In this edition of "Startup Spotlight", we introduce YAS which is transforming the insurance industry. The startups landscape is very dynamic in Asia, and YAS stands out with personalized on-demand insurance product offerings with innovative technology to redefine modern insurance. Here, Andy Ann, the founder and CEO of YAS, shares with us their vision, mission, and the challenges they identified in this sector.
This article is also available on LinkedIn and Medium, and we invite you to share your thoughts by leaving a comment.
Could you provide a brief introduction to your startup and the services it offers?
Andy: YAS specializes in offering innovative insurance solutions tailored to modern lifestyles and mobility. We provide both embedded and on-demand insurance, seamlessly incorporated into the everyday products and services you use. Furthermore, with a commitment to safeguarding user privacy, we use blockchain technology. This ensures that all sensitive data is recorded with utmost security and transparency.
What is the core problem you're addressing?
Andy: At YAS, we're tackling the fundamental issues that have long plagued the insurance industry. Many traditional insurance products no longer align with the needs of younger generations, and the cumbersome purchasing and claim process deter potential users. We're revolutionizing insurance by making it relevant, accessible, and user-friendly, especially for today's tech-savvy and mobile-driven customers. Our approach is all about simplifying insurance, delivering on-demand coverage, and ensuring a smooth experience from start to finish.
What motivated the establishment of your startup?
Andy: The foundation of YAS was driven by our keen interest in addressing the longstanding issues in the insurance sector that left many customers feeling neglected and underserved. Interestingly, when you reverse 'YAS', it reads 'SAY'. This encapsulates our mission: to let our customers 'SAY' or voice their needs through personalized protection. Our passion lies in making insurance relevant, streamlined and adaptable to the modern world, ultimately improving the lives of our customers and reshaping the industry for the better.
In a concise sentence, what is your startup's primary mission?
Andy: YAS aims to safeguard countless lives by modernizing insurance, making it more relevant and accessible for younger generations of consumers.
In the crowded FinTech landscape, how does your solution stand out?
Andy: Our adoption of blockchain ensures the utmost privacy and transparency in handling sensitive data, setting us apart as a pioneer in secure and personalized insurance coverage. Furthermore, our utilization of GPS data allows us to craft superior products that would fit the market demand and reduce fraudulent claims at the same time.
To date, how many individuals or entities have benefited from your service?
Andy: We have issued policies to over 106,000 instances, positively impacting more than 36,000 clients.
What are the primary projects or initiatives that your team is currently focused on?
Andy: We are launching our first Luxury Watch Blockchain Insurance. In collaboration with Oriental Watch, we're embedding insurance directly for their clientele, covering up to US$13,000 against theft and loss. The invoice, certificate, and policy are all integrated into our blockchain, ensuring both transparency and verification of the watch's authenticity.
As 2023 draws to a close, what do you see as the predominant trend or obstacle in your industry?
Andy: We believe that the development of innovative insurance products will persist as a challenge. Moreover, understanding the evolving behaviours of new customers will be a significant challenge for our team.
Are there particular business sectors or stakeholders you're aiming to partner with?
Andy: We're keen on collaborating with stakeholders in e-Commerce, transportation, airlines, smart city councils, sports, travel, automobile, and real estate sectors.
How do you see partnerships enhancing your startup's growth and offerings?
Andy: We are always embracing partnerships and look forward to joining forces with businesses and innovators to expand our product offering and our distribution channels.
What objectives or milestones are on your horizon for the upcoming year?
Andy: 2024, we will continue to focus on broadening our customer reach and enhancing our product suite. We're setting our sights on further expansion in Southeast Asia. Our aspiration is to be recognized as a leading force in transforming the insurance sector, offering seamless, personalized coverage.
For our readers interested in knowing more or exploring partnerships, what's the best way to reach out to you?
Andy: Please feel free to reach out to me directly at andy.ann@yas.io
留言