At this year’s InsurTech Conference in New York, held June 4–5, (where Evolve hosted a private, invite-only rooftop event following the main programming, with photos below) we observed a broader representation from carriers, reinsurers, and insurance service firms compared to prior years. In contrast, there was a somewhat noticeable absence of the flashier, once-prominent names that used to dominate the event circuit.

While technology remains a critical component and cannot be sidelined, its role today is largely to improve the efficiency of the value chain—from underwriting through to claims handling. True disruption, however, still appears to be some distance away. Traditional underwriting and claims execution will continue to drive results, especially when paired with technology and AI solutions that are intuitive and cost-effective in addressing meaningful pain points.

Case 1: Claims-tech firms were more visible this year than in previous conferences. Carriers and other risk-bearing entities—particularly in the P&C sector—are actively searching for solutions that can both reduce claims costs and offer better predictive capabilities to proactively manage risk. The end goal remains the same: improve rates and coverage outcomes across the board. What stood out were claims-tech companies focused on enablement rather than displacement. In other words, platforms that support and empower the existing insurance services workforce are in demand, while those that aim to eliminate it are finding less traction. Adjusters are here to stay, but the tools they use—such as drones—are evolving rapidly.

Case 2: We also noted a proliferation of large language model (LLM) startups leveraging GPT-based frameworks under the broader umbrella of “AI.” Venture capital continues to flow into the insurance AI ecosystem, yet many of these startups are likely to struggle. Challenges include long enterprise sales cycles, pricing pressures, entrenched incumbents, and a growing realization among carriers that many AI tools are not that difficult to build in-house. That said, the current cohort of claims-focused AI companies is more practical and grounded than those from seven years ago, when “Claims AI” was often little more than vaporware.

Additional Observations:

The attendee mix this year skewed toward the extremes—either large incumbents or early-stage startups at the Series A level or earlier. There was relatively less representation from mid-stage companies in the Series B, C, or D range.

AI continues to be a hot topic, but the term is being used with increasing looseness, often diluting its meaning. Interestingly, where AI was once expected to remove intermediaries, the reality appears to be the opposite: it has largely strengthened the role of the middleman by enhancing their capabilities rather than replacing them outright.

A compelling analogy shared at the event referenced a quote by chess grandmaster Gary Kasparov:

“The average chess player with a computer can often beat out the advanced chess player with a computer, because the average chess player will find a way to work with the computer to produce a superior result whereas the advanced chess player will second-guess the computer’s advice and desire to rely on their own inferior knowledge instead.”

This concept has strong parallels in how AI is being adopted in insurance: success often depends less on the technology itself and more on the willingness of users to leverage it effectively.

Lastly, several startups noted a deliberate decision to delay integrating AI into their product development. Their rationale: deeply understanding customer problems through hands-on experience before layering in AI. The view is that AI will eventually come, but only after the team has earned a strong grasp of the real-world dynamics they are trying to solve.

Evolve’s Merge & Mingle Mixer Photos:

Contact us at Evolve:

If you have questions about the evolving landscape of technology-enabled insurance services or software reshaping the industry, we invite you to connect with the Evolve team. Whether you’re a founder or investor considering a transaction now or planning for the future, we would welcome the opportunity to speak with you. Evolve continues to be an active and growing presence in the insurance space, having advised on more than half a dozen insurance transactions over the past two years.