ITC 2024 Recap: Our 3 Big Takeaways on the Future of Insurance

1. AI Revolution in Insurance

At ITC 2024, AI emerged as the dominant theme. ITC Chief Customer Officer, Bill Harris, even quipped, “we should call this year’s conference AITC!”  With its potential to revolutionize underwriting, claims processing, and overall insurance workflows, speakers on the mainstage and during breakout sessions emphasized that AI is not about replacing human roles but augmenting them. AI-driven data insights, automation, and decision-making tools are empowering underwriters to focus on complex, high-value tasks.

At Federato, we’re leading the AI revolution with our RiskOps platform, which provides real-time insights and automates routine processes. This allows insurers to make faster, more informed decisions, enhancing both efficiency and accuracy—keys to staying ahead in today's competitive market.

2. Speed, Integration, and Customization

Another major theme at ITC 2024 was the need for speed in insurance product development and deployment. Leading insurers stressed the importance of fast rate changes, seamless technology integration, and real-time data analytics. As carriers move toward customized insurance products, agile operations have become essential.

With Federato's RiskOps platform, insurers can deploy new products quickly, integrate with modern tech stacks, and streamline risk management processes. This boosts both operational efficiency and the ability to serve high-net-worth and commercial clients, positioning insurers for success in a rapidly evolving market.

3. The Future of Talent and Job Evolution

As AI reshapes the industry, insurance roles like underwriters are evolving. ITC 2024 speakers highlighted how professionals are shifting from repetitive tasks to more strategic, data-driven decision-making. The future of insurance talent will require a balance of technology skills and human expertise. AI Futurist, Zach Kass remarked the businesses need to, “embrace adaptability as a strategy.” 

At Federato, we equip underwriters with cutting-edge tools to enhance their roles. Our platform automates routine processes, allowing underwriters to focus on high-impact tasks and strategic decisions. This shift not only improves job satisfaction but also enables insurers to meet growing customer demands.

Other Key Themes at ITC 2024

• Global Risks: Rising climate risks and geopolitical tensions are driving the need for advanced risk management tools and innovative insurance products. Discussions focused on the brown ocean effect and the growing importance of climate change risk management.
• Insurtech Investment: The insurtech ecosystem continues to mature, with increased investments in technologies that drive efficiency and profitability. Despite market challenges, startups with strong insurance expertise are seeing opportunities for growth.‍
• Trust and Transparency: Maintaining customer trust is critical, especially in high-net-worth and commercial lines. Accurate, data-driven rate changes and transparent pricing processes help insurers maintain client confidence in an increasingly competitive market.

Federato: Leading the Way in Insurance Innovation

At ITC 2024, it was clear that the future of insurance lies in embracing AI, speeding up product development, and leveraging data-driven decision-making. Federato is at the forefront of this transformation, helping insurers optimize their operations and deliver better results for their clients.

Discover how Federato can help your insurance business stay ahead of the curve.