Reflections from Insurtech Insights: AI Dominates the Conversation

For me, the recent Insurtech Insights event in London wasn't just about exploring the latest industry trends - it was also about good conversations and the invaluable opportunity to connect with people face to face. As one of the biggest insurtech events in the diary it was a busy one!

The AI Buzz: Real Innovation or Just Hype?

If there was one dominant theme at Insurtech Insights, it was AI. From panel discussions to informal chats, AI was everywhere. But while the interest is high, there's a lingering question: Is AI another overhyped trend, or is it delivering tangible value?

This question reminded me of the blockchain buzz in insurance a few years ago. At that time, blockchain was touted as the technology that would revolutionise the industry, yet practical use cases struggled to emerge, and it ultimately failed to live up to expectations. Some of the conversations raised concerns that AI could follow a similar path… talked about extensively but not always backed by meaningful applications.

That said, AI already has real and impactful use cases in insurance, and insurance companies are actively experimenting with proofs of concept of new and emerging uses for the most talked about technology in the market.

The key takeaway? Insurers don't just want to see another "AI-powered platform" marketed at an industry event; they want actual, practical implementations that drive efficiency, improve decision-making, and enhance customer experiences. We found the most meaningful conversations with insurers at Insurtech Insights was when we were able to demonstrate how Sapiens have embedded AI insights and machine learning propensity models into our core administration platform. We were able to show in real-time how underwriters and claims handlers could be equipped with intelligent insights when they needed it, at point of use. You can see this in action here!

Meaningful Conversations: Challenges and Opportunities

It was great to catch up with existing customers and meet new faces from across Europe. The variety of attendees made for some engaging and insightful discussions.

A common challenge that surfaced in conversations was the ongoing struggle with legacy systems. Many insurers are still grappling with outdated infrastructure, and the need for modernisation remains as urgent as ever.

While the personal lines sector has made significant progress in utilising digital platforms, bringing together and enriching data, commercial lines and specialty markets are on the same journey and focusing on transformation.

The Real Value of a Flexible Platform

One of the most frequent questions we were asked was, "How do you differentiate yourself from other providers?" It's a fair question, especially in a crowded marketplace. Many insurers still think of insurance software as large, monolithic PAS systems, but what we were able to demonstrate over the two days was a modern digital platform with a modular and flexible approach.

For insurers, adopting a new platform is just the beginning. It's also about staying agile, refining workflows, and harnessing AI in a way that delivers real business results. That's where we see the industry heading, and it was great to see so many attendees aligned with that vision.

Want to know more? Look at the Sapiens Insurance Platform here.

The Final Word

Insurtech Insights was a reminder that despite the buzzwords and emerging technologies, the insurance industry remains focused on solving real problems. AI isn't just a trend, it has the potential to reshape insurance… but only if it's implemented with clear, practical use cases. At the same time, we need to be mindful that AI doesn't follow the same path as blockchain, which struggled to live up to its early promises.

The event also reinforced that transformation is still an ongoing journey. The challenges of legacy systems, the drive for efficiency, and the need for customer-centric innovation remain top priorities for insurers.

It was an exciting few days, and we're looking forward to continuing these conversations with our customers and partners. If you couldn't make it to the event but want to discuss how we can support your digital transformation, let's connect!