Fall 2024 Tradeshows: Navigating AI FOMO and the Case for Data-Driven Insurance Innovation

By Michael Schwabrow

Last year when I attended Insuretech Connect (ITC) I had the honor of being interviewed by Carrier Management about the future of AI in the next five years.  This was less than a year since the hot excitement about GenAI was taking every industry by storm. What I have seen in the first half of this year is the hot excitement of 2023 has turned into a sea of uncertainty in 2024. In the shows that I have attended, it has become clear that some carriers do not know where and how to start in a meaningful way with AI and have begun to move into AI FOMO (Fear Of Missing Out) experimentation.

This FOMO experimentation can be fine if you are a large carrier with a huge IT budget, but for medium and small carriers in a year with highly active tornado and wildfire seasons, this type of innovation strategy is risky. For a risk-averse industry, GenAI has been especially successful at overcoming this trait. For the carriers that are effective at using AI, it comes down to a full plan that AI is only a part of, not the bedrock of their IT strategy. The foundation that successful carriers rely on is clean, quality, well-organized data with the proper context funneled into all software programs.

Cloverleaf is attending and sponsoring the Celent Generative AI Symposium, NAMIC, Target Markets, ITC Vegas, and Guidewire Connections.  We are looking forward to engaging carriers about how to build and expand quality technology programs with our out-of-the-box solution that strategically leverages AI balanced with other technologies.

While we are excited about these events, I want to challenge attendees at these shows to help not fuel the next Dot-Com bust. This could occur if AI has so much attention and investment (both by corporations and investors) that everyone is tossing to the wind over-saturation of GenAI tools, the limitations of GenAI, and speculative evaluations that could prove far-off every six months when the next ground-breaking GenAI technology launches. Yes, the internet did survive the Dot-Com bust, and I think quality AI will too if a bust happens. But will the insurers operating with an AI FOMO mindset survive a bust?

These upcoming events are an opportunity to be sure insurers are positioned for long-term success. These gatherings should be about getting back to basics, building quality data foundations, and stronger customer relationships complemented by emerging technologies. The fall is shaping up to have some nice announcements from Cloverleaf in these areas that will help insurers thrive for years to come.

Check out our events page to see what shows Cloverleaf is attending and we look forward to connecting with you!