrepreneurs,investors and incumbents at this year's show.

Satellite imagery

It follows that Coles, who interviewed Orbital InsightCEO James Crawford about the many ways that satellite imagery isimpacting insurance, surmised that "some 5,000 elevator pitches"would happen during InsureTech Connect 2017.

Related: InsureTech Connect begins in Las Vegas despitedeadly concert

For his part, Crawford showed off satellite imagery fromHurricane Harvey that provided real-time dataabout the location, depth and severity of flooding. The challenge,Crawford said, is not tapping into the abundant satellite imagerythat's available, but finding the right applications for thetechnology.

"Imagine you had the power to look at everything in the physicalworld all the time," he said. "Where would you look?"

Customer experience & revenue shifts

During another session, XL Catlin CEO Mike McGavick said that based onsuch issues as current customer experience and revenue shifts, theinsurance industry still has significant work ahead to catch up toother industries that now define contemporary consumer culture.

Related: Customer expectations: 4 digital technologyimplications for insurers

"It's hard not to notice a sense of change," both at this eventand throughout the insurance business, McGavick said. "Clearlythere is enthusiasm and excitement in the air."

In addition to the opening of an exhibition hall featuringhundreds of insurtech startups, Day Two sessions also includeddiscussions about digital leadership in insurance, redefining theinsurance value proposition, and how to build 'the insurancecompany of the future.'

New products & services

Some companies used InsureTech Connect 2017 to announce newproducts and services. For instance, a new company, Pie Insurance,officially launched during the event. Pie is adigitally-enabled direct distribution workers' compensationinsurance business pioneered by former Esurance executive JohnSwigart. The business was started based on the ideas that "90% ofSMBs in certain categories are overpaying for workers' compensationby 25% on average." Pie will use a Price Predictor tool (powered byValen) that allowsSMBs to improve insight into what they should be paying forworkers' compensation Insurance. "The goal is to provide ease ofuse and transparency in workers' comp that does not presently existin the market."

Celent also capitalized on InsureTech Connect to launch itslatest report titled "Insurtech Accelerators: A Market Scan." The reportexamines what the major areas of focus are for insuranceaccelerators and what insurance carriers should consider whenevaluating accelerators.

Clearsurance used InsureTech Connectto announce that it raised $4 million in a Series A funding roundto assist in the continued development and growth of its services.The website has curated over 50,000 reviews on more than 350insurance carriers in the home, rental and auto markets.

Mobile app

One more announcement: The cloud company Vlocity introducedInsureTech Connect attendees to Vella, its new consumer-friendlymobile app that enables carriers to increase customer engagementthrough a highly personalized experience that leverages IoT data.

"The industry's commitment to being better is not just lipservice," says InsureTech Connect Co-Founder and CEO Jay Weintraub."It is everywhere, all encompassing, and a top priority forcompanies small and large."

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