It is often the small anecdotes that make major upheavals tangible. A drawn egg that was intended as an order and served as ice cream. A scene from Beijing, somewhere in the early years of China’s opening up, told in the podcast Paul the Insurer. It marks the starting point of a development that is now regarded as one of the most radical transformations of the global insurance industry.
The journey to the Great Wall of China begins in a limousine with white curtains. The narrator is accompanied by young people, marked by the aftermath of the Cultural Revolution, with a rudimentary knowledge of English but great curiosity. It is their first encounter with a foreign insurer and is symbolic of a country on the threshold of international integration.
The official talks are stiff, ritualized and characterized by diplomatic phrases about historical ties between China and Switzerland. But behind these formal backdrops lies a reality characterized by cultural misunderstandings, language barriers and structural isolation. There are hardly any hotels, communication is difficult and even a simple breakfast is a challenge.
Slow approach, big impact
The following years are characterized by patience. Numerous visits to the People’s Insurance Company of China are sobering. Bureaucracy dominates, progress is barely visible, business remains marginal. But then came a turning point: Deng Xiaoping‘s reform policy.
The economic opening marked the beginning of a development that, in retrospect, can be described as the “Great Leap Forward” of the insurance industry, not in the historical sense, but in the technological sense. Within a few decades, the Chinese insurance market transformed from a rudimentary system to one of the most modern in the world.
The leap into the digital age
What sets China apart from many Western markets is the lack of legacy systems. While European insurers are still struggling with complex legacy systems, China was able to enter the digital era directly. Processes were not modernized step by step, but fundamentally rethought.
This dynamic is not only evident in the insurance industry. Even in remote regions such as Shangri-La, on the Tibetan plateau, traditional lifestyles are merging with modern technology: farmers plow their fields and talk on their mobile devices at the same time. A picture that impressively illustrates the technological leapfrogging effect.
Europe’s structural brake
In comparison, Europe often seems like a heavyweight. IT infrastructures that have grown over decades, regulatory complexity and fragmented markets slow down the speed of innovation. The much-cited “legacy problem” is more than a technical obstacle, it is a structural one.
However, a turning point is also emerging here. Artificial intelligence is increasingly seen as a lever for bridging existing systems, automating processes and enabling new business models. The hope is that technology will not only increase efficiency, but also make regulatory processes more intelligent.
Inspiration beyond the wall
The journey to the Great Wall ends with a realization that goes beyond the anecdotal. If you want to understand how profoundly the insurance industry can change, you should look to China. Not as a blueprint, but as a source of inspiration.
The key lesson is that transformation is not just a question of technology, but of attitude. Openness to change, the courage to break with existing structures and the willingness to consistently pursue new paths are the real drivers.
Or, as it sounds in the podcast: If you’re looking for inspiration, you should set off. Ideally as far as the Great Wall and accompanied by the insurers of tomorrow.
Binci Heeb
Paul the Insurer has other content that may interest you, such as the series of interviews with insurance industry executives.
Read also: From the missing son to the changing image of insurers
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