YellowMay - Innovation Insurance Consulting

🚀 The Quantum Quandary: Transforming Insurance with Next-Gen Technology Imagine a world where the unimaginable becomes reality—problems that currently take the fastest supercomputers billions of years to solve are cracked in minutes. Enter quantum computing. With Google ’s new "Willow" chip paving the way for practical quantum applications, industries across the board are preparing for a revolution. In the insurance sector, the implications are staggering: 🔹 Risk Modelling 🔹 Fraud Detection 🔹 Policy Personalization 🔹 Climate Resilience While the potential is immense, challenges remain. Security concerns—such as breaking current encryption protocols—highlight the need for robust safeguards as we adopt this technology. Quantum computing isn’t just a technological leap; it’s an opportunity for insurers to innovate, redefine value, and lead in a rapidly changing world. #QuantumComputing #Innovation #Consulting #insuranceinnovation #InsuranceIndustry #FutureOfTech BBC News https://lnkd.in/djh-HkNv

🌟 Innovation is Driving the Future of Insurance and Startups! 🚀 The importance of competitions in the #insuranceindustry and across tech sectors cannot be overstated. These events showcase transformative ideas, spotlight emerging talent, and inspire innovation. To be also more concrete on the many of that we look into as examples are: The Digital Insurer Global Innovation Awards and Insurance Times Tech & Innovation Awards: Celebrating breakthroughs in insurance and tech excellence. Startupbootcamp InsurTech and Global FinTech Hackcelerator: Energizing the space with platforms for startups to shine. Slush: A hub for founders, VCs, and innovators featuring matchmaking and curated programs. TechCrunch’s Startup Battlefield: A $100,000 prize for early-stage startups with disruptive ideas. The insurance sector plays a key role in the broader tech landscape. While established companies lead in scale, nimble startups, particularly in Asia, are redefining what’s possible with agility and innovation. By engaging with these events, we connect to a vibrant ecosystem shaping the future of #insuranceinnovation and customer engagement. 🌐 #Startups #Tech #Innovation #InsuranceTransformation #consulting

🌍 Global Consumer Trends 2025: Insights and Implications for Insurance Innovation 📊 Euromonitor International's latest report reveals shifting consumer priorities, offering valuable insights for the insurance industry💯 Sustainability Focus: 63% of consumers actively sought to positively impact the environment in 2024. Insurance providers must innovate products that support green initiatives. Trust as a Pillar: 54% of consumers only purchased from trusted brands. Transparency, reliable claims processes, and ethical practices to build and uphold trust in insurance services. Life Simplification: With 67% of consumers aiming to simplify their lives, intuitive, tech-driven insurance solutions—embedded all the way—are a must. Health Optimism: 52% of consumers believe they'll be healthier in the next five years. How can insurers align with this trend? Offer personalized health incentives, wellness programs, preventive care partnerships, consider how these impact the existing products and processes. Cost Concerns: As 72% of consumers worried about rising everyday costs, value-driven insurance packages and innovative pricing models will resonate. Thinking of microinsurance or flexible payment options. Informed Decisions: With 57% of consumers thoroughly researching their purchases, education and transparent communication will be critical. Insurers should empower customers with accessible, clear, and comprehensive information. 🙌The question and the exciting topic for 2025: How to be successful by looking into solutions that can help the #consumers and will resonate with evolving consumer values.🙋♂️ #InsuranceInnovation #ConsumerTrends #Sustainability #Simplification #HealthAndWellness #Trust #consulting #insights #adobe #firefly The access to the entire report in comments!

✍️The Intersection of Insurance Innovation and Technology: Bridging Critical Gaps✍️ The State of European Tech by Atomico is increasingly recognized as the definitive report on the European tech ecosystem. Among its critical insights, one issue that consistently hampers Europe's ability to scale its startups is the growth funding gap. Since 2015, Europe has seen lower conversion rates to growth-stage funding rounds, leading to an estimated $300 billion in unrealized potential investment. This challenge resonates with the insurance industry's long-standing struggle with the protection gap, highlighting how both sectors face significant barriers to scaling their impact. We believe that bridging these gaps becomes increasingly feasible when insurance innovation is aligned with technological innovation. By combining forces, both sectors can support one another more effectively, unlocking mutual benefits. Insurance has traditionally lagged behind technological advancements and user needs, but this gap can and should be narrowed. By working together, insurance can leverage the agility and creativity of technology, while tech can benefit from the stability, risk management expertise, and trust inherent in the insurance sector. This synergy would not only accelerate scaling within both industries but also ensure that innovation delivers value where it matters most—addressing unmet needs and building resilience. Ultimately, narrowing the gap between technology and insurance is a win-win: we harness the best of both worlds to drive sustainable growth and impact. And of course enjoy the read, if you have not done so already, with the excellent overvier report! #insuranceinnovation #localrisksglobalinsured #consulting #technolgy #insuranceindustry #insurtech https://lnkd.in/dQK__DQq

🌟 Reflections from Slush 2024 🌟 Once again, Slush 2024 in Helsinki has proven to be a powerhouse of inspiration! 🚀 Amidst the chilly November weather, the city came alive with side events and discussions that illuminated the future of technological advancements. At Slush, we see the pulse of innovation—new entrepreneurs stepping into the spotlight, established companies scaling up with fresh funding, and industries shaping tomorrow's landscape. 🌐 For us, it's about rethinking the role of insurance in this dynamic environment. How can insurance innovation empower these emerging areas and support their growth? That’s where we step in, collaborating to redefine how we proceed in the insurance space. 💡 Thank you, Slush, for continuing to spark bold ideas and create opportunities for connection. Until next year! 🙌 #Slush2024 #Innovation #Entrepreneurship #InsuranceInnovation #TechForGood #Helsinki #consulting Slush PIONIX GmbH #startupgrind Google NVIDIA #helsinkistartup

🚨 Spotlight on Home Insurance Claims: Troubling Trends Revealed 🚨 The data shows an overall decline in acceptance rates for combined buildings and contents policies—from 76% in 2022 to 72% in 2023. Some of the difference might be explained by the fact that tehre are areas that are not covered by home insurance, but in this area the opportunities also lie to develop new solutions and being able to explain more clearly the facts of what is included to the insurance policies. The new analysis by Which? highlights concerning trends in the home insurance sector, revealing that six insurers have claim acceptance rates of less than 55% for certain home insurance products. So in overall the trend is worrying and #insuranceinnovation is required more than ever to support the #industry and the #policyholders.🙋♂️ Key findings include: 📉 Lloyds Banking Group: Only 30-35% of claims for buildings-only policies were accepted, with 15-20% resulting in complaints. 📉 esure Group & #Rentokil: Claim acceptance rates of 40-45%, with complaints at 10-15% and 0-5%, respectively. 📉 #AA & #EUI: Both had acceptance rates of 50-55%, with 25-30% and 15-20% of claims leading to complaints. 📉 #Urban Jungle: A similar 50-55% acceptance rate for combined buildings and contents cover, with 10-15% complaint rates. ⚠️ The call to action is clear: The Financial Conduct Authority does monitor the standards, while insurers must prioritize building trust through transparency and fair practices. What’s your take on these findings? You can continue to share your thoughts below. 👇 #Insurance #HomeInsurance #ClaimsProcess #FCA #ConsumerProtection #Trust #localrisksglobalinsured #consulting https://lnkd.in/dVrPzuNg

The United Nations Environment Programme (UNEP) that launched the Forum for Insurance Transition to Net Zero (FIT) in the end of April 2024, an initiative aimed at accelerating and scaling up climate action within the insurance sector. Then when we incorporate Baku COP29 Resolutions for #insuranceindustry, the following #actions have to delivered and considered. ✍️ National Adaptation Plans: Every country must submit their National Adaptation Plans by 2025, which are crucial for preparing for climate impacts ✍️ Financial Gap Bridging: Address the stark financial gap in adaptation costs, which could rise significantly by 2030 and 2050 ✍️ Carbon Market Standards: Implement international carbon market standards to support carbon crediting projects ✍️ Baku Call on Climate Action: Enhance sustainable water management and promote climate-resilient agricultural solutions Let's take aim that #insuranceinnovation will be one of the main #highways in climate action and make a lasting impact! 🌱💼 #NetZero #Insurance #ClimateAction #Sustainability #UNEP #FIT #COP29 #consulting #finland #globe #europe #asia #northamerica #fiva Ympäristöministeriö - Miljöministeriet - Ministry of the Environment of Finland #un https://lnkd.in/d67erfcN

🚀 What an incredible experience at Hong Kong Fintech Week 2024! 🚀 This year’s event was a dynamic blend of industries and innovators: crypto, paytech, fintech, insurtech, banking, insurance, and a robust presence of investors. AI wasn’t just a talking point—it was about real implementation, not just experimentation. 💡 It was great to see traditional industry leaders heading back to the drawing board, reimagining tried-and-tested approaches to meet the demands of today’s evolving landscape. And of course, the event was filled with new connections, insightful exchanges, and a good dose of laughter. Looking forward to seeing where these collaborations take us next! 🌐 #Fintech #AI #Consulting #InsuranceInnovation #HongKongFintechWeek2024 Invest Hong Kong

Emprasing #innovation takes time as now🚉 Battery-Powered Trains: The Future of Eco-Friendly Rail Travel in the UK 🚉 are being planned to #uk. And that the first trains relying solely on lithium batteries entered service in Japan back in 2016? 🌏 In our minds soon we can have shorther #insuranceinnovation cycles with #ai forming potential #historical #data. The eco-friendly evolution on the tracks, can be hopefully soon supported by a more accessible way to use #trains also in #europe as currently this is not the case yet. For the #riskmanagement view; safety concerns? Experts in lithium battery technology emphasize that these batteries, particularly in road vehicles, are 20 times less likely to catch fire than diesel or petrol engines. Hitachi Energy’s battery-powered trains use #NissanLeaf cells – which have demonstrated a strong safety record in vehicles, with just 16 incidents over 14 years and 500,000 cells sold globally. #RailInnovation #SustainableTransport #BatteryPoweredTrains #LithiumBattery #UKRail #consulting #insuranceindustry #slow #fast #pace #insurtech https://lnkd.in/gXrtMNXH

**The Future Traveller: Informed, Exploratory, and Ageing** 🌍 The future traveller present a significant opportunity when undestanding their mindset by tapping into the market with #insuranceindustry solutions by tailoring offerings to reach these specific demands. As new source markets rise, the future of travel is transforming, splitting into two distinct categories: emerging and mature travellers. Emerging travellers, particularly from countries like India, are initially drawn to well-established destinations close to home. Conversely, mature travellers are venturing towards unique, off-the-beaten-path locations. Both of these traveller types are becoming highly informed, conducting extensive research to find confidence and reassurance in their decisions. Additionally, an ageing global population entering retirement in better health is creating a new segment of travellers with distinct needs and preferences. With 2.4 billion travellers waiting, the future of travel belongs to the brands that are prepared. #TravelIndustry #Insurance #MarketTrends #FutureTravel #insuranceinnovation #consulting #insurtech https://lnkd.in/dy4WvRCi