A personal story from Ticino shows how much the image of the insurance industry has changed from being viewed with suspicion to a technology-driven industry of the future.
When Paul, reinsurer and host of the “Paul the Insurer” podcast, was hiking through the Maggia Valley many years ago, he had no idea that a chance encounter would turn into an impressive lesson about the image of his industry. High up in the valley, near an architecturally remarkable church, he stopped in a small store. The elderly shopkeeper was chatty, curious about the strange visitor and asked the inevitable question about his profession.
When Paul explained that he was a reinsurer, her reaction was predictably perplexed. For her, insurance was an abstract concept, far removed from the reality of her life. So he tried to make his work tangible: Traveling to South America, advising on insurance, protecting against risks. When he mentioned Buenos Aires, her attitude changed.
A personal quest across continents
The woman talked about her son, who had emigrated to Argentina years earlier. A talented musician and numbers man who saw no prospects in the narrow valley and sought his fortune far away. She hadn’t heard from him for a long time. Her faint hope was that Paul could help her find him.
What sounded like a casual request turned into a small mission. Through contacts and with the support of the Swiss embassy, it was actually possible to track down the man’s whereabouts. Two months later, Paul was able to give the mother the relieving news: Her son was alive, working as a pianist in a bar and earning a living.
The mother’s reaction was as surprising as it was revealing. Relieved, she stated that this was “a good job”, as she had feared that her son worked in an insurance company.
The old image of the industry
This anecdote sums up how insurance companies have long been perceived: as opaque, unattractive and, above all, untrustworthy institutions. For many people, they stood for bureaucracy, distance and profit orientation and not for sense or innovation.
This image was deeply rooted, especially in rural regions or among older generations. Insurance was not seen as a place for creativity or personal development, but as a necessary evil in the background of the economy.
Technology changes perception and reality
Today, the industry is fundamentally different. The use of artificial intelligence, data-driven models and digital interfaces has transformed insurance companies. Processes are faster, more transparent and more focused on individual needs. Customer inquiries are answered in real time, claims are settled efficiently and products are increasingly personalized.
This development is not without impact on perception. Younger generations in particular are recognizing the potential of the industry anew. Insurance companies are no longer just seen as administrative apparatuses, but as technology-driven players with social relevance.
New attractiveness for talents
The change is also reflected in the labor market. Young professionals are increasingly interested in careers in the insurance industry. Digital platforms and innovative recruiting approaches make it easier to get started and make the industry more accessible.
What used to be considered dry is now perceived as a dynamic environment with global reach and strategic importance. Insurance companies shape risks, enable economic stability and help to make future scenarios calculable.
The story from Ticino remains a reminder of how deep-seated prejudices can be and how impressively an industry can reinvent itself.
Binci Heeb
Paul the Insurer has other content that may interest you, such as the series of interviews with insurance industry executives.
Read also: When machines compose regulation
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