Reflecting on ITC Vegas 2024 – Transformations, Trends, and Tomorrow’s Opportunities

Attending InsureTech Connect (ITC) Vegas 2024 was nothing short of inspiring. With a community of over 9,000+ innovators, insurers, and investors under one roof, it’s clear that the insurance industry is entering a new phase. This year’s event showcased transformative shifts powered by data, artificial intelligence (AI), and forward-thinking business models.

Here are my key takeaways and lessons learned, along with insights for the future as Praxi continues its journey to step change data curation and classification in regulated industries.

1. Data and AI Are Catalysts, Not Just Tools

AI and data took centre stage at ITC, highlighting how they are reshaping every facet of the industry—from underwriting and claims processing to customer engagement. For Praxi, which focuses on data discovery and classification, this affirmation was crucial. Insurers are no longer just storing data; they’re actively harnessing it to predict, prevent, and personalize. However, the industry’s challenges—like training employees on AI applications and ensuring ethical data use—remain barriers to fully realizing AI’s potential
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Regal CCaaS.

2. Transformative Approaches to Risk and Fraud

The standout stories came from companies like Verisk and Clara Analytics, whose fraud detection models are reshaping how insurers address risk. They’re leveraging machine learning to flag anomalies and prevent fraudulent activities, reducing claims processing times significantly. For Praxi, this underscores the importance of accurate, real-time data classification. Insurers who integrate such tools can operate proactively rather than reactively—turning data into a shield against fraud, rather than merely a record after the fact
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McKinsey & Company.

3. Cybersecurity and Data Privacy Demand Greater Attention

A notable gap in ITC’s discussions was cybersecurity and data privacy. As AI adoption accelerates, the industry must invest in robust data protection strategies, particularly given the sensitive nature of insurance data. Praxi is well-positioned to lead in this area, helping insurers manage data responsibly and ensure compliance with evolving regulations. Cyber threats are rising, and protecting customer data must be as high a priority as achieving operational efficiency
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4. Specialization and Personalization in Emerging Markets

Specialty insurance emerged as a major theme, with AXIS Capital leading the charge by embracing technology for niche products and complex risk profiles. As insurers develop tailored offerings, they need data that’s as nuanced as their products. This presents Praxi with an opportunity to deliver curated, industry-specific data models that help insurers access, categorize, and utilize data with precision. The future of insurance will favor companies that understand and cater to the unique needs of every client.

5. The Road Ahead: Ethics, Compliance, and Sustainable Innovation
While AI holds great promise, there’s a need for responsible and ethical frameworks in its application. ITC highlighted the industry’s enthusiasm for AI, but it also reminded us of the challenges around transparency, bias, and regulatory compliance. For Praxi, it’s a call to continue developing solutions that not only optimize data usage but also protect it. As insurance companies become more data-driven, ensuring that this data is managed ethically and complies with stringent regulations will be critical
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Looking Forward

At Praxi, our mission is to enable organizations to leverage data responsibly and effectively, and ITC Vegas 2024 reaffirmed the industry’s commitment to digital transformation. We see a future where our work in data curation doesn’t just help companies comply with regulations but drives smarter, more ethical, and more personalized insurance solutions. Our next steps will involve deepening our AI capabilities, enhancing our cybersecurity measures, and collaborating with forward-thinking insurers ready to embrace data’s transformative power.

It was absolutely wonderful to meet so many people at ITC Vegas 2024, the vibe was infectious.

The road ahead for insurance is paved with challenges but also tremendous opportunities, and I’m excited for Praxi to be part of this journey.