ITC Day 1 - Insuretech Connect 2022

ITC is on! Meetings are happening, the presentations are flowing, and coffee is being consumed. 
Our goals for ITC were super clear. We wanted to achieve two key things during our time here. 

First, we wanted to meet with agents and brokers to better understand the US market, the current ways of working and the approaches that are being taken. We wanted to get a handle on the size of the market (36,000 agencies and over 800,000 agents and brokers). In addition, we’ve learnt that private equity (PE) has been very active in acquiring middle market size agencies over the recent years. Fact one in six middle market agencies were acquired last year and PE acquisitions accounted for 63% of these acquisitions. The market is changing and consolidating and this change is happening quickly. However, the consolidation that is occurring is leading to some challenges as each acquired business has different systems and processes for running its operations. There are significant operational efficiencies that are yet to be realised even after acquisitions are occurring. 

Adrian Jones from HSCM ventures painted a picture of the future for Agencies and pondered “what could a future insurance mega-platform look like?” 

Our second objective was to meet with VCs and understand what they are looking for in investment opportunities and insurtech investments. I’m reminded again of the desire for ambition and the importance of scale. After lots of meetings with VCs it is clear that they are interested in the insurance market, love technology-enabled businesses that can scale and see insurtech infrastructure as a key segment worth focusing on. What is also clear is the scale at which US VCs operate, it is not uncommon to hear that VCs cheque sizes are in the $15m-$50m USD range.  

Conferences enable connections

It is great to make new connections and reconnect and renew older relationships. Everyone is keen to be back meeting and enjoying the opportunity and serendipity of the conference experience.  

It was great to connect again with Chris Bailey and enjoy seeing the success of Cover Genius. What a great success story! Also, it is great to see that Cover Genius are continuing to be innovative in how they position themselves. 

ITC is about parties and about what happens outside of the trade and expo floor and formal sessions. Parties are literally happening everywhere, every venue, every restaurant, every bar, every pool and every rooftop is hosting a private party. Getting access to the right parties is yet another exciting challenge of the ITC conference. They are where relationships are established and deepened. 
Thanks Guidewire for their Insurtech Vanguards Pitch Day party held at Chateau Rooftop. Great venue, great pitches and great people!