Last week, Las Vegas became the center of insurance innovation as over 9,000 insurance professionals and 762 sponsors gathered for InsureTech Connect (ITC) 2025 at Mandalay Bay. The event lived up to its reputation, offering three days filled with discussions, deals, and new discoveries that showcased the rapid changes shaping the industry.
This year’s ITC emphasized how the insurance world is quickly moving toward digital growth while still dealing with older systems. The topics ranged from climate risk and cyber threats to artificial intelligence and modular system design. People attending were excited about the progress, with Jason Kaminsky, CEO of kWh Analytics, noting the energy in the room and the constant evolution of the field.
At the conference, executives, founders, and investors explored how technology is improving key areas like risk evaluation, underwriting accuracy, and customer experience. Hardeep Gulati, CEO of Duck Creek Technologies, described ITC as the best place to connect with customers and partners, saying the event really shows how lively and exciting the insurtech space has become.
Panels focused on how new risks such as climate change and cyber threats are challenging old underwriting approaches. Many agreed that insurers must rethink both their technology and mindset to keep up. Advanced AI models were highlighted for their ability to improve pricing accuracy by 3-5%, while claims automation backed by strong first-notification-of-loss systems can significantly lower loss ratios.
A common theme was the need to balance innovation with regulatory rules. Many insurance carriers are using phased modernization strategies to upgrade their core systems carefully, maintaining compliance while embracing new technology. Farah Ismail from WTW stressed that staying within regulatory guidelines is essential, but modular transformation allows for innovation without losing that footing.
Looking ahead, AI-driven product design was seen as a major opportunity, especially in commercial insurance where product customization is less common. Using AI to find coverage gaps can help companies create new offerings faster and better meet customer needs. Still, success requires more than technology—it also depends on strong data, skilled people, and a culture that encourages trying new ideas and growing them.
By the end of the event, ITC had facilitated over 42 million potential connections between people, solidifying its role as a global meeting point where technology meets the human side of insurance. The energy and collaboration felt throughout the conference show that the insurance industry is in a new era of change, ready to embrace the future.