#TECHVISION2020 Digital is everywhere and people’s interactions across society are changing. They are Chinese insurance company, Ping An, has, to date, invested an eye-popping $7 billion reevaluating their relationships with businesses and governments. Many are rethinking their into technology and R&D and plans to spend another $15 billion over the next decade. actions in a globally interconnected economy and seeking more sustainable products and With 32,000 researchers and a combined 101,000 tech staff, Ping An is a bigger services. And a growing number are reexamining whether the offerings that enterprises technology company than most big technology companies—its fintech and cloud 3,4 deliver are fully aligned with their core values. computing products are used by 3,600-plus Chinese financial institutions. In a post-digital world—one where digital is not new to people and no longer a And Ping An’s goals go far beyond being one of the world’s largest online financial differentiating advantage for organizations—technology is deeply embedded in how we services supermarkets. It aims to be at the heart of five ecosystems in Asia: finance, work and live. Insurance enterprises have furthered this reliance by weaving technologies property, automotive, healthcare, and services for the “smart city”. These ecosystems are into their product and service offerings and how they are delivered to consumers and already bringing in about one-third of the group’s new financial-services clients, and more commercial customers. Many of the world’s leading insurance organizations have embarked than 576 million users and 100 Chinese cities are connected to at least one of them. on bold, wide-ranging digital transformation programs to reshape how they interact with people and other businesses. Similar trends are unfolding even in segments of insurance where the product has been difficult to understand and cumbersome to purchase online. For example, direct digital Generali, one of Europe’s largest insurers, in 2018 committed €1 billion in investment to a platforms for small commercial insurance in the US are maturing as companies come range of strategic innovation and technology initiatives. Its aim? To become a trusted life to market with simpler offerings that don’t need to be explained by a broker. partner to customers, able to deliver 360° advisory services, and comprehensive, 24/7 assistance. Following digitization and simplification of many core processes, Generali Insurtech unicorn, Next Insurance, offers tailored insurance offerings for some 1,000 types now aims to be a partner to customers in the moments that matter across the mobility, of small and micro business on its digital platforms,5 while Berkshire Hathaway has created 1,2 Its transformation efforts have been deep and home, business and health ecosystems. Three as an online one-stop shop providing a transparent, three-page policy covering 6 wide-ranging—from launching a pan-European mobility platform and developing B2B2C workers compensation, multiple liability coverages, and property and auto. ecosystems to digitizing agent-customer relationships and embedding artificial Intelligence (AI) in its core operations. Technology Vision for Insurance 2020 | We, the Post-Digital People 5