Igniting Innovation in an Interconnected World

Hi everyone,

I hope you are keeping well. Yes, we are nearly all back from the summer breaks we all needed so very much. Today is our last UK summer bank holiday (before Christmas!) and many of us will be back to work tomorrow.

As we get back onto our laptops and offices this week, I wanted to reflect on these past few weeks of conversations and deep dives. I will explore topics such as redefining how we approach commercial lines insurance pricing, corporate venturing practices and personal growth.

So let's delve in.

Advanced Pricing Decision Intelligence in Commercial Underwriting

Firstly, let's talk about the integration of advanced pricing decision intelligence in commercial underwriting. The other day, I had the opportunity to catch up with Richard Gunn on hyperexponential’s innovative decision intelligence pricing approach. As I highlighted in one of my other articles, decision intelligence is becoming increasingly vital in improving decision-making. By leveraging data analytics, advanced risk assessment techniques and machine learning, underwriting and actuarial teams can make more informed pricing decisions, enhancing risk scoring and premium setting. With a multitude of advanced models deployed in months, thx's approach improves operational efficiency and delivers greater value to commercial clients, ensuring competitiveness in an evolving market.

Read the full article here.

And also, listen to my engaging chat with Richard Gunn on this very topic ?????

And if you want to know more, make sure to connect with the team here.?

Swiss InsurTech Hub’s Global Connect on 11-12 September.

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Swiss InsurTech Hub’s Global Connect 2024 promises to be a pivotal gathering for industry leaders and innovators in the insurance technology sector the second week of September. This event provides an unparalleled platform for networking, learning, and sharing insights with global experts and thought leaders.

Delegates can expect a series of engaging sessions, workshops, and panel discussions designed to explore the latest trends, challenges, and opportunities in InsurTech. With a focus on fostering collaboration and innovation, Global Connect 2024 is set to push the boundaries of insurance, making it an unmissable event in Zurich for professionals eager to stay at the forefront of Insurance and technology advancements.

I am super thrilled as I will be delivering a one-day workshop on how to build an authentic personal and corporate brand identity for the local community.?A mastermind that has been highly successful during ITI UK's InsurTech Week this year with 30 senior leaders joining Lisa Wardlaw, Jessica Ewart and me then.

Why is this important?

McKinsey has been spending a little time over the past few months diving into that specific subject in what they call the inside-out leadership journey particularly in high risk environments.

Building an authentic personal and corporate brand identity is crucial, especially in high-risk environments, for several reasons. Here are my top five reasons:

1. Trust and Credibility: An authentic brand identity helps establish credibility with stakeholders, including customers, employees, and investors. When a brand consistently communicates its core values and principles, it fosters trust and loyalty, which are essential in navigating uncertain or volatile situations
2. Differentiation and Recognition: A strong brand identity distinguishes a company from its competitors. In high-risk environments, where competition can be fierce, having a unique and recognizable brand can be a significant advantage. It helps in creating a consistent perception that resonates with the target audience, making it easier for them to identify and choose the brand over others
3. Consistency and Clarity: Consistency in brand identity ensures clear communication, reducing confusion and enhancing brand recognition. This is particularly important in high-risk environments where misinformation or mixed messages can lead to misunderstandings or damage to the brand's reputation
4. Emotional Connection: A well-crafted brand identity can establish an emotional connection with consumers. This connection can be a solid foundation for building lasting relationships, which are crucial in high-risk environments where customer loyalty can be tested.
5. Authenticity and Integrity: Authenticity in branding means being true to the brand's values and mission. This authenticity is critical in changing marketplaces as it helps maintain integrity and transparency, which are vital for sustaining stakeholder trust and confidence.

I hope you will join us on 11 and 12 September.

Check the Swiss InsurTech Hub's site here if you need more information.

Insurance Companies in Saudi Arabia’s Vision 2030

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Next, I would like us to turn our attention to Saudi Arabia's ambitious Vision 2030 and the pivotal role insurance companies are set to play in driving economic transformation and diversification. I learnt when visiting Tawuniya longside Bayes Business School's faculty, that the local insurance sector can indeed seize unique opportunities by aligning its offerings with the nation's strategic goals, supporting both the public and private sectors in their growth initiatives.

There are two very critical parts of this vision. One, companies are aiming to digitalize at pace and bring some of the latest technological innovations from around the world.? Second, reskilling and upskilling talent through this digital transformation is becoming even more critical than ever. This synergy will strengthen the sector itself and bolster Saudi Arabia's vision of building and attracting new industries.

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Read the full article here

Venture Clienting: A New Approach to Corporate Innovation?

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Then many of you know that I have been in the corporate venturing space now for 8 years, after moving 18 years working for renowned market leaders. And indeed, you would expect business and management practices to evolve and naming conventions to change. So, here is an explanation of a novel approach to corporate innovation known as venture clienting.

Unlike traditional venture capital, venture clienting allows companies to become direct clients of startups, fostering a mutually beneficial relationship without equity exchange. I actually deployed this exact approach when I shaped Harford’s First InsurTech accelerator program in 2017, my first co-Labs in 2019, and now with my venture labs. This strategy accelerates the adoption of cutting-edge technologies and creates a dynamic ecosystem that fuels growth for both established corporations and startups alike, with a focus on commercialization.?

Leaders such as Zurich with the Zurich Innovation Championship and Ergo's new ScaleHub program are both examples in insurance of initiatives focused on the insurance and its adjacencies.

Read the full article here.

And do listen to my podcast interviews with Antony Elliott from Zurich and Bessem Ayari from the Ergo Group.

ITC Vegas 2024: Micro Communities and Neighborhoods are on the Map.

Lastly, don’t forget that ITC Vegas is a few weeks away. This year’s conference promises tailored transformative insights and innovations taking a community-driven approach. A key highlight of the program is "Tackling Climate Change Head-On," which will delve into how climate change is reshaping the insurance sector. Attendees will learn about the latest advancements in predictive analytics that enhance risk assessment and hear success stories from insurers and partners in insurtech and climate tech. I will also have my lens on this very topic on 15 October.

These stories will likely showcase how innovative strategies not only prevent and mitigate risks but also fortify communities, setting new industry standards. Additionally, it is no surprise that the conference will address the ethical use of big data and GenAI, providing delegates with actionable strategies to leverage these technologies responsibly. For instance, the discussion on "Is on-chain capital better collateral?" will explore how blockchain is revolutionizing insurance with transparent digital assets, enhancing security and liquidity.

Furthermore, the session on "AI's impact on cyber insurance for SMEs" will reveal how AI-driven solutions are making cyber insurance more accessible and affordable, unlocking a vast market potential. Hopefully, you have seen the acquisition and investment trends in this space in recent months.

With a lineup of esteemed speakers across various themes, this conference promises to be an unmissable event for industry professionals.

Make sure to register here or DM me if you need help to get to this year's Vegas conference.

And, as always, we hope you find these insights valuable and look forward to bringing you more in our next edition.

And as always... stay curious and keep innovating!

--Want to know more... make sure to register on our website alchemycrew.ventures for our bi-weekly newsletter on corporate venturing, the venturing client model and corporate-startup collaboration.

You can also dive into more insights:

• Read my Medium articles
• Listen to AI-generated snippets from my Medium articles on #BeyondTechFrontier Podcast on Apple Podcast and Spotify.
• Download the #ScoutingforGrowth Podcast on Apple Podcast and Spotify.