Contents Page 3 Executive Summary Page 4 The Four Drivers of Change Page 7 Redefining the Transition Economy Page 8 Financial Services - ‘Bankrolling Extinction’? Page 9 What is Transition Risk? Page 10 Why worry about Transition Risk? Page 12 How Leaders Should Approach Transition Page 22 What should we look for when thinking about transition risk? Page 26 BigTech – friend or foe? Page 28 Suggested paths to deliver a successful transition Page 38 Implications on the insurer’s business model Page 40 Growth framework: de-risking insurance venturing Page 43 What’s next? Page 44 About Alchemy Crew 2