Following up Gain’s last post, here are my reflections after having spent several days in the Exhibitor Hall and a few sessions at IASA Xchange last week:
- Compared this to Gain’s first IASA National Conference in 2018, the feel was a bit different. Gone are the big marketing pushes (and lavish booths) from the heyday of the once-frothy InsurTech market.
- This meant no presence from many of the vendors which are core to the insurance ecosystem: Guidewire, Duck Creek, Workday, and the Big Four firms all passed.
- My guess is that this is a mistake which will be corrected in future years. While attendance levels have not rebounded from pre-Covid levels yet, this audience is too relevant to ignore for companies which have something to share.
- Case in point: Gain’s booth saw phenomenal visitor traffic and genuine interest from folks who are specifically interested in not just personal education, but also in learning about the latest approaches and tools to improve their processes – this is the “S” in “IASA,” after all. (IASA = Insurance Accounting and Systems Association.)
- Even our world – Statutory Accounting Software – was a tale of two cities. The legacy vendors showed, through their continued lack of investment, that they are willing to cede their customers to a company (us) which is dedicated to putting in the hard work to create a modern filing experience.
- By way of a few examples: FIS, once a stalwart in servicing financial reporting teams, did not even have a display, and other vendors used outdated marketing materials and showcased product roadmaps which generously would be described as unambitious in both scope and timeline.
- One area, judging by vendor presence, which is getting a lot of attention: investment management software. This is very tough software to build and support, and there is currently no solution in the market which has universally good product-market fit. The vendors here are fighting tooth and nail for market share.
- Parting thought: Minneapolis is a great town.
With that, the booth is put away, we are following up on the contacts we made, and are looking forward to next year in Pittsburgh….