3 Key Takeaways from the 2024 Earnix Excelerate Conference

Earlier this fall, the Earnix E^xcelerate 2024 Conference was held in London, UK, attracting over 300 attendees from around the globe. This event has become a pivotal gathering for professionals in the property and casualty (P&C) and general insurance sector, providing a platform to discuss emerging industry trends, share innovative best practices, and learn about the latest technological advancements in pricing, rating and underwriting solutions. The conference featured an array of mainstage presentations, detailed breakout sessions, and numerous networking opportunities, all designed to enhance the knowledge and capabilities of those present. As we look back at this year's E^xcelerate, here are three themes that emerged:

See also: Watch the replays of all E^xcelerate mainstage and breakout sessions.

1. Insurance as a Means of Pre-funding Inevitable Losses Due to Climate Change

Peter Blank of Howden, argued that there is a need for a shift in thinking about insurance, moving from a post-disaster emergency response to pre-funding inevitable losses, particularly in the context of the climate crisis. The protection gap – i.e., the delta between economic costs of natural disasters and the percentage of those costs that are insured, is an ongoing challenge for the insurance industry in our collective mission to protect people, properties and society. With the uninsured representing hundreds of billions of dollars, businesses, livelihoods, and even countries are being destroyed.

Clearly, there is an urgent need to act, starting with reframing the concept of insurance. Instead of viewing it as something to keep in reserve for worst-case scenarios, we should consider it a proactive and economically sensible way to pre-fund inevitable losses. As the Earth warms and natural disasters increase in frequency and severity, insurance must be at the forefront of these conversations.

2. The Imperative for a Reference Architecture & Interoperability Across P&C Systems

Earnix’s Chief Technology Officer, Erez Barak, delivered a compelling talk, part of which highlighted the necessity of establishing a reference architecture across P&C and General insurance systems. Such a framework would enhance interoperability, ensure consistency, and facilitate easier integration of disparate systems across the industry. This architectural standardization would also support more efficient decision-making processes and allow for greater flexibility and adaptability within the industry.

As more insurers are considering externalizing their rating engine from their policy administration system, the need for reference architectures and developing a vendor agnostic approach to connect these systems is critical. Ultimately, as systems have moved from monolithic to modular architectures, it provides insurers with more choices to assemble their own insurtech ecosystems, and more easily connect what they choose for their pricing, rating, underwriting workbenches, and other systems.

More standards and common frameworks would also provide insurers with the ability to more easily bring in more external data and leverage even more external models in rating engines.  

Together, software vendors, system integrators and insurers alike must collaborate closely to enable a more unified and efficient approach to integrating insurance technology.

3. Starting AI Implementations with Manageable-Sized Projects

The practical implementation of artificial intelligence (AI) was another significant topic of discussion at the conference. The consensus among the speakers, including Earnix’s Director of Strategy, Aaron Wright, was that effective AI implementation should begin with manageable, small-scale projects. This strategy allows organizations to test AI applications in a controlled, focused manner, such as in a single line of business or a specific geographic region, before expanding to broader applications.

This phased approach helps organizations secure quick wins, build internal confidence, and gather valuable insights, which are crucial for scaling AI initiatives successfully. It also minimizes the risks associated with larger, more complex projects. By prioritizing projects that offer substantial value yet are simpler to execute, companies can build a solid foundation of experience and success in AI, setting the stage for more ambitious projects in the future.

An Impactful Insurtech Conference

The Earnix E^xcelerate Conference provided profound insights into the strategic directions and technological advancements shaping the future of the insurance industry. With keynote addresses from influential figures such as Julia Hoggett, CEO of the London Stock Exchange, Louis Theroux, documentarian and journalist, and Robin Gilthorpe, CEO of Earnix, and a forum set up for intimate conversations across a diversity of thought leaders, the conference was a treasure trove of information and inspiration.

For those unable to attend, the recorded sessions offer a valuable opportunity to learn from industry leaders and to understand how to apply these insights to transform business practices and achieve success in the rapidly evolving world of P&C and general insurance. As much as we enjoyed E^xcelerate 2024, we’re excited about what lies ahead as we begin planning our 2025 event.

Watch the replays of all E^xcelerate mainstage and breakout sessions to learn how to accelerate your business.