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From Disruption To Evolution A New Generation Of Insurers For Changing Customer Expectations By Bryan Falchuk The Future Of Insurance book cover. Credit: Insurance Evolution Press. The book in three words? Invaluable - Rich - Honest What is it about? Written by Camelot’s own best selling author, Bryan Falchuk, The Future Of Insurance: From Disruption To Evolution is a treat for those working in the insurance industry. Bryan is not only an author but is also a Founder and Managing Partner of Insurance and Evolution Partners, so he offers an invaluable perspective. The book follows the true stories of eight insurance start-ups and provides many important lessons to help you on your insurance journey. The book is written in a logical way, and the ‘Foundations For The Future’ sections at the end of each story gives you a moment to summarise and reflect on the key lessons. Due to the tactful use of start-up stories you get to learn in a concise and relevant way. Clear, relevant, and reality-driven, The Future Of Insurance is a useful tool to navigate the insurance industry with. This would be a great one to pair with attending our Big Round Table event Deliberately Digital by Design - How Incumbent and Startup Insurers can thrive in the Digital Marathon. Register for the event on the 30th of September here: https: //www.thecamelotnetwork.com/camelot-events/big-round-table-deliberately-digital-by-d esign/ What is the future of insurance? The stories and summary sections offer great tips such as making sure you stay focused on what customers truly need or just because something is difficult it doesn't make it wrong. These tips and lessons across the book, help you develop the right attitude towards your role in the insurance industry, making success more probable. As explained in the chapter, ‘Moving Forward’, the overarching foundations for the future are: to think diversely, make capital strategic and create real advantage. Simply hearing these foundations are not enough though, you need to read the book to fully understand what these definitions mean and see them at play in the stories, in order to employ them yourself. Who is this book for? This book is good for you no matter where you are in your insurance industry career. Full of clear explanations and various lessons, The Future Of Insurance is a great read for beginners and experts alike . It will teach you how to make positive changes in the insurance industry whether you are the business leader of a start-up or incumbent. A moment with the author: “After living on the carrier and startup side, seeing how much opportunity we as an industry have for change, but how often various challenges and barriers get in our way, I wanted to help us move forward. In my book series, The Future of Insurance: From Disruption to Evolution, I share direct case studies, written from first-hand research I’ve done by getting in deep with the people at the companies who lived the stories, to try to inspire anyone in Insurance to see a path ahead.” “The latest installment, Volume II. The Startups, shares very real stories of the ups and down, challenges and wins of eight startup insurers so that we can all take lessons, regardless of whether we’re at a startup, incumbent or something else entirely. I hope anyone reading these books takes the lessons in, looks at their particular situation, and sees how they might break through and make meaningful change themselves through the inspiration they take from the stories of others doing just that.” - Bryan Falchuk, Author of The Future Of Insurance series and Managing Partner at Insurance Evolution Partners To sum it up: By providing invaluable lessons through the telling of other people’s experiences, The Future Of Insurance provides you with a clearer sense of how you can make a positive change in the insurance industry no matter where you are within it. Want to know more? Go to http://future-of-insurance.com/ Or contact Bryan at [insert email] Written by Chloe Allison chloecopywriting@gmail.com

Zuhlke recently held a workshop around digital twins which Camelot helped with, here's the output based on what they learnt and what they know. Worth a read to find out more about their use in insurance. https://www.zuehlke.com/en/insights/know-thy-risk-the-emergence-of-digital-twins-and-the-re-imagination-of-insurance

As recently announced by one of our Corporate Partners, Zuhlke, they have officially launched their new podcast: Data Today with Dan Klein. In each episode, Dan Klein will speak to guests who are innovating outside the box and pushing boundaries with data. For more information, check out Dan's LinkedIn post on the podcast. If you'd like to check out the two episodes they've released so far, feel free to visit Zuhlke's internal podcast page and drop a follow, you'll be able to catch it on all your favourite podcast streaming platforms.

Genasys has recently announced the opening of its new Product and Innovation Campus in South Africa, as well as the creation of two new business units. For more information, and to hear the thoughts of Andre (Group CEO) and Craig (Co-founder and Group CTO), have a read of the press release below. Genasys Technologies announces new business units and ‘innovation hub’ reflecting its trajectory as a global insurtech Fast-growing insurance administration platform provider Genasys Technologies has announced two new business units and opened its new global technology innovation headquarters reflecting its trajectory as a global insurtech company. André Symes, Group CEO, will continue to head up Genasys and lead its commercial growth strategy from London while Craig Olivier, co-founder and Group CTO, will be based at its new South African HQ in Cape Town - the Product and Innovation Campus. From here, Olivier will lead the new Genasys Software Solutions division to pilot the business’s ongoing product development and technology innovation. Genasys retains its existing office in Johannesburg, from which Eugene Wessels, formerly head of global operations, will lead delivery and operations through the newly-created Professional Services division. Wessels will report directly to Olivier. Having started life from a garage in Cape Town over 25 years ago, Genasys’ expansion into the four-storey space at the city’s Techno Park Stellenbosch signals its commitment to the province’s booming innovation ecosystem and its status as a leading core tech player in insurance. Genasys now supports clients across Africa, North America, Oceania, LatAm and the UK to manage a gross written premium of over £1.5 billion. André Symes, Group CEO of Genasys Technologies, explains: “We are serious about investing in our product development, and most importantly, in our people, who have always been what sets Genasys apart. Through our Product and Innovation Campus , we’re creating a new work space that will support our team to drive our technology expansion. As we continue to grow our client list - from ahead-of-the-curve start-ups to industry heritage brands - our ‘innovation hub’ will help to attract insurtech talent and outstanding university graduates. “Through the creation of these two new business units we are in an exceptional position to propel our company forwards with real focus on our core strengths – our excellent cloud-based insurance software and our brilliant customer servicing. This is an exciting moment in our Genasys story as these developments reflect our trajectory as a global insurtech company and our continued commitment to using technology to positively change the consumer view of insurance.” Craig Olivier, Group CTO and co-founder of Genasys Technologies, adds: “As we take on more clients, across more territories, in a highly competitive market, there’s never been a more crucial time for us to invest in our product development and focus on staying ahead of the market. Our approach is simple: we want to make insurance policies accessible to everyone and we are here to enable our partners to innovate and evolve their technology.”

The Let My People Go Surfing book cover. Credit: Penguin Books. The book in three words? Honest - Relevant - Pioneering What is it about? Let My People Go Surfing is a powerful call to action and a love letter to breaking the rules. We are in a climate crisis that is at war with our tendency for high consumption. Let My People Go Surfing explores this battle and shows a love for the natural world, featuring a charming autobiography of Patagonia ’s founder, Yvon Chouinard, the story of an unconventional company, and practices you can apply to the business world. Alongside breathtaking images of nature, Chouinard takes you on a journey through the peaks and lows of his own life and the groundbreaking clothing business, Patagonia . Refreshing honesty and lessons of learning from mistakes seep through the pages and inspires. Let My People Go Surfing provides an example of business done differently - business that enriches lives and implements solutions to the environmental crisis. As set out in the book, the ongoing vision of Patagonia is to make business a thing of good, where profit is made but it isn't the highest priority. Chouinard explains that often when they have made the right decision for the planet though - profit often has come as a result of it. Patagonia wants to lead corporate America by example. A reluctant businessman, Chouinard invented his own game and made it work. A clear takeaway from Let My People Go Surfing is that just like Patagonia , a business should have clear values that are communicated and taught to everyone in the business. Highlights of Patagonia ’s values include: making the best product, causing no unnecessary harm, and using the business to put solutions for the environmental crisis into action. Springing off these values, helpful detail is provided on the guidelines used by the company for different areas of the business such as marketing, production, environmental policy, and product design. As Chouinard explains, these guidelines are mouldable; therefore, you can use them for your own business or workplace. How do you let your people go surfing? Patagonia aims for work to be enjoyable every day for every employee. The company focuses on employing people with values that align with the beliefs of Patagonia , such as a love for the natural world over being driven by the sole purpose of profit. Ultimately Patagonia embraces freedom by allowing people to wear what they want, providing child care, and having a flextime policy. The Let My People Go Surfing policy gives people the opportunity to work flextime - meaning that if the waves are looking perfect for surfing - they can go and do just that! As shown in the book and the success of Patagonia , implementing employee benefits like this is a sure way to get valuable and happy employees. Who is this book for? This book is ideal for business owners, as it is rich with lessons and philosophies that can be applied to the workplace and across a company. It is also a great read for those that want to resist profit being the primary goal that overshadows making positive changes to lives and the environment. If you are into outdoor activities and adventures, it is likely you’ll enjoy and learns something from Let My People Go Surfing too. Ultimately, we are all in this climate crisis and could definitely learn a thing or two and be inspired by this book. What do members of The Camelot Network think? “Whilst the book is almost 17 years old, it feels very much of the time. A book that operates on many levels, be that as a non-traditional leadership guide, as a primer for organisations that want to consider their impact and responsibilities from an environmental, social, and governance perspective, and, probably most significantly as being a connected human being, that understands how they not only shape today but also influence tomorrow. Reading this book, it’s no coincidence that Patagonia as a brand, as an organisation, and as a collective of people behaves in the way that it does. An organisation that is fuelled by purpose, that is as much action orientated as it is intentional, one that has great humility, is prepared to look outside itself as well as within itself to improve what it does and the way it does it. For sure it is not a perfect organisation (who is), but it is well worth reading this book to get a glimpse of what leads it to behave in the ways that it does. This is an authentic organisation, if you have ever met an employee, you will know what I mean.” Mark Simpson, Founder and Director of Resilient Changing To sum it up: Let My People Go Surfing teaches through example that in business we should, always question how we can do better, own up and take responsibility for our mistakes, and create positive change. This book, through humour, honesty and humility teaches you to break the rules and the norm. Let My People Go Surfing offers knowledgeable guidelines and values that you can use to shape your own business, while not only being mindful of the earth but putting actions in place to protect it. Want to know more? Learn more abou t Let My People Go Surfing here . Written by Chloe Allison chloecopywriting@gmail.com

How Big Data Increases Inequality And Threatens Democracy By Cathy O’Neil Weapons Of Math Destruction book cover. Credit: Penguin Books. The book in three words? Gripping - Wise - Necessary What is it about? With a title like Weapons Of Math Destruction , it’s easy to conclude that this book will be filled with complex, hard-to-navigate, intimidating language and equations. However, it cannot be stressed enough that you don’t need to be a number genius or data scientist for this book to be more than worthwhile. Data scientist Cathy O’Neil takes the complex and its effect on society and makes it captivatingly digestible. O’Neil paints a picture of the ‘Big Data’ era, that we live in today. An era where our data and what is done with it affects our life experiences. O’Neil explains how ‘weapons of math destruction’ referred to as WMDs for short, are terrifying mathematical tools that widen the financial gap, fuel injustice, and feast on inequality. In the book, WMDs are identified as mathematical models that are opaque, have a large scale, inflict damage, and often have a feedback loop. O’Neil carefully includes a variety of examples of these monstrous models and algorithms, using them as building blocks for the reader's understanding. Some of these WMDs include predatory ads that target the vulnerable and governmental policies that use crude data analysis to punish good teachers. You are taken on a journey through the WMDs that lie in marketing, the criminal justice system, employment, finances, elections, insurance pricing, and more. What can be done to stop weapons of math destruction? O’Neil makes it clear that data models are not always bad, but when not dealt with correctly they can all too easily become dangerous WMDs that feed into each other. In Weapons Of Math Destruction, powerful ideas for demolishing these weapons are put forward. Some of these include: placing fairness over profit, changing laws, shifting what is viewed as a success, demanding transparency from mathematical models, and conducting thorough audits of them too. Who is this book for? Weapons Of Math Destruction holds important teachings for us all. It is an essential read for those whose work uses mathematical models and algorithms - whether it's creating them, relying on them, or both. What do members of The Camelot Network think? “This book very clearly articulates the significant dangers of blindly applying Big Data and AI techniques to solve our business and societal challenges. It unearths the inherent risks of applying the outputs of a computer model without really thinking things through and importantly having very effective feedback loops to ensure algorithms learn and continue learning. Highly applicable to the insurance industry as we lean more and more on models to underwrite, price, evaluate claims and renew policies. This eye-opening, example-filled book is a must for anyone wanting to automate what we humans currently do. ‘The computer says.....don't read this book.’” David Clamp, Founder and Managing Director of Merlin Digital Consulting and The Camelot Network To sum it up: Weapons Of Math Destruction is an essential read coming at a critical time. It acts as a teacher, investigator, protestor, and solution provider. The wide variety of examples, focusing on individual and mass stories prove that we are heading down a dangerous path. However, O’Neil’s hard work, awareness raising, and proposals for change show a glimmer of hope if those harnessing data and algorithms behave responsibly. Want to know more? Learn more abou t Weapons Of Math Destruction here . Written by Chloe Allison chloecopywriting@gmail.com

From Crew To Captain: Commander of the Fleet Taking Your Business To The Next Level By David Mellor The From Crew To Captain: Commander of the Fleet book cover. Credit: Filament Publishing. The book in three words? Knowledgeable - Friendly - Valuable What is it about? From the first two books in the From Crew to Captain trilogy, you will learn how to transition into self-employment and sell yourself as a consultant. So, what’s next? Well, in the third installment in the series, Commander of the Fleet , friend of The Camelot Network, David Mellor, provides insightful and valuable advice on how to take your business to the next level and build a consultancy practice. Due to Mellor’s informative, but friendly tone and his ability to present detailed information with clarity, the book reads like a chat with an excellent mentor. Something that makes this book so special and useful, is the inclusion of reflective tasks that you can do to benefit yourself and your business. These self-diagnostics, such as a business health check, are presented alongside relevant advice, giving you the tools to put your learnings into action effectively. Commander of the Fleet is positively filled to the brim with tips, such as the ‘top three banana skins’ to avoid, for growing your business and getting through the growing pains. Well-informed advice is accompanied by findings from business-based surveys, giving you extra insight from others' experiences. In Commander of the Fleet, you are pointed towards effective strategies for success in taking your business to new levels. How do you become a ‘Commander of the Fleet’? Commander of the Fleet is a fantastic toolkit to use when thinking about transitioning from sole practitioner to having a consultancy practice of your own. Some lessons in the book include conducting a reality check, having your eyes wide open, having a strategic plan, seeking advice from those in your network, and going through the transition in a controlled manner. Throughout the book you are provided with many key questions to ask yourself, showing that reflection is a key part of becoming a ‘Commander of the Fleet’. An important teaching from the book is that there are disastrous strategies to avoid such as losing sight of your core values. There are many lessons in the book that are important to learn such as the habits of good leaders. By using the advice and exercises in the book you will be ready to take your business to the next level and become a commander! Who is this book for? This book is ideal for you if you are a sole practitioner looking to create a consultancy practice, as key aspects of early business growth are explained and a whole section is dedicated to building a business. Even if you already have a multi-consultant practice or if you are self-employed and going down a different route, there are tips and guiding points of reflection that can be used to make your business stronger and you happier as a founder. A moment with the author: What inspired you to write the book? “I think what inspired me to write the book was seeing quite a few of the folk I had mentored when they set up their businesses proving to themselves and the market that they had a business model that worked, but then struggling with the “growing pains” that followed as they tried to scale up.” What would you like people to gain from reading the book? “The main ‘takeaways’ from the book for the reader are probably threefold: 1. Having a clearer picture of how to transition successfully, and the benefits that a successful transition brings e.g. … Achieving financial strength and stability Having choices in terms of selling the business, acquiring other businesses, raising business finance for further growth, entering into strategic partnerships from a position of relative strength Having choices in terms of selling the business, acquiring other businesses, raising business finance for further growth, entering into strategic partnerships from a position of relative strength 2. Gathering some practical tips on what will contribute to their success, and also possible disastrous strategies that they should avoid 3. Appreciating how their role as leader will change, and how to cope with that” David Mellor, Author of From Crew To Captain: Commander of the Fleet and Director of David Mellor Mentoring To sum it up: In Commander of the Fleet , David Mellor provides a helping hand through expert advice and self-diagnostic tools. Reading this book is a sure way to better equip yourself for a transition in your business and professional role. Get 10% off when buying Mellor’s books here , with this exclusive deal for Camelot members! Want to know more? Learn more abou t From Crew To Captain: Commander Of The Fleet here . Written by Chloe Allison chloecopywriting@gmail.com

As promised, here is a summary of the answers to Camelot questions shared by our speaker, James Potter (aka The Linked In Man) at our recent workshop. James promised to send over some further information/resources that we may find useful. He offers open training courses - there is a discount for anyone from Camelot valid until 14th December 2023. Go here for further information and quote CAM10 on checkout. Enjoy!

Camelot held an Executive Breakfast where C-suite executives came together with experts from tech consultancy and engineering company Zühlke , to discuss the power of data. Digital Twins are elaborate, interoperable virtual representations of objects, processes, or systems. They utilise diverse, real-time datasets to run simulations in parallel to understand the outcome of multiple processes1. The NHS COVID-19 app was designed by Zühlke , a Camelot Corporate Partner, to translate personal health data into epidemiological simulations that provide valuable insight into SARS-CoV-2 transmission. Since its release the app has been downloaded by 22 million users and is estimated to have helped prevent 1 million infections2. Brief bulleted summary of the topics discussed at the breakfast: · Using data to evolve the business model · How to move towards loss prevention · How to generate desired consumer behaviour · How to best overcome persistent cultural challenges · The application of the insurance process in the face of climate change · The emerging role of Digital Twins in insurance · The benefits of a data-sharing mindset · How to see through the lens of the consumer · The role of a Chief Data Officer This work inspired an interesting debate: What if we applied the same scale of data collection used in the NHS COVID-19 app to risk assessment? How can data collection and sharing improve business performance and drive risk prevention strategies? Hugh Hessing (senior adviser to Insurtech and former CEO of Aviva) shares his views on the ideas discussed. The Role of Data in Loss Prevention: While data collection has always been an integral part of the insurance process, Zühlke demonstrated that the way data is currently utilised in the (re)insurance market is only an adumbration of what today’s technology can do. Digital Twins, Internet of Things (IoT) technology, and enabled devices are capable of measuring and monitoring a huge range of parameters in real time. This data can then be securely shared among devices via the internet and APIs3. This vast network of data can be exploited for scenario testing through sophisticated data analysis and modeling programs4. The extensive range of possible data parameters allows insurers to consider risks from previously inaccessible angles. The result of testing is actionable recommendations that aid C-suite insurer decision-making. For example, water escape is one of the most common types of domestic property damage claim. With insurers paying out £1.8 million every day5. Sensors capable of measuring water level, pressure changes, material saturation, and more can monitor changes in real time allowing preventative maintenance to be taken ahead of a leak. Problems are detected earlier, helping prevent malfunction, minimise disruption, and maximise loss prevention2. As such, risks could be mediated each day and insurers are guided toward effective loss-prevention strategies. Furthermore, the scenario testing capabilities of this technology provide insurers with the agility to adapt measures in line with changing environmental conditions. Thus, policies can be adjusted in parallel to the changing situation. This means that policies become increasingly detailed and reflect the true perils and hazards of a risk. These predictions will only become more accurate as the pool of available data grows. In short, digital twins and IoT technology enable a more comprehensive assessment of risks through the use of data. This data can then be converted into actionable insights that prioritise loss prevention. Consequently, data could transform current insurance business models by promoting preventative maintenance, generating precise policies, and preventing underinsurance, leading to increased productivity and profitability. The Evolution of Risk Prevention in a Volatile World: Traditionally, insurers analyse global trends to diagnosticate predictions for future risk events. However, the modern risk landscape is becoming more volatile. With rising global temperatures, convective processes in the atmosphere are becoming more severe, destructive, and frequent leading to more natural disasters6. Combined with geopolitical unrest and an increasingly complex societal structure, the challenge is advancing by the day. Consequently, relying on existing global trends is no longer sufficient to provide accurate insights into the possibilities of future events7. To demonstrate the dynamic nature of the modern world, consider that 30 years ago cyber risks rarely required insurance protection. Now, protection from cyber risks is an indispensable part of business policyholders’ insurance. As it becomes increasingly difficult to use historical scenarios to plan for the future, the way risk assessment is conducted must evolve. As outlined above, a data-led approach can drive loss prevention. Real-time data collection records environmental changes as they occur, meaning predictions for future risks will be based on relevant, up-to-date data metrics. Therefore, predictions and preventative maintenance strategies will be more applicable to the modern risk landscape. Furthermore, better digital analytics is a pre-requisite for a comprehensive appreciation of the pervasive impacts of climate change on risks8. As Hugh summarised, we are living in a turbulent time when traditional practices are racing against climate change. Embracing data as an integral part of (re)insurance business models can allow individuals to take their foot off the gas. Interpersonal Challenges to a Data-Lead (Re)Insurance Market: The most prevalent barrier to the adoption of a “prevention not prediction” data-led business model is an interpersonal one. Insurance is a market notoriously resistant to change and the current method of risk prediction has been stable for decades; if something’s not broken, why fix it? However, in the face of a volatile modern world, this methodology is quickly becoming obsolete. Implementing a data-focused business plan for risk assessment and loss prevention is a practical solution to help modernise the industry. However, Hugh believes that data collection on this scale is a complex, expensive process and that insurers could be forgiven for being nervous to take on the data collection and accompanying responsibilities. C-suite executives will be faced with the massive challenge of putting aside enough investment to build an effective digital architecture to collate and manage data while keeping the business operating smoothly during the transition. Despite this, the potential for these technologies is gradually being recognised. For example, appointing a Chief Data Officer will not eradicate the complexity of the approach, but a recognition that a position like this would streamline the transition process is a great first step! Furthermore, as technology continues to advance, this process will become increasingly accessible through fluid IoT and API integration. Recognising the power of data will provide insurers with a competitive edge. Conversely, clients who embrace data will become more attractive to insurers; attritional risks are managed by the client, and the insurer can provide practical protection when the catastrophe hits. The application of this technology to risk assessment is only in its embryonic stage, yet Hugh is hopeful that it will only take one major insurer to embrace the challenge and the rest of the market will follow. For a deep dive into the emerging topic of digital twins and its impact on the insurance sector, check out Zühlke’s recent article: Know Thy Risk: The Emergence of Digital Twins and the Reimagination of Insurance. References: 1: Digital Twin | Rolls-Royce 2: NHS COVID-19 app prevents 1 million infections and advances mobile medtech | Zühlke (zuehlke.com) 3: Oracle., What Is the Internet of Things (IoT)? | Oracle United Kingdom 4: Klein, D., (2023) Digital twin examples: public health during COVID-19 (zuehlke.com) 5: Association of British Insurers., Burst pipes and water leaks | ABI 6: Charpentier, A., (2007) [PDF] Insurability of Climate Risks | Semantic Scholar 7: Nagaichuk, N. et al (2020) Management of changes in the insurance industry in the conditions of climate crisis | E3S Web of Conferences (e3s-conferences.org) 8: InsurancePOST., Spotlight: Why ESG and digital transformation are inextricably linked for the insurance industry - Insurance Post (postonline.co.uk)