Shaping the Future: Access Global Group’s Insights from InsureTech Connect Vegas 2023
Jenna Trott
NOVEMBER 13, 2023
The Access Global Group team, along with our key organizational leaders, had the privilege of taking part in the 2023 edition of InsureTech Connect Vegas. By attending presentations, engaging in insightful discussions with insurance leaders, and participating in networking sessions, we gained valuable insights into the technological landscape. In this article, we’ll break down some of the key points that captured our interest.
Artificial Intelligence (AI)
Let’s begin with the ubiquitous buzz at every corner of Mandalay Bay during ITC—Artificial Intelligence (AI). AI took center stage as the leading opportunity for enhancing efficiency, automation, optimization, and process implementation. Further, leveraging big data proves to be instrumental in offering actionable insights and real-time information for those working within the insurance industry. However, it also brought to the forefront ethical and privacy considerations, such as concerns about data cybersecurity, authenticating legitimate content, and the potential for bias in AI algorithms. Consequently, there is a requirement for stringent regulations to govern the responsible usage of AI in the insurance industry.
Data Automation & Document Generation
A key advantage of automation technology across all industries is its capacity to completely eliminate time-consuming manual tasks and mitigate the risk of human errors. The ITC Vegas event highlighted a substantial emphasis on automating manual tasks to enhance efficiency, minimize errors, and elevate customer service. Insurance entities should focus on recognizing and automating redundant data entry processes and time-consuming documentation generation in order to stay ahead of market competitors. Access Global Group saw the value of automation early on, leading to the development of Salesforce applications such as Access Commissions, Access Quickbooks, and Access Docs.
Automate & Simplify ACORD Processing
At ITC Vegas, Salesforce placed a strong emphasis on data automation, featuring an engaging demonstration of the ACORD API. Salesforce highlighted challenges in insurance automation, including entering data from multiple sources, staying current with ACORD form updates, and pre-filling data from various origins. Salesforce Industries demonstrated the effective utilization of policyholder data in a seamless flow with ACORD APIs, facilitating the easy generation of relevant ACORD forms. The resulting forms could then be efficiently distributed to the market by producers, contributing to enhanced pipeline visibility through the automation of opportunities.
Final Thoughts from ITC Las Vegas
Missed connections during ITC Vegas 2023. We regret not having the chance to engage with more individuals at the event last week, and we extend our apologies if we missed you. Should you wish to connect with our team, please don’t hesitate to reach out.
From proposals to quotes, contracts and more, Access Docs allows users to create and send consistent and accurate documentation to clients in a few simple clicks.
A seamless connection between Salesforce and QuickBooks. With automation of key processes, this application works to eliminate manual and duplicative efforts to empower your team.
A seamless connection between Salesforce and QuickBooks. With automation of key processes, this application works to eliminate manual and duplicative efforts to empower your team.
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