S3E3: LIVE from InsureTech Connect 2017
3 Unique Insurtech Perspectives
For today’s episode of the Denim Rivet podcast, we took to the streets – of InsureTech Connect 2017, held October 2-4 at Caesars Palace Hotel and Casino in Las Vegas, Nevada. This year’s conference welcomed more than 3,800 attendees from insurtech startups, insurance carriers, investors and regulatory agencies. We recorded brief interviews with three guests on the exhibitor floor to get their thoughts on the conference and how it highlights the direction and growth of the insurtech ecosystem.
As the Chief Operating Officer of Clearcover, a new insurtech company focused in the auto space, Derek Brigham was enthused to see the blossoming attendance and fantastic speakers hosted at the conference. Clearcover is creating a brand of auto insurance that gets rid of the typical legacy insurance company model of spending time and money on wide-spectrum brand marketing and operating expenses. Derek and Clearcover aim to display an auto insurance product to a customer only during relative purchase events, say, when someone is shopping for insurance or purchasing a product tangentially associated with insurance. In their release statement, Clearcover says this strategy could save consumers around 50% on their insurance by cutting these costs.
A prior guest of the show and Chief Marketing Officer at Nassau Re, Paul Tyler was also impressed to see the attendance just about double in size from last year’s conference. We talked briefly about the growth this year, specifically how more carriers were present this year. Their presence shows that the interest in is not only growing, but that it takes more than just startups to keep the ecosystem thriving. Paul mentioned that there were regulators from 20 states present and engaged in understanding how the industry is changing and adapting. Also of note, Paul saw that Peer to Peer conversation was absent, a major change from the year prior, but also machine learning seems to be an ever-growing pillar in the industry and seems to be here to stay.
In our brief conversation with Chuck Wallace, one of the co-founders of Esurance, he was happy to see the variety of speakers and launch announcements from companies like Clearcover. He noticed that there have been tough problems in the insurance industry that companies have long struggled to find answers for. The InsureTech Connect conference clearly highlights that some of these problems are starting to be tackled. As a Co-founder of Esurance, Chuck knows it’s no small thing to start an auto insurance company like Clearcover, which can stand as a watermark for the continued growth in the insurtech space.