Where Insurance Is Still Lagging Behind in Innovation | Akur8 | ITC Vegas

Why It Matters

AI‑driven automation shortens pricing cycles, helping insurers manage emerging risks while preserving profitability and meeting customer expectations for speed.

Key Takeaways

• Insurance embraces AI, but focuses on business value, not hype.
• Industry’s resilience mindset slows decision cycles, ensuring customer stability.
• Rapid risk driver changes demand faster pricing and underwriting automation.
• Cloud and AI shorten product-to-market timelines for insurers.
• Emerging risks like EVs, climate, post‑COVID behaviors reshape underwriting.

Summary

The video discusses how insurance, traditionally a resilience industry, is adopting AI and machine learning, emphasizing purposeful use over novelty.

Speakers note that insurers are not late but deliberate, balancing stability with the need to accelerate due to faster‑evolving risk drivers such as climate change, electric vehicles, new mobility and post‑COVID behaviors. They argue that AI and cloud enable quicker pricing cycles and automation.

A notable quote: “We are not doing machine learning for AI’s sake, but for a business purpose.” The panel cites cloud‑based AI models that can compress the time from data ingestion to price deployment, allowing insurers to respond to shifting risk landscapes.

The shift implies insurers must invest in digital infrastructure to stay competitive, as faster underwriting directly impacts profitability and customer experience in a market where risk variables change daily.

Original Description

Where is the insurance industry still lagging behind in innovation, and what needs to improve?

At ITC Vegas 2024, we spoke to Samuel Falmagne and Brune de Linares from Akur8 about the pace of innovation in insurance and how AI is helping insurers adapt to rapidly changing risks.

Insurance has traditionally moved slowly—and for good reason. As Samuel explains, it’s a resilience-driven industry where trust and stability matter deeply. But while innovation may take time, insurers are increasingly embracing AI and machine learning to create real value rather than adopting technology for the sake of trends.

In this interview, Akur8 explores how changing risk patterns—from climate change to electric vehicles and shifting customer behaviour—are forcing insurers to evolve faster than ever.

Topics covered in this interview include:

• Why the insurance industry moves slower than other sectors

• The role of AI in insurance industry transformation

• How machine learning is improving pricing decisions

• Why cloud-based tools matter for insurers

• The impact of climate change and new risk models

• How insurers can speed up product development

A key takeaway from the conversation is that insurance may be stable by design, but it cannot afford to stand still. According to Brune de Linares, the pressure to innovate is being driven not by internal hesitation, but by a world that is changing faster than ever.

From changing mobility trends and post-pandemic customer behaviour to increasingly unpredictable risks, insurers must respond more quickly—and technology is becoming a vital enabler.

Discover more from ITC Vegas 2024 :

https://ffnews.com/fintech-tv/event/2024/insurtech-insights-2024/where-is-the-industry-still-lagging-behind-in-innovation-and-what-areas-would-you-like-to-see-improved-akur8-at-insurtech-insights-2024/

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