Insights

Highlights from the Future of Insurance Event in Chicago on 15 to 16 May 2024

Author: Bala Nachimuthu

This blog is co-authored by Sandeep Kotathil.  

In mid-May 2024, we attended the Future of Insurance event, a key gathering for top executives and decision-makers from leading insurance carriers across the USA. We met with several industry professionals to discuss the evolving landscape of the insurance sector. 

AI: The Core of Insurance Innovation 

AI was a central topic throughout the event, with many sessions focusing on its impact on the industry, ways to enhance customer experience, and lessons learned from various AI initiatives. We highlighted four key solutions to address today’s top challenges in the insurance industry: 

  1. BeyondOrganik: Risk Management with AI 
    Our solution project, codename BeyondOrganik helps manage policy portfolio risks by identifying patterns that traditional approaches might miss. With explainable AI, we ensure transparency in decision-making processes. 
  2. Sales Enablement with GenAI 
    This tool expedites the creation of training videos for agents and sales teams, significantly reducing production time from storyboard to final output. 
  3. RAG-Powered AI Chatbot 
    Our chatbot uses Retrieval-Augmented Generation (RAG) to deliver accurate, context-rich responses, avoiding common issues like hallucinations and inaccuracies. 
  4. BeyondKognition: AI Co-worker with Cognitive Process Automation 
    This solution project, codename BeyondKognition, employs AI agents to enhance business processes, boosting efficiency and effectiveness across operations. 

Engaging with industry leaders at the Future of Insurance event highlighted the critical role AI plays in transforming traditional insurance processes. Our discussions reinforced the importance of leveraging advanced technologies to enhance risk management and customer experience.

Bala Nachimuthu, Account Mgt Director, Banking Financial Services & Insurance at Beyondsoft 
From left: A visitor chatting with Bala Nachimuthu and Sajan Varghese (Head of Banking Financial Services & Insurance) from Beyondsoft

Our booth drew many attendees, allowing our team to interact with industry leaders, share ideas, and learn about their innovation journeys. These interactions were both insightful and enjoyable. 

Insights from Industry Leaders 

Distinguished speakers from various sectors of the insurance ecosystem, including industry leaders, innovators, and thought leaders, provided comprehensive insights into the challenges and opportunities shaping the industry. Key topics included digital transformation, InsurTech advancements, regulatory changes, and customer-centric strategies. 

The insights shared at the event emphasized the importance of integrating AI-driven solutions into our business models. By focusing on transparency and efficiency, we can better meet the evolving needs of our clients and stay ahead of industry trends.

Sandeep Kotathil, Sr. Biz Director Banking Financial Services & Insurance at Beyondsoft 

Engagement and Networking 

The event facilitated valuable interactions with CxOs, Vice Presidents, Product Heads, and Sales and Marketing Leaders from insurance carriers and InsurTech startups. These conversations underscored the importance of collaboration and innovation in driving the industry forward. 

Key Takeaways

The consensus was clear: AI is essential for keeping pace with new technology, creating relevant products, and designing seamless customer experiences. Executives left with comprehensive strategies after hearing from industry regulators, technology experts, and C-level executives. The message was unequivocal: while there is risk in innovation, the greater risk lies in being left behind. Attendees exchanged ideas and best practices, emphasizing the importance of staying ahead of industry and customer expectations. 

Our Expertise

The insurance market is shifting towards ‘digital-first’ business models, and we aim to position our clients as leaders in this digital landscape. We work with you to reimagine operation processes, delivering timely products and services that heighten customer satisfaction. Our goal is to help you gain a competitive advantage, drive faster processing times, and increase customer retention while reducing costs across the value chain. 

Join Us on This Exciting Journey 

The Future of Insurance event underscored our commitment to AI as the driver of future business growth. We invite you to join us on this exciting journey as we build an AI-driven world that inspires, empowers, and transforms.  

Interested in learning more about how our AI expertise can empower your business? Contact us today and let us help you navigate the future, together.   

How we do it

Our success factors over the years are a testament to driving your return on investment. Singapore is our global head office and we have 15 regional offices around the world.

Nearly 3 decades of strong IT consulting and services

40+ global delivery networks across four continents

Certifications* in CMMI 5, ISO 9001, ISO 45001, and ISO 27001

~30,000 global experts

Microsoft Azure Expert MSP

ISO 9001 and 45001 (certificates issued to Beyondsoft International (Singapore) Pte Ltd). ISO 27001 (certificates issued to Beyondsoft International (Singapore) Pte Ltd, Beyondsoft (Malaysia) Sdn. Bhd., and Beyondsoft Consulting Inc., Bellevue, WA, USA)