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Paolo Cuomo

Advisor at Gallagher Re

London, United Kingdom

Quantum computing, insurance, insurtech, sustainability

Available For: Advising, Authoring, Influencing, Speaking
Travels From: London
Speaking Topics: Business Impact of Quantum Computing, The growth and evolution of Insurtech, Digital transformation in Insurance

Speaking Fee $950 (In-Person)

Paolo Cuomo Points
Academic 0
Author 117
Influencer 22
Speaker 130
Entrepreneur 65
Total 334

Points based upon Thinkers360 patent-pending algorithm.

Thought Leader Profile

Portfolio Mix

Company Information

Company Type: Individual
Minimum Project Size: Undisclosed
Average Hourly Rate: Undisclosed
Number of Employees: Undisclosed
Company Founded Date: Undisclosed
Last Media Training: 10/31/2020

Areas of Expertise

AI 30.50
Analytics 30.12
Business Strategy 30.38
Change Management 30.51
Climate Change 36.08
Cybersecurity 30.22
Digital Disruption 32.72
Digital Transformation 30.57
Diversity and Inclusion 30.31
Emerging Technology 33.95
FinTech 30.76
Future of Work
Generative AI 31.11
Innovation 34.73
InsurTech 76.49
Leadership 30.05
Quantum Computing 62.29
Renewable Energy 35.82
Risk Management 30.08
RPA
Security 30.07
Startups
Sustainability 35.56

Industry Experience

Insurance

Exclusive Content    Join Paolo Cuomo's VIP Club

Publications

1 Advisory Board Membership
ClimateWise
ClimateWise
April 02, 2021
Committee member for ClimateWise Board

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Tags: Climate Change, Renewable Energy, Sustainability

27 Article/Blogs
A Climate Evening at Lloyd’s of London
Medium
May 21, 2024
​For London Climate Action Week we are holding space to bring insurtechs, insurers and investors together. These casual networking drinks — held at the home of insurance, The Old Library at Lloyd’s of London — will give you an opportunity to mingle with people working at the intersection of climate, technology, insurance and venture.

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Tags: Innovation, InsurTech, Quantum Computing

Mixing the old with the new
Medium
May 17, 2024
One of the joys of working in the City is the juxtaposition of old and new. Anyone who works here sees this in the buildings everyday; many of us saw it in full action on Tuesday at the Worshipful Company of Insurers’ annual banquet at the Mansion House.

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Tags: Innovation, InsurTech, Quantum Computing

Sustainability words advent calendar
Insuring the Transition
December 01, 2023
Compiling 24 expert inputs to explain sustainability terms

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Tags: Climate Change, Renewable Energy, Sustainability

Cyber-security and Quantum Computers
Data Driven Investor
March 12, 2023
Recently I was asked a tongue-twister of a question: “What are potential impacts that will arise from the cyber-security risks posed by cryptographically relevant quantum computers, and the impact on the insurance market”.

At first I thought it was just a list of buzzwords. On further consideration I realised it is a critical important topic. Below is the answer I gave.

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Tags: Cybersecurity, Quantum Computing, Security

Quantum computing's potential to change the way the insurance industry works
Quantum.Tech
February 20, 2023
Technology-fuelled disruption has been sweeping through the global financial sector in recent years towards commercial viability. Insurance as we know it is a space that thrives on the collection and analysis of data while quantum computing (QC) is essential to calculating multiple combinations of variables at once accurately. With expanded artificial intelligence and machine learning capabilities, the ability to process and analyse massive data in unimaginable speeds – gives key competitive advantages in risk modeling accuracy, pricing, optimization of strategic asset allocation, fraud detection etc.

In this interview, we speak to Paolo Cuomo, Co-founder Quantum London and Director, Strategy Advisory to find out more on Quantum Computing in Insurance, why Quantum Tech Asia summit comes at a critical time and ways we can get quantum ready. With all the hype surrounding QC, find out why business leaders should consider it now.

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Tags: Innovation, InsurTech, Quantum Computing

Harvest Today, Decrypt Tomorrow - do quantum computers bring risk even before they've actually been built?
LinkedIn
February 06, 2022
Author’s Note. This post is short. The topic is incredibly important and nuanced and worthy of a much longer article. At this point though I’m keeping this short and snappy to ensure maximum attention.

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Tags: Sustainability, Quantum Computing

Insurance ESG newsletter
Insurance ESG
October 02, 2021
Weekly(ish) newsletter about sustainability in insurance

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Tags: Sustainability, Climate Change, Renewable Energy

Navigating Uncharted Waters: Doing Business in an Uncertain World
Import from medium.com
May 08, 2021
Key points from a recent presentation to The Camelot NetworkContinue reading on InsurTech? Now! »

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Tags: Digital Disruption, Digital Transformation, Innovation

Five Thoughts on Digital Insurance
Import from medium.com
May 08, 2021
My replies to Insly for their “5Qs with insurtech influencers” seriesContinue reading on InsurTech? Now! »

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Tags: Digital Disruption, Digital Transformation, Innovation

Forget $100 per Article; Sell your Insight for $400 an Hour
Import from medium.com
May 07, 2021
How experienced freelancers can earn with expert networksContinue reading on Realistic Life Management (RLM) »

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Tags: Digital Transformation, Digital Disruption, Innovation

Take a Hike! Here’s Why.
Import from medium.com
May 07, 2021
The unexpected impact of 3 hours of walking meetings each dayContinue reading on Realistic Life Management (RLM) »

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Tags: Digital Disruption, Digital Transformation, Innovation

Satellites’ Carbon Footprint? Smaller than You Might Think
Import from medium.com
April 29, 2021
The environmental cost of launching can be quickly offset by the insight they bringContinue reading on Predict »

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Tags: Digital Transformation, Digital Disruption, Innovation

The Outlook Rule That’s Saved My Skin…
Import from medium.com
April 28, 2021
…multiple times.Continue reading on ILLUMINATION »

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Tags: Digital Transformation, Digital Disruption, Innovation

Is Now the Time for a Work-From-Home Reset?
Import from medium.com
April 20, 2021
Some considerations about your remote-working environmentContinue reading on The Ascent »

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Tags: Digital Disruption, Digital Transformation, Innovation

What are insurance experts predicting?
Cytora
January 13, 2021
Contributor

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Tags: Innovation, InsurTech

London Quantum Computing MeetUp — A Perspective
Import from medium.com
January 07, 2021
Some history and future opportunities for one of MeetUp’s most impressive Quantum Computing groupsContinue reading on Quantum London »

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Tags: Sustainability, Quantum Computing

Link to Quantum Attack v Quantum Defense
Import from medium.com
January 07, 2021
Article published in Data Driven InvestorContinue reading on Quantum London »

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Tags: Sustainability, Quantum Computing

Quantum Attack v Quantum Defense
Medium
December 28, 2020
Helping understanding the various uses of "quantum technology" in cyber attacks and defending against them. Including quantum computing and QKD.

(Image from Markus Spiske on Unsplash)

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Tags: Quantum Computing

InsTech London — podcast 1
Import from medium.com
December 27, 2020
Insurtech memories: Paolo Cuomo spoke with Nick Martin in October 2016Continue reading on InsurTech? Now! »

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Tags: InsurTech, Quantum Computing, Sustainability

Tech talk in 2021
Import from medium.com
December 27, 2020
Brief thoughts on what I’ll cover if we don’t get another ‘grey rhino’ event like CovidContinue reading on Quantum London »

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Tags: Sustainability, Quantum Computing

Paolo Cuomo talks tech
Import from medium.com
December 19, 2020
Some words on what I plan to share via this profileContinue reading on Quantum London »

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Tags: Sustainability, Quantum Computing

The future of... in five short books
LinkedIn
December 05, 2020
It's always a delighted to see new business models in action . As such I'm really pleased to have received my set of "The Future of..." of books from Unbound, the world's first #crowdfunding publisher.

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Tags: FinTech, Quantum Computing, InsurTech

A brief quantum computing primer
Quantum London
November 26, 2020
In our 25 November webinar we were joined by Simon McAdams and Matthias Rosenkranz of Cambridge Quantum Computing. Matthias spoke in detail about the application of quantum computing in finance and insurance. (A link to this write-up will be added over the coming days.)
Simon preceded this with an invaluable overview. I have summarised the key points here. Any lack of clarity is mine, not his.

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Tags: Quantum Computing, Finance

Building a Quantum Computing Ecosystem
Quantum London
October 28, 2020
Quantum Stammtisch #5 — Key take-aways

Write-up of events on this topic run by Quantum London

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Tags: Quantum Computing

Quantum London Medium page
Medium
September 01, 2020
This page, and all the subsidiary pages, cover the topic of "Business Impact of Quantum Computing (and other Quantum technologies)".

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Tags: Digital Transformation, Quantum Computing

1 Board Membership
Nu Ventures
Infinity is not a number
September 08, 2021
Board member

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Tags: Digital Disruption, Innovation, InsurTech

1 Book
Quantum Computing: Why you should care (in less than 30 minutes) - Kindle Edition
Amazon Kindle
July 25, 2021
Quantum Computing is arriving but how much should you care?

This short primer will help you decide, in less than 30 minutes.

The impact of QC will be as great as that of the original desktop computers, as the internet, and as smartphones. But when should you as a business executive or middle-manager or board member invest time.

This brief guide takes a business view, avoiding jargon and long appendices, and helps you think about your route to quantum readiness.

Imagine you had a two-year head start on your competitors when it came to e-commerce or social media. By starting to think about quantum computing now you'll give yourself that advantage with this truly paradigm-shifting technology.

And no, it's not just another buzzword to add to AI, augmented reality, virtual reality, blockchain, or machine learning. Quantum Computing is a technology that will impact anyone who is doing data-driven decision-making. Whether you're designing new vaccines, planning transportation routes, optimizing factories, or improving supply chains, you will one day soon be using a quantum computer. So you might as well start learning about it now.

Don't worry - this short read isn't about teaching you how qubits, entanglement or superposition work. It's about helping you think about how this new technology will improve your business: reducing costs, improving profits, and keeping you ahead of the competition. Or, and it could make a different when it comes to climate change too!

Quantum Computing isn't here yet. Quantum Supremacy won't be here for a while. In fact we hardly even have examples of Quantum Advantage. But NOW is the time that every executive should think about quantum readiness.

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Tags: Emerging Technology, Innovation, Quantum Computing

1 Book Chapter
The InsurTech Book
Wiley
May 09, 2018
A view of the early years of insurtech. My chapter laid out the evolution of the market, in particular in London.

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Tags: InsurTech

5 Groups
London Market ESG discussion group founder
LinkedIn
July 16, 2021
For discussion on ESG topics within the London Market

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Tags: Climate Change, Renewable Energy, Sustainability

Quantum London Coding Community
Quantum London
December 21, 2020
Kicking off a community of Quantum London members who want to learn to code quantum computers

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Tags: Quantum Computing

Quantum London LinkedIn Page
LinkedIn
January 01, 2020
LinkedIn page covering the activities of Quantum London

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Tags: Quantum Computing

Quantum London YouTube channel
YouTube
January 01, 2020
Quantum London YouTube channel

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Tags: Quantum Computing

InsTech London
LinkedIn
January 01, 2016
Co-founder of InsTech London

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Tags: InsurTech

2 Infographics
Quantum Computing hardware — who’s building what
Quantum London
November 26, 2020

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Tags: Quantum Computing

Quantum Computing? Why should I care?
Quantum London
September 01, 2020

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Tags: Quantum Computing

8 Keynotes
Generative AI and Insurance - how soon is now?
Target Markets
October 18, 2023
Event at Target Market conference discussing GenAI and Insurance

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Tags: AI, Generative AI, InsurTech

Tech Innovation: Opportunities and Risks
Rossborough
July 04, 2023
Breakfast briefing with Rossborough, Isle of Man, 4 July 2023 (Speaker)

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Tags: Digital Transformation, Emerging Technology, InsurTech

Digital-driven change and the evolution of fintech, insurtech and AI
Rossborough
May 05, 2023
Digital-driven change and the evolution of fintech, insurtech and AI

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Tags: AI, FinTech, InsurTech

Quantum Computing: Should Insurance Executives care?
InsurTech Insights
February 26, 2023
InsurTech Insights - London 2 March 2023

Quantum Computing has moved from “one day” to “soon”. While the timeline is still unclear and executives have far more pressing questions it is important to understand the future potential and decide on the steps to become ‘quantum ready’. In this talk we’ll consider what quantum computing may mean (and not mean) and the timing and steps for companies in the insurance ecosystem.

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Tags: Innovation, InsurTech, Quantum Computing

Navigating Uncharted Waters: Doing Business in an Uncertain World
The Camelot Network
May 05, 2021
Presentation to The Camelot Roundtable (an insurance association)

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Tags: Business Strategy, Digital Disruption, InsurTech

Are You Putting Digital Lipstick on Your Legacy Pig?
The Insurance Network
April 27, 2021
Talk to a small gathering of The Insurance Network on digital disruption

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Tags: Digital Transformation, Innovation, InsurTech

Implementation case studies: War stories outlining lessons learnt from digital transformation projects
The Insurance Network
February 10, 2021
Perspectives, and mini case studies, on delivering technology driven change.

Explain the rationale and drivers behind the project & outline the business case
Share insights into the implementation process
Indicate results / outcomes to date – both good and bad
With hindsight discuss what they would have done differently

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Tags: Change Management, Digital Transformation, InsurTech

InsurTech: Insurance’s revolution or flash in the pan?
Cass Business School
October 12, 2020
Talk to Masters and MBA students at Cass Business School

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Tags: InsurTech

4 Media Interviews
60 seconds with Paolo Cuomo
Worshipful Company of Insurers
September 01, 2023
WCI profile

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Tags: Diversity and Inclusion, Emerging Technology, InsurTech

Matthew Grant, Robin Merttens and Paolo Cuomo: The Partners' Centenary Chat (100)
InsTech London
August 30, 2020
InsTech London podcast

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Tags: InsurTech

6 Questions with InsurTech Influencer Paolo Cuomo
Insly
March 17, 2017
InsurTech is a hot topic among the wider insurance community these days and with a great many fresh ideas circulating the space in social media we think it’s only decent that these ideas get shared.

As with every subject, InsurTech has cultivated its own thought leaders and we are publishing series of short interviews called “6 Questions with InsurTech Influencer“.

If you’ve been keenly watching the InsurTech space it’s likely that you know these people already, but if not keep watching this space and make sure to follow our interviewees on their Social Media accounts.

Without further ado, it is our great pleasure to continue this series of Q-s & A-s with Paolo Cuomo – co-founder of InsurTech London and thought leader within the global InsurTech community.

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Tags: InsurTech

Paolo Cuomo, Head of Programme and Project Management at Beazley
YouTube
August 01, 2013
Anapurna Business Transformation Network video interview

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Tags: Change Management, Digital Transformation, Leadership

5 Miscellaneouss
Fireside chat - fintech ecosystem in Madrid
How2Go
December 27, 2023
With Spanish Embassy and How2Go

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Tags: FinTech, InsurTech, Startups

Digitising London market underwriting
The Insurance Network
June 29, 2023
The Insurance Network, breakfast briefing, 29th June, The Gherkin, London

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Tags: Digital Disruption, Digital Transformation, InsurTech

IIL CII with Bruce C-B - chaired session
Insurance Institute of London
October 28, 2021

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Tags: Digital Transformation, Innovation, InsurTech

Webinar chair
Quantum London
November 25, 2020
Chaired webinar session for Quantum London

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Tags: Quantum Computing

Technology-Driven Change and Next-gen Insurance Value Chains
Intelligent Insurer
October 14, 2019
Session chair with Loughborough University

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Tags: InsurTech

1 Miscellaneous
Insurance Insider article
Insurance Insider
January 16, 2023

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Tags: Analytics, Innovation, InsurTech

1 Miscellaneous
Insurance ESG breakfast
Insurance ESG
October 28, 2021
First in-person meeting

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Tags: Sustainability, Climate Change, Renewable Energy

1 Miscellaneous
Innovation in insurace
LBS
June 18, 2021
in-person presidential to LBS eMBA course

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Tags: Digital Transformation, Innovation, InsurTech

11 Panels
AI in Insurance
Camelot
June 18, 2024
Join us for our iconic Camelot face to face summer event!
Stephanie Hare, Artificial Intelligence expert, and an expert panel will be joining us to dive deep into AI in Insurance with actionable insights to release its full potential!

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Tags: AI, Generative AI, InsurTech

The Carbon Markets Opportunity for Insurers
Better Insurance Network
February 15, 2024
Panel on Carbon at the Sustainable Insurance Summit

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Tags: Climate Change, Renewable Energy, Sustainability

AI & Insurance: How Soon is Now
Worshipful Company of Insurers
November 14, 2023
WCI webinar

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Tags: AI, Generative AI, InsurTech

Quantum risk: the implications of QC on cryptography & cyber insurance
Chartered Insurance Institute
March 04, 2023
In this IIL cyber and technology webinar, Dr Michele Mosca introduces the latest Quantum Threat Timeline Report, written in partnership between evolutionQ and the Global Risk Institute, and shares his thoughts on what that means for security professionals, CROs, and cyber insurers. Michele discusses these risks, likely timelines and practical next steps with two experts at the heart of the cyber insurance space — Adelle Gruber and Ed Pocock. Chaired by Paolo Cuomo

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Tags: Cybersecurity, InsurTech, Quantum Computing

Enabling a Digital Operating Model
The Insurance Network
February 07, 2023
Enabling a digital operating model
Moving from theory to practice

Improving operational performance and stress testing resilience
How to map, stress test and develop an operational resilience playbook
Effectively using these results to improve processes and make system changes
Placing policyholder outcomes at the centre of operational decision making
Creating a culture of operational excellence and resilience
Followed by Q&A and roundtable discussion

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Tags: Change Management, Digital Transformation, InsurTech

Camelot and TINtech Sustainability Session
The Camelot Network
February 10, 2022
Camelot and TINtech Sustainability Session

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Tags: Climate Change, Renewable Energy, Sustainability

IQT - Quantum for Quants
IQT
November 05, 2021
Panel chair for panel around quantum computing in financial services

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Tags: Digital Disruption, Innovation, Quantum Computing

Market Force - Bionic Underwriting
Market Force
October 20, 2021

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Tags: Digital Transformation, Innovation, InsurTech

London Market Forum - digital change
London Market Forum
October 14, 2021

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Tags: Digital Transformation, Innovation, InsurTech

Underwriting Transformation: Leverage AI to Win Better Risks and Build Stronger Relationships
Intelligent Insurer
May 28, 2020
Cytora webinar with Intelligent Insurer

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Tags: InsurTech

The Corporate Innovators- Implementing Digital Change
C5 Communications
February 22, 2017
Insurance Industry Tomorrow February 22 – 23, 2017
Panel: The Corporate Innovators- Implementing Digital Change
How large insurance companies are responding to the digital revolution and strategizing to meet new market needs
How are insurers implementing digital change?
What are the top considerations when creating a digital strategy?

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Tags: InsurTech

2 Podcasts
Yam of Tekna Search in Quantum London Podcast #2
Quantum London
July 29, 2020
Podcast interview about recruitment in quantum computing industry

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Tags: Quantum Computing

InsTech London Podcast 29. The Partners' chat. The latest Lloyd's strategy paper, Insider Tech event
InsTech London
May 27, 2019
InsTech London Podcast 29. The Partners' chat. The latest Lloyd's strategy paper, Insider Tech event

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Tags: InsurTech

3 Quotes
Industry told not to worry about AI losses
Insurance Post
May 17, 2024
Write-up of BIBA panel on AI

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Tags: Generative AI

The Gray Rhinos Series: Cyber Catastrophe
Gallagher Re
October 10, 2023
This Gray Rhino article tackles cyber cat: a “cyber catastrophe” risk, or the prospect of a large-scale, systemic cyber attack. Though Cyber insurance is a rapidly growing market, it's never had to deal with such a catastrophe, which makes it difficult to model and price.

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Tags: Cybersecurity

Quarterly insurtech funding below $US1 billion for first time in years
Insurance News.au
August 07, 2023
InsurTech Q2 report

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Tags: InsurTech

1 Speaking Engagement
Gen AI & Insurance: How Soon is Now?
Target Markets
October 18, 2023
Recording and accompanying slides

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Tags: Digital Disruption, Generative AI, InsurTech

1 Steering Committee Membership
The InsurTech Board
HM Treasury
January 01, 2020
Part of HM Treasury's FinTech Delivery Panel

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Tags: InsurTech

1 Webinar
Managing Quantum RiIsk & Opportunity
Quantum London
December 16, 2020
Co-chaired with webinar where Prof Michele Mosca spoke

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Tags: Quantum Computing

10 Webinars
Elica Kyoseva (NVIDIA)
Quantum London
September 29, 2024
Part of The City Quantum and AI podcast series

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Tags: AI, Emerging Technology, Quantum Computing

Podcast interview - Bruce Beckloff of BlocVentures
Quantum London
September 28, 2024
The City Quantum and AI Summit

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Tags: AI, Innovation, Quantum Computing

The City Quantum & AI Summit podcast with Hans Henrik Knudsen
Quantum London
September 12, 2024
Interview with Hans Henrik ahead of the Summit

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Tags: AI, Innovation, Quantum Computing

The Quantum and AI Summit - Julie Holt-Jones
Quantum London
September 09, 2024
The Quantum and AI Summit - Julie Holt-Jones

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Tags: AI, Emerging Technology, Quantum Computing

Transforming Insurance Operations with AI, Data, and Automation
InsuranceNext
April 26, 2023
Transforming Insurance Operations with AI, Data, and Automation

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Tags: AI, Digital Disruption, InsurTech

Making Risk Flow podcast
Cytora
January 23, 2023
Regular digital insurance podcast with Juan Castro from Cytora

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Tags: Analytics, Digital Disruption, InsurTech

Quantum in Finance #4
Quantum London
November 18, 2021
Convenor, wrapping up this Quantum London webinar

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Tags: Innovation, FinTech, Quantum Computing

Patent protection for quantum technologies - insights from Venner Shipley - Moderator
Quantum London
January 12, 2021
Moderator

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Tags: Quantum Computing

Quantum London Stammtisch
Quantum London
December 21, 2020
Stammtisch discussion #7 on quantum computing

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Tags: Quantum Computing

InsTech London predictions
InsTech London
December 15, 2020
Shared a prediction with the InsTech London audience

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Tags: InsurTech

1 Whitepaper
London Matters 2017
The London Market Group
May 09, 2017
London Matters 2017: The competitive position of the London Insurance Market. An update of the fact base around London’s position in the global insurance industry between 2013 and 2015.

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Tags: InsurTech

2 Workshops
Pan-livery action on sustainability
Insuring the Transition
May 28, 2024
Event on 28 May

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Tags: Climate Change, Renewable Energy, Sustainability

Fancy learning how to programme a quantum computer? (Planning session)
Quantum London
November 30, 2020
Lead conversation on how to create a global self-supporting group for earning to code quantum computers

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Tags: Quantum Computing

Thinkers360 Credentials

11 Badges

Radar

Blog

6 Article/Blogs
AI-enabled agents
Thinkers360
September 29, 2024

I’ve had some interesting discussions recently about conference agendas for late 2024 and into 2025. “How do we avoid simply having the word AI everywhere?

AI is clearly becoming ubiquitous, however much some elements are currently overhyped. Thus we can’t “not include it” in conferences and webinars. What we want is more specific use-cases that are detailed enough to be helpful but broad enough to inform a diverse audience.

AI-enabled agents feels like it sits in that sweet sport. Not to mention fitting nicely with the Digital Minions vs Digital Sherpa trope that I’ve discussed with many of you.

So, if you’re planning a 2025 conference with tech elements consider this as an agenda item.

For a good paper on the topic search for the recent one from McKinsey:

"Over the past couple of years, the world has marveled at the capabilities and possibilities unleashed by generative AI (gen AI). Foundation models such as large language models (LLMs) can perform impressive feats, extracting insights and generating content across numerous mediums, such as text, audio, images, and video. But the next stage of gen AI is likely to be more transformative.

We are beginning an evolution from knowledge-based, gen-AI-powered tools — say, chatbots that answer questions and generate content — to gen AI–enabled “agents” that use foundation models to execute complex, multistep workflows across a digital world. In short, the technology is moving from thought to action."

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Tags: AI, Emerging Technology, Generative AI

Cyber-security and Quantum Computers: How much should insurers worry?
Thinkers360
September 08, 2024

Recently I was asked a tongue-twister of a question: “What are potential impacts that will arise from the cyber-security risks posed by cryptographically relevant quantum computers, and the impact on the insurance market”.

At first I thought it was just a list of buzzwords. On further consideration I realised it is a critical important topic. Below is the answer I gave.

The promise of quantum computing to create opportunities in a wide range of industries is an exciting one. The insurance industry is used to grappling with the impact of innovation and new technologies on its clients. Nowhere is that more true than in the London insurance market which, for centuries, has engage with and insured every new technology that the world has invented, from the motorcar (which was initially classified by Lloyd’s of London underwriters as “a boat that travels on land”) to crypto wallets and the metaverse. As such many of the changes from quantum computing will be handled in the same way underwriters have handled the arrival of mainframes computers, the internet, smartphones and the Cloud.

The potential for quantum computers to render much of our current encryption infrastructure obsolete is a specific challenge as it combines an unknown future date with a potential ‘cliff edge’ impact. Comparisons to the Y2K “Millennium Bug” fall short as the lack of a known Day 0 means it is harder to build a sense of urgency. Equally challenging is the fact — as every security expect knows — that you only need a single weakness in an end-to-end system; thus companies cannot resolve this alone but must seek an ecosystem approach.

The sophistication and experience of cyber underwriting has grown exponentially over the past decade, both in terms of understanding risks and engaging clients in risk mitigation activities. Similarly, the approach by insurers and regulators to understanding and preparing for systemic risk is constantly improving. Underwriters, brokers and cyber experts are increasingly considering the risk from QC-enabled decryption and beginning to engage clients on the topic. Market engagement has been ongoing since 2021, with events such as a presentation by the Lloyd’s Market Association and Quantum London to the CISO community, and a public webinar delivered by the Lloyd’s Lab and Quantum London with a panel of global experts. The IIL (Insurance Institute of London) is running a similar educational webinar in April 2023 combining views from academia, underwriting and broking. State-led initiatives such as the US government signing Post-Quantum Cybersecurity Guidelines into law in December 2022 are observed closely and taken into consideration by the underwriting community.

Without doubt, being unprepared for the arrival of cryptographically relevant quantum computers would lead to systemic challenges. The insurance industry globally will be working with technology and communications firms, governments, security experts, individual organisations CISOs, academic to understand the risks and ensure clients take the necessary steps to mitigate them. Where some risks then crystalise into problems, and loses are incurred, insurers will be there to work with their clients to minimise the impact.

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Tags: Cybersecurity, InsurTech, Quantum Computing

A picture paints 1000 words
Thinkers360
February 14, 2024

A picture paints 1000 words…

Most of you reading blog posts and articles online have by now seen lots of AI-generated imagery — even if you often weren’t aware that it was.

One of the better-known tools for making this art is called DALL.E and it is now available for free online from Microsoft — just go to Bing and select CoPilot towards the top. This will take you to the same type of prompt that we’re already used to for #Chat GTP but as well as asking it to create outputs of words (poems, homework assignments, away-day agendas) or to summarise documents or emails, you can now use it to create pictures.

It’s a little temperamental so if it doesn’t do your bidding first time do persevere a bit.

For the demo I gave I requested the obligatory examples of cute animals using the following prompts:
1. Please draw me a picture of a happy dog.
2. Please give it a Dutch theme.
3. Please make it more like a digital photo.
and for feline/canine balance
4. Please make a steampunk image of a bad-arse group of cats [x2]

I have only one professional use case so far — I had written a PowerPoint with a lot of images “from the web”. The night before my presentation the conference organiser said they would like to share the presentation afterwards on their website. I didn’t have the rights to several of the images and others had no licence to purchase. I therefore used the GenAI tool to create similar images that fitted the themes of my slides but which I could then use in a publicly-shareable presentation.

What other useful professional use-cases have people seen?

(Oh, and yes, I’m expecting some questions/thoughts (trolling even?) on the question of the appropriateness of using images trained on other people’s artwork and photos. And this is a critically important topic, but as things currently stand, what most GenAI tools produce can be freely used by the “creator” so let’s have that debate at a separate time.

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Tags: AI, Generative AI, Innovation

Did the Quantum Apocalypse really arrive on January 4th?
Thinkers360
January 07, 2023

This is a brief post in response to the current focus on the topic. Something longer will follow.

Q: Will quantum computers defeat encryption?

AYes, certain types on encryption, including many that are in common use today.

Q: Do we see that as an immediate, existential threat?

A: No. Or, at least we didn’t a few weeks ago as the timeline for suitable quantum computers to be here was “years away”. The recent paper published by researchers in China has raised some interesting questions.

The paper was published a few weeks back but the news got into the mainstream press on 4 Jan and my inbox has been buzzing ever since.

If you haven’t heard about it, this article by Alexander Martin in The Record gives a useful (albeit quite technical) summary, including the reasons experts are sceptical.

Some context

In 1994 Peter Shor spiced up the nascent world of quantum computing theory by presenting an approach (now simply referred to as Shor’s Algorithm) that would allow quantum computers to crack certain types of mainstream encryption.

This was important insofar as it was one of the first specific ‘use cases’ for quantum computers. It was also highly theoretical as the hardware required to execute was in the far distant future.

What is important to understand is that just about any encryption can be “decoded” mathematically. It’s just that it takes an awful lot of calculations and, even with the use of today’s strongest super computers, that means then even basic encryption can take years, decades or even millennia to decode. The way quantum computers do certain mathematical calculations makes them millions of times more efficient. However, the only quantum computers currently available are very early versions which people have never thought suited to apply Shor’s Algorithm in an effective manner.

It’s a bit like what we see with data transfer: these days we get frustrated if it takes more than a minute or so to download a two-hour video to our phone or tablet. In the 1990s when I first started travelling for work I was excited to get a 14.4KBps modem download speed. That meant synchronising Lotus Notes (there was not Outlook in those days) could require a full hour if there were even just 3 or 4 modest PowerPoint attachments. This was the norm. When Broadband came along, measured in MBps, things were far far better for email but we still didn’t dream of downloading full videos or music albums in moments.

That is where we are supposed to be now with Quantum Computers. Despite the incredible achievements of the past decade it is still early days. We call it the NISQ era (more here) as in Noise Intermediate-Scale Quantum, because the number of qubits and their quality is low.

This is supposed to be the period we move to detailed ideas of how we use quantum computers in the business world once they are available. (See e.g., the work that people like Esperanza Cuenca Gomez

 are doing at Multiverse Computing). It’s not the year we’re supposed to be seeing them truly “in action”.

Therefore the news that researchers have identified how to break a 2048-bit algorithm using a 372-qubit quantum computer is startling. IBM has machines that already have more qubits than that.

It’s important to note that this is still theory as their work was on a 10 qubit device and they have ‘extrapolated’ results, and one thing we know about the quantum domain (thank you Marvel Cinematic Universe and Ant Man!) is that it is far from linear in its behaviour.

Also, the publication hasn’t been peer reviewed, and, while there is plenty of precedent for purposefully false scientific paper publications, as we moved beyond the post-truth world of the last few years it is hard to see why they would chose to publish something that is purposefully wrong. (Though possibly to generate some form of reaction and observe how governments and corporations react.)

The quantum threat

The expectation was (still is?) that when quantum computers are several orders of magnitude more powerful than today they will readily crack certain types of code.

This threat is well understood. The timeline isn’t. I recently wrote a piece (not yet published so no link) that touches on the similarities and differences to the Millennium Bug.

Similarity: Real chance of major (existential?) disruption to IT systems and communication

Similarity: If the right steps are taken and the problem avert then all the commentators will say “gosh — all that stress for nothing. What a waste of money!

Difference: We knew the time line for Y2K. We have no idea for Y2Q.

And when there is no timeline it is far harder to get alignment, to get budgets, to engage the broader set of stakeholders.

Certain actions, such as last month’s signing into law by the US government of the Post-Quantum Cybersecurity Guidelines is helpful for (a) getting headlines and (b) giving CISOs a lever for engaging their colleagues. But fundamentally no-one is excited about the idea of spending large amounts of money changing their encryption structures, and even if they were every infosec professional will remind you that there only needs to be one weakness so we don’t just need to fix what we own but be confident that everything upstream and downstream is also made “Quantum-proof”.

This piece I wrote back in 2021 with Anahita Zardoshti (with input from Emanuele Colonnella) gives you a sense of things from the point of view of an underwriter of security professional.

Calling in the experts

My go-to person on these topics is Professor Michele Mosca. His Quantum Threat Timeline Report is the leading annual view on this topic.

I’m sure he’ll have a word or two to say on the topic and I’m delighted in fact that we have a webinar planned with him in late March. A lot will have happened by then and I look forward to discussing it with him (and comparing to the previous discussions with him in December 2020 and in the Quantum London  “Quantum Computing in Insurance” event with Lloyd’s of London in February 2021)

 
 
Harvest-today, decrypt-tomorrow

Even if this all turns out to be a misunderstanding, two problems still remain. One is the point above that we need to move all our IT and comms systems to Post-Quantum Encryption and that takes time and money (more of each than we would like).

The second is a clear and present problem that is currently here but not discussed broadly. Namely that some of that data that can be stolen today will still be of value when quantum computers can decrypt it (in 10+ years based on previously presumed timelines). As such we have the perfect ‘tomorrow crime’ where someone does something bad today but the pain only shows up many years hence.

We call this Harvest-today, Decrypt-tomorrow. It had a moment in the daylight in November 2021 after a Booz Allen Hamilton report talked about the concept, but little happened. I suspect this topic will get more attention in the coming weeks now.

What next?

Over the coming days I’m sure we’ll learn more about this. In particular the scalability. There was a general request by the world at the back end of last year for no black swans in 2023. It will be scary but oh so interesting if a huge one arrived in the first week of the year.

See blog

Tags: Cybersecurity, Emerging Technology, Quantum Computing

Harvest Today, Decrypt Tomorrow
Thinkers360
November 20, 2021

Author’s Note. This post is short. The topic is incredibly important and nuanced and worthy of a much longer article. At this point though I’m keeping this short and snappy to ensure maximum attention.

  • Quantum computers have the capability to “crack” much of today’s encryption as the way they compute makes easy work of the factorization of large numbers challenge that most of our data storage and communication technology uses as the basis of encryption
  • Quantum computers able to do this are not currently available
  • The development of quantum computing is at a point where it is clearly a “when” not an “if” that such machines will be available
  • The “when” is getting ever closer and many people would not bet against availability within the decade
  • The proven usage model of Quantum Computing as a Service (QCaaS) via the Cloud means no-one — including those with nefarious intent —needs to own a quantum computer in order to make use of its capabilities

One might think that with a decade’s warning there’s plenty of time to act. Well, a couple of questions?

  • Are all the right people starting to act to make the most of that decade of lead time?
  • If everyone were aware, how long does it actually take to replace encryption protocols built into hugely complex IT and communications systems?

Even if the answer to these is ‘not currently’ then one might think with a bit of a push momentum could increase.

That however is thinking only about the future risk. Not the present risk.

Most of the petabytes of data we produce every day is of little value to anyone beyond the creator and his/her intended audience. However, as we well know there is data that can have value to third parties when stolen.

This takes multiple forms: fraud linked to theft of social security or credit card details of individuals; corporate or personal ‘blackmail’ from confidential information; corporate secrets around product design, manufacturing processes; and so many more

Most data has an “expiry date” — the point at which it ceases to have value. The expiry date on any piece of data may vary for different ‘users’ of the data.

Take a credit card number. Once the card is expired it has no obvious use to a criminal as it’s hard to make a purchase with an expired card. For the original owner, they may see value in that number at a later date if for example, they want to claim a refund on a product bought with the card.

Similarly, a young professional may at some point see no further value in photos from hedonistic college parties, while someone trying to discredit the individual in the future may find it worth holding onto those photos for a longer period.

Typically though data, becomes less valuable over time. If that time is a few years then this topic is not relevant. If the data still has value in a decade or two, then someone having access in the future is a genuine (business) problem.

If you think about it, there is plenty of data that will still have value in a decade or more — medical data, banking data, military plans, government decisions, the recipe for Coke…

Data hacks are regularly in the news. In fact it has become so common that they rarely make headlines unless there is some kind of spin — e.g., a huge number of impacted people or particularly juicy data

Those are the ones we hear about. What about those we don’t?

Given most data is encrypted both at rest and in transit stealing it in a usable form requires either a degree of luck (searching for something that accidentally hasn’t been encrypted or where the decryption key is accessible) or careful planning (by inserting yourself at a point where the data is ‘in use’ and (appropriately) not encrypted).

As such many cyber weaknesses are not a major problem as the risk and cost — to the data owner, the responsible organization, the insurer etc — of loss of well-encrypted data is far less than unencrypted data (though reputational damage may still be significant )

Enter quantum computing and HTDT.

If we think back to our opening statements, we know that we are getting close to when people will have access to quantum computers that can decrypt many of the common encryption protocols.

Thus, what if fully-encrypted data was stolen and held onto? As long as the data expiry period is longer than the period before decryption is possible there is value to the thief and damage to the original owner.

Furthermore, when a hack becomes public, changes are made to stop the problem. If data is being stolen and no noise made about it, how long might the security hole remain open allowing a continual siphoning off of that data?

This concept of harvesting data today, and then decrypting in the future is what makes this top one of real urgency. Urgent for information security teams to think about; and urgent for cyber underwriters to consider.

This topic needs broader discussion, and while it may not appear as pressing as post-pandemic recovery, and rebooting the drive around sustainability, it is deserving of a place in your “key topics for 2021” discussion list.

Screen Grab from Michele Mosca presentation to Quantum London (at 28:46 on recording)

Image from presentation by Prof Michele Mosca to Quantum London (see video here) showing why we need to start thinking now0

The millennium bug

Some commentators draw parallels to the so-called Millennium Bug. As you may recall, this was the fear that as the two-digital year counters in older IT systems moved from 99 to 00 at midnight on 31 December 1999, computers would get confused with unpredictable and potentially devastating results.

As it turned out we all awoke on the morning of 1/1/2000 and the world was still there. Many decried the vast amounts of money spent on the problem; others pointed out that it was fine as a result of that spend!

The lack of just about any major failure back at the turn of the millennium will likely hamper communication on this risk with plenty of executives suggesting it is fear-mongering on the part of risk managers or CISOs who are looking for additional budget.

Time will tell how things play out.

See blog

Tags: Cybersecurity, Quantum Computing, Risk Management

Satellites’ Carbon Footprint? Smaller than You Might Think
Thinkers360
October 31, 2021

In mid-March David Cabral posted this question on LinkedIn.

Is there a role for Space in ESG?

His post then continued as follows and tagged a number of experts and acquaintances. (Emphasis added by me.)

We are working on an exciting proposition and the role of Space has generated very heated discussions!

The Positives:
Space supports solutions that can be used to improve aspects of our world. A growing number of organisations own a fleet of small satellites that use infrared or radar to look through cloud cover and collect data to generate immediate insights into commodities, business development and environmental change (the price of micro-satellites is below $100 and dozens can be released in low orbit with a single rocket launch). These insights can: 1) generate predictions in areas such as crop yields, oil prices, prosperity; and 2) identify risks for certain industries at a corporate or local level, such as how much pollution a company’s factories emit.

The Negatives:
Using rockets to launch satellites is considered a “dirty” business.

Do the positives outweigh the negatives……..? Frank feedback would be appreciated!

This would have got me thinking generally. But in the context of the increasing discussions about #GreenTech & #ClimateTech my interest was doubly piqued.

Substantial comment followed as you can see if you go to the article. The parts that most stood out to me were about the low environmental impact of the launch and the plethora of examples of how satellite tech is supporting more sustainable ways of living.

How satellites are useful

Starting with the latter point: these start with the obvious — GPS allows vehicles to find the fastest route to their destination. While fastest and most fuel-efficient are not synonymous, no one can doubt the emission reduction that comes from being directed straight to your destination, rather than having to drive around for the last five minutes looking for street names and house numbers.

Maybe less obvious to most spectators is the use of satellite in farming. With such a huge share of inputs (energy and water) going into agriculture and efficiency improvement can have a notable effect. (As a side point on agriculture, the interest in this briefest of articles on Google’s agritech moonshot (called Mineral) was interesting to see.)

A third area is of course the use of satellite (for decades now) to monitor and understand the Earth and — in theory — help us make decisions around how to keep things more sustainable. Many people would comment that the reaction to what these satellites have told us is inadequate.

For those in the insurtech space, the use of satellites to support rapid reviews of claims after events — both major catastrophe events and more localised incidents — both speeds up the claims handling (leading to social good) and can remove the need to fly experts half-way across the world simply to inspect a destroyed building. (Matthew Grant posted a link to the recent InsTech London insurtech podcast about ICEYE.)

What is their carbon footprint?

Returning to the more novel point of the carbon footprint of a small satellite.

Charles Blanchet shared a link to an article where Elon is saying the carbon cost of a lanch is offset but the use of just a free dozen Tesla cars. Bearing in mind that a single launch has multiple small satellites in it, it is clear (assuming you believe Elon’s maths) that from a pure launch carbon consideration there are minimal concerns.

Elon Musk only has to sell 59 Teslas to offset the CO2 from a single SpaceX launch within a year

Elon Musk is an interesting character. I don't think I'm alone in saying that I don't always understand what he's going…

thenextweb.com

Morten Pahle quite reasonably suggested a more thorough lifecycle-assessment would need to be made.

Has a through-lifecycle assessment of the environmental impact of the design, construction, launch and operation as well as deorbiting of a satellite or constellation of satellites been performed? It would be surprising if the launch itself were the major factor although it is the most visible one.

This lifecycle analysis also needs to include the end-of-life handling of satellites. In the case of microsats the expectation is that most will burn up as they fall out of orbit at end of life, but with lower orbits filling us with smaller satellites and legacy junk, there is an increasing need to launch large clean-up satellites which in turn come with their own carbon footprint.

As with many sustainability-realted topics there is more complexity than the original question might suggest...

See blog

Tags: Climate Change, Emerging Technology, Sustainability

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