ITC Vegas 2025: What We Saw and Why It Matters

Evolve attended InsureTech Connect (ITC) in Las Vegas from October 14 to 16, 2025, meeting with a broad mix of carriers, reinsurers, MGAs, technology providers, and investors. We have been active in this ecosystem for many years across technology-enabled insurance services, specialty MGAs, distribution, TPAs and claims, and software. To continue the week’s discussions, we also hosted an invite-only networking event for our clients and friends of the firm. The overall tone of ITC this year leaned toward practical enablement rather than grand, market-wide disruption. 

ITC drew a global mix of carriers, reinsurers, MGAs, technology providers, and investors. The scale was hard to miss, with more than 9,000 participants and hundreds of sponsors, but the conversations Evolve had were more grounded than hype driven. With our focus on technology-enabled insurance services, specialty MGAs, distribution, TPAs and claims, and software, ITC again served as a useful working forum. 

A takeaway this year: Focus shifts from grand disruption to practical enablement.  

Key Themes Evolve Observed 

1) Specialty MGAs were more prevalent.

In comparison to previous years, Evolve observed a greater number of specialty focused MGAs concentrating on narrow risk niches, using data and AI to sharpen selection, compress quoting, and keep workflows clean. Evolve observed fewer claims/TPA/IA vendors versus prior years. This likely reflects conference scale and targeting rather than a structural trend. 

2) AI: from wrappers to workflow.

“AI for anything” is still everywhere, often as thin wrappers on legacy stacks. Buyer interest, however, concentrated on workflow native tools with clear operating deltas inside underwriting and claims: cycle–time reduction, fewer manual touches, better triage/routing, and measurable improvements in recoveries. Integration was mentioned several times as a gating item; buyers asked how quickly a pilot stands up, how it’s governed, and who will vouch for outcomes. 

3) Momentum with discipline.

Commercial intent felt higher than in prior cycles, and several demos moved into active proposal discussions during the week. At the same time, investor conversations stayed firmly grounded. “Insurtech” as a label is being used more cautiously, and the bar remains fundamentals first: credible unit economics, light integration requirements, and results supported by customer references tied to loss ratio, severity, handle time, or recovery rates. 

The throughline: tools make incumbents faster, more accurate, and more accountable with minimal disruption to core business. 

Who We Met and Why They’re Interesting 

Across three days, Evolve met with approximately 50+ organizations spanning carriers, reinsurers, MGAs, software/services, and capital partners. Highlights below are generalized: 

• Predictive risk analytics for P&C.
  One platform applies behavioral and external signals to materially improve loss prediction and risk scoring, with a go-to-market that resonates with portfolio managers and line-of-business leaders. The appeal: tangible lift in underwriting precision without heavy rewiring.  

• Usage aware auto MGA.
  An MGA that prices on verified mileage is scaling in multiple states through independent agents. The edge is a transparent rating basis that can reduce premiums for specific usage patterns while preserving underwriting discipline.  

• Connected vehicle data + insurance workflow.
  An automotive data/insurance platform working with OEMs combines edge computing, scoring, and MGA services. With approvals in numerous states and traction across personal/commercial auto, there is palpable excitement around OEM grade signal quality feeding underwriting, pricing, and loss control.  

The Evolve Team Takeaways (Rolled Up) 

• Company mix: The barbell effect was pronounced; large incumbents at one end and early-stage teams (pre-seed/seed/Series A) at the other; Series B/C/D representation felt thinner than past years. 

• AI language fatigue: “AI” is thrown around too casually and is losing precision as a descriptor. The market is rewarding specific, work-flow-level gains over broad claims. 

• Intermediaries strengthened, not removed: Where some expected AI to cut out the “middleman,” the practical reality is that tools enhance capable intermediaries. The chess analogy fits: an average player who truly works with the engine often beats a grandmaster who overrides it. Mindset matters more than mystique. 

• Build, then add AI: A subset of startups is deliberately delaying AI in product development to learn customer problems first; AI comes after they’ve earned the right to automate. 

• Capital posture: Several VCs voiced skepticism toward “Insurtech” as a label and steered conversations back to metrics, references, and payback. Deals on the floor felt more real than in prior cycles, but discipline defined the tone. 

How Our Read Aligns with Public Recaps 

“Marketplace, not just a stage.”

Public coverage of ITC often highlights the sheer volume of sessions and announcements. Our experience adds a complementary angle: ITC functioned as a working marketplace where defined problems met buyers ready to transact, especially around underwriting workbenches and claims automation. The public highlight reels capture the energy and scale of the event, while our perspective focuses on operational readiness and the specific use cases that are actually moving into pilots and live deployments. 

Closing 

If you have questions about the evolving landscape of technology enabled insurance services or software reshaping the sector, we invite you to connect with the Evolve team. Evolve is a growing presence in insurance M&A, having advised on more than half a dozen insurance transactions over the past two years. Whether you’re a founder or investor considering a transaction now or planning for the future, we would welcome the conversation.