Insurtech Insights 2024 - Multimodal Takes the Stage

‍Insurtech Insights brought together over 5000 attendees including executives, entrepreneurs, and investors in the insurance industry. We walked away with crucial insights into the insurance industry’s outlook on technology, and the key problems that industry leaders are trying to solve today. 

The event, held June 4-5, 2024 at the Javits Center in New York City, successfully connected tech solution providers with both established and emerging insurance carriers, fostering transformation within the industry.

As part of the Plug and Play Fintech Batch 19 ecosystem, we showcased our end-to-end, enterprise-specific generative AI automation solutions to providers and networked with other startups.

Key Takeaways

• Insurtech Insights 2024 was a massive event aiming to connect the latest tech solutions providers to legacy and emerging insurance carriers, reinsurers, brokers, etc. 

• Companies innovating in the insurance space with AI and ML grabbed the most attention from carriers and investors alike. 

• Our founder and CEO Ankur Patel took the stage to demonstrate our core insurance automation products, and how they can holistically amplify complex insurance processes like underwriting, claims, submissions, etc. for insurance carriers across different domains. 

Demonstrating Multimodal’s AI-Powered Automation Capabilities

On the first day of the conference, our founder and CEO Ankur Patel took the stage to demo Multimodal’s AI automation products and discuss our vision for the future of insurance.

He highlighted the importance of building intelligent and complete enterprise-specific automation with a security-first approach. Ankur emphasized how Multimodal’s gen-AI solution can augment expert insurance professionals like underwriters by automating complex knowledge work like never before, allowing teams to move 4-5x faster and more accurately. 

He also stressed how we make insurance automation highly collaborative, not disruptive: by deploying our solutions on companies' native data infrastructure and by integrating across multiple workbenches.

What We Learned

These were both truly insightful days even for us as a leading AI automation software startup. Some of the key things we learned include:

• Complex insurance processes like underwriting and claims are highly manual even at large insurance carriers. There are way too many expert underwriters, claims people, and risk professionals handling mundane and repetitive tasks that slow them down and increase costs for the organization. These processes are full of human error.

• Most insurance carriers understand the pressing need for automation. However, they are hesitant about tech solutions that disrupt existing processes and aren’t compliant, secure, or explainable. 

• Most startups in the insurance technology space offer intelligent document processing or other point solutions that automate simple parts of a workflow. While these are a value-add compared to completely manual processes, they leave loads of gaps where AI-powered automation can excel.

• Our solution appealed to insurance professionals because of its API-first and security-first approach. Moreover, it removes the need for IT teams to hunt for multiple solutions for different workflows, providing diverse AI agents trained on the specific company data to address their unique challenges across workflows and departments. 

• AI will be a key force in transforming insurance operations. It will help insurance companies serve customers way better while continuing to grow in the next 5-10 years. Companies that choose enterprise-specific, end-to-end solutions will gain a competitive edge over those using generic or RPA automation. 

Looking Ahead

Our goal is clear - using generative AI to eliminate mundane, repetitive tasks from insurance teams’ workflows, freeing them to focus on the complex tasks that need human attention. 

While many solutions exist to automate simple tasks like data entry and verification, the complex work that experts do is still heavily manual.

With generative AI solutions that we build, we can, for the first time augment experts by automating intensive knowledge-based work. This enhances the entire workforce’s capabilities and helps them be more efficient and accurate. 

Ultimately, we want to help shape the future of insurance into a more human-centric industry, where technology empowers experts to make better decisions, deliver superior customer service, and drive innovation that benefits both insurers and policyholders alike.

Catch Us At Gener8tor Next

We’ll be attending the Gener8tor conference in Minneapolis on June 18-19. Stay tuned to learn about the exciting developments there!