LAS VEGAS — The insurance business is rapidly becoming a tech industry.
From AI and machine learning to telematics and blockchain adoption, insurance carriers the world over are scrambling to accommodate the wave of new technologies.
More than 9,000 of them met at ITC Vegas this week to discuss key tech trends impacting the sector. With an agenda packed full of speakers, exhibitions and events, the annual conference gave visitors an array of educational content designed to help propel the growing insurtech industry.
In 2025, the global insurtech market is valued at as much as $36 billion and on track to exceed a whopping $600 billion by 2034, according to data compiled by Precedence Research.
“AI is bringing a technological revolution by automating processes for personalizing services and risk management,” Precedence Research said in the report. “In claims handling and policy administration, the system simplifies operations, involving cost savings and increased accuracy. As AI analyzes the customer profile, it customizes insurance products and dynamic pricing, with AI-backed chatbots being available to help customers anytime, thereby increasing customer satisfaction.”
At the same time, Bill Pieroni, the CEO of ACORD told PropertyCasualty360.com, “Early adopters of enterprise cloud computing will find that selectively returning key capabilities in-house will actually improve cost-effectiveness and strategic positioning. Insurance organizations that have accumulated legacy and proprietary systems as well as the critical but often overlooked need for the user to actively manage cloud resources, could mean cloud leverage is not necessarily the best option.”
Other key insurtech trends for 2025 include:
- Artificial intelligence: “AI will revolutionize the industry, from underwriting to claims processing, AI will streamline operations and improve efficiency. But it's not just about automation. AI will enable personalized pricing, allowing insurers to offer more tailored and affordable coverage options. Customer experience will be prioritized, with AI-powered chatbots providing instant support and personalized recommendations,” said Jonathan Selby, tech industry lead and Founder of Shield.
- Property management platforms: “2025 will mark the year when property management software platforms become the primary channel for short-term rental insurance distribution. Rather than building insurance capabilities in-house, these platforms will forge strategic partnerships with insurTech providers to embed specialized coverage directly into their platforms, establishing themselves as the primary touchpoint for insurance purchases,” said Matheus Riolfi, CEO of Tint.
- Parametric insurance: “Parametric insurance will likely see a major market expansion as it moves from the commercial sector into the consumer market. Start-ups and insurtechs are making this possible by using advanced technology and data to deliver parametric products that are affordable and accessible to individuals and small businesses,” said Nakita Devlin, CEO and founder of Ric.
- Standardized data fields: “The need to collectively standardize data fields has been a known imperative within the industry for some time. However, it is only with recent advancements in AI technology and its potential applications — alongside the globalization of business and our highly interconnected supply chain — that this endeavor has become both urgent and crucial,” said Brian Grabek, executive vice president and multinational leader at Sompo.
The slideshow above highlights some of the scenes from ITC Vegas 2025 at Mandalay Bay in Las Vegas.
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