Practice and client management

These carriers and others have begun to consolidate efforts under executive-level leadership, with mission statements and budgets to match.

The insurer embeds new technologies, such as AI and IoT, into its organization on an ad-hoc basis, rather than developing products separately in a lab and force-fitting them.

Carriers cite the speed of product development in these programs and the ease of access to dozens of startups in one location as major benefits of these relationships.

Priorities are notably centered around the insurance agent for growth as well as investments in AI and data analytics.

Many are using graph database technology to provide the necessary relationship mapping, combined with master data management, data federation and artificial intelligence.

The insurtechs showcased their platforms and the potential use cases for the industry, in areas such as claims, customer experience and underwriting.

Insurance companies need to adopt the new marketplace mindset of transparent comparison and seamless user experience to keep customers engaged with the products we sell.

Life & annuity carriers have had valuable opportunities to learn about new technologies, and not necessarily from their own mistakes.

Emerging technologies such as IoT, wearables and autonomous vehicles require rapt attention from insurers now, as they can fundamentally change the industry in ways never before seen.

The insurer will leverage the university's research in the Internet of Things, data science and machine learning to help improve the life underwriting process.