Last week, two of my colleagues and I attended InsurTech Insights USA in New York to do a little networking. Having attended for the first time in 2023, what I’ve come to appreciate about ITI is the speed networking.

Like two unassembled IKEA furniture pieces, both parties to ITI’s speed networking meet-up have a purpose. But how do you make the meeting feel natural and unforced? This can be tricky without planning. It can feel a bit like trying to assemble said IKEA furniture while following a vague and sometimes interpretive set of directions.

At ITI, you can use the event app to make connections with other attendees and schedule a series of 15-minute speed networking meetings. The app does all the hard work in terms of schedules and logistics. It’s the human element that is both fascinating and frustrating.

Who speaks first? How do you start? Should a slide deck be involved? What about business cards (so many opt not to carry them anymore or lose them along with their checked luggage)? What are the takeaways or next steps? Should there be takeaways or next steps? What if you’re late for the next meet-up that starts the moment your current meet-up ends?

What I’ve Learned

For those who participate in these meetups, and some do not, the intentions of both parties are clear. Someone is selling. Someone might be buying. Sometimes both parties are selling. And, sometimes, someone took the meeting simply to be polite.

The good news is it’s a level playing field for insurtechs, insurers, vendors and others who choose to participate.

What I have found to work best is to keep it simple and be direct: Asking the other party to tell you what they do, who is important to them to grow their business and what problems they are trying to solve or what opportunities they are seeking. Always give the other party, when possible, most of the time. And – importantly – listen to what they say. Don’t simply wait to speak. If what you do, provide or sell matches up with their needs, then connect the dots for them. Otherwise, ask them what they would like to know about your business and allow them to guide the conversation. And leave the PowerPoint at home. When you’ve got about a minute left, ask if it makes sense to keep the conversation going. If agreed, exchange contact information.

The number of people I met in 2023 and again this year who said, “I’m not sure how this meeting is supposed to work” was surprising, but also honest and refreshing. They saw the value of the speed-networking meet-up. They simply didn’t have a plan. Maybe the above approach will help in 2025?

What I Suggest

Frankly, I’d like to see a bit more of this type of speed-networking at other insurance industry conferences. Just maybe not at the same volume or pace as ITI (you really do need comfortable shoes and the occasional bathroom break).

Insurance is a business built on relationships. With daily new entrants to the industry and younger generations working to build and nurture their own networks, maximizing in-person opportunities and building relationships are more important than ever. Additionally, as experienced executives begin to retire, some of their industry relationships run the risk of being retired with them. Insurers simply cannot afford for this to happen.

ITI’s speed-networking format can be adapted to serve nearly any organization. For carriers, re-insurers and others, this would be a potentially great addition to all-company staff meetings. For the industry’s many professional associations, speed networking could be a great icebreaker for new as well as existing members. It could also serve the organization to better understand their members and their needs in a direct way. The same is true for recruitment events, fundraisers and alike.

For insurance to innovate and grow into the future, relationships must be brought along as part of the compact. While ITI certainly did not create the speed-networking concept, its application of the concept – in my view – offers a road map to creating and carrying all-important industry relationships into a bright, energetic and exciting future.