YellowMay - Innovation Insurance Consulting’s Post

🚗💡 What's Next for Auto Insurers, OEMs, and Mobility Players? 🌐 The future of auto insurance is at a crossroads of innovation and regulation. McKinsey & Company's analysis predicts significant disruptions in the auto insurance landscape, with a quarter of premiums facing changes by 2030 in #us, but the rest of the #world is not n island at this sense. While optimism surrounds electric, connected, and autonomous vehicles, challenges remain. Adapting to regulatory shifts, technical hurdles, and user behavior is key. The imperative for stakeholders is strategic agility, collaborative innovation, and proactive engagement with regulators to navigate these changes and secure a prosperous future. 🌟 To thrive in this evolving landscape, here's what's essential: For Auto Insurers: ✍️ Embrace innovation: Invest in data and technology to assess risks in the age of EVs and AVs. ✍️ Forge partnerships: Collaborate with OEMs to develop tailored insurance products and access critical vehicle data. ✍️ Engage with regulators: Stay proactive in shaping and adapting to regulatory changes. ✍️ For OEMs and Mobility Players: Collaborate for integrated insurance: Offer unique insurance solutions and enhance customer value. ✍️Maximize data value: Utilize vehicle data for innovative services and form partnerships across the mobility sector. ✍️Partner on safety initiatives: Work with insurers to create solutions emphasizing driver safety and accident prevention. The #article is in the comments. #AutoInsurance #Innovation #Mobility #FutureOfWork #insuranceinnovation #insights #data #consulting #carinsurance

The #travelinsurance #market is expected to reach the size of around 108.8 billion U.S. dollars by 2030. How to support sustanaible #tourism by the means of #insuranceindustry? There has been rioting in some destinations by the local people to reduce the tourism stress. How would this should be supported by us working within #riskmanagement sector? Here are som of the options now in use: ✍️Portion of premiums have is being given to environmental projects, micro-donations to fund community projects and partners with global charities, wildlife charities (allowing policy holders choose where their money goes), ✍️ Encourage staff to opt for no-fly holidays with extra paid leave and lobby for divestment from fossil fuels ✍️ Plant a tree for every policy issued ✍️ Providing a Responsible Travel Guide accessible What would then make a bigger impact is a way to promote the #carbon neutrality in the means of travelling. That would also impact the choices made when buying the travels. #SustainableTourism #TravelInsurance #ImpactTravel #localrisksglobalinsured #consulting #canaryislands #insights #insuranceinnovation #forbes #sustainability https://lnkd.in/dG3aZzXS

🚀We had the privilege to #cohost #webinar 16th of April for "Responsible AI in insurance industry" with Anna Seppänen Mark Sherwood-Edwards Jussi Tommola focusing on: ✍️ existing and new applications coming to #insuranceindustry ✍️ how will the AI CT in the #eu steer the #industry ✍️how ethics should be involved Attendees from 30+ countries joined, and here is the summary + recording to give food for thoughs. Enjoy!🚀 🔍 Consumer adoption of technology, including AI, is widespread, 72% using technology to enhance daily life 2023 💬 Future trends indicate increasing comfort with AI interaction, 42% open to discuss with voice assistants for product suggestions and 17% willing to resolve complex customer service queries with bots 📈 Over the next five years, 53% of companies plan to invest in generative AI, utilizing it for various purposes such as analyzing customer data and deploying chatbots 🔍 From the buyer's perspective, there is a desire for clearer understanding and transparency regarding insurance products, with AI seen as an enabler for facilitating discussions and providing summaries of complex terms and conditions 🔄 Insurance companies are leveraging AI across different stages of the insurance process, in underwriting, risk assessment, and claims management, with capabilities for instant quotations, dynamic pricing, and personalized risk analysis 💡 AI does the promise to enable streamlined operations, enhanced customer service, improved underwriting accuracy, and more efficient claims management, ultimately benefiting both insurance companies and policyholders by facilitating better risk assessment and product development 🔍 The AI Act integrates AI within the CE framework, requiring conformity and authorization for AI systems 📑 Compliance with the GDPR is often overlapping with AI Act obligations, especially regarding fairness and transparency 🔍 Explainability of automated decisions is a key requirement under the AI Act, broader than GDPR 🌱 Despite the risks, AI also holds promise for societal betterment, as seen in its applications in medicine and environmental protection ❗ Lack of regulation and ethical oversight could lead to a loss of trust in AI and hinder its potential benefits ⚠️ Ethical concerns unique to AI include biased data, the opacity of deep learning systems, and the potential threat to fundamental rights 🎯 The focus shifts to guiding the development of ethical AI, emphasizing the limitations of merely listing ethical principles 🤝 Promoting shared understanding and ethical action capability among stakeholders is proposed as a more effective approach 📋 Five steps are outlined for ethical AI use: identifying key questions, understanding existing laws and guidelines, engaging in collaborative learning, increasing AI literacy and ethical skills, and establishing an AI governance model with clear responsibilities https://lnkd.in/diPpws-K #AI #Insurance #Ethics #FutureTrends #consulting

Last chance to sign-up to #listen the #webinar #live or then if you can´t make then you will receive the recording afterwards✍️. #localrisksglobalinsured #insuranceinnovation #regulation #aiact #europeanunion #eu #legal #ethics #insuranceindustry https://lnkd.in/ehC6PQb7

Sign-up to our #webinar💯 on #responsible #ai in #insuranceindustry✍️ next week! #localrisksglobalinsured #insuranceinnovation #ethics #consulting #eu #regulation YellowMay - Innovation Insurance Consulting is hosting WEBINAR - Responsible AI in insurance industry. Make sure to attend it on April 16.

Here´s one of the lists we follow on a #yearly level . It is Fast Company sees innovation within different areas. To #inspire us on this #tuesday💯 #insuranceinnovation #insurance #consulting #company #forefront #new #success #localrisksglobalinsured #data #insights https://lnkd.in/ecNbX--e

🔒 Join us on April 16th [3pm CET] for an insightful webinar to hear on responsible AI! [✍️Sign up at our event page🚀] We'll be delving into pressing issues within regulations, future of insurance with ai technology in use and the ethical path of using it! Based upon these there are also high concerns like the rise of scams (with voice / pictures / etc.) , a topic that demands our attention when working in the #riskmanagement sector. In the age of rapidly advancing technology, scams have become a substantial concern. From deepfake technology to sophisticated AI-generated voices/pictures/videos, perpetrators are finding increasingly convincing ways to manipulate and deceive. This #Thursday, we pose a critical question: With policyholders' details, including their voices, at risk of being hijacked, how can we defend individuals against this threat? It's a challenge that calls for innovative solutions and proactive measures. Let's start the conversation. How do you think we can better protect individuals from scams in an era where technology is both a boon and a bane? Cast your vote in our poll and share your insights! #AI #VoiceScams #Security #TechEthics #insuranceinnovation Jussi Tommola Anna Seppänen Mark Sherwood-Edwards 🗣💡

🌟 Don't miss out! Join us on April 16th, 2024, at 3pm CET for an exciting webinar! 🚀 🎙️ Speakers: Mark Sherwood-Edwards, Anna Seppänen, and Jussi Tommola 🔍 Topic: "Responsible AI in the Insurance Industry" Discover the pivotal role of responsible AI in shaping the insurance industry's future. Gain valuable insights on implementing ethical AI practices into your daily business operations. 💯 Secure your spot now and be part of this insightful discussion! #TuneIn #Webinar #AI #InsuranceIndustry #regulation #ethics #innovation #eu #legal #consulting Clearview Legal CoHumans YellowMay - Innovation Insurance Consulting

Retail had its challenges in 2023 #usa, the sector saw a significant downturn, with approximately 4,600 stores shutting down, marking an 80% increase from the previous year. The trend continues into the current year, with Macy's slated to close 150 outlets and Family Dollar planning to shutter 1,000. Direct-to-consumer (DTC) companies are also affected; Allbirds anticipates closing 10-15 stores due to a 14% revenue drop and over $40 million in losses. Despite challenges, store owners can still benefit from their physical locations by integrating them with other sales avenues. Adopting retail strategies that boost social media engagement and attract more customers in-store. Examples include organizing pop-up events, providing complimentary in-store treats, or collaborating with brand ambassadors . The importance of creating experiences that consumers are eager to share on social media. There has been examples also that buyers want more and in these cases additional products that can increase the value of bought items are crucial. In these cases various opportunities arise working with #insuranceinnovation being attached to the #product offerings are a way to boost them. ##localrisksglobalinsured #insurance #insurtech #consulting #insights #retail #brickmortar #firefly Adobe