{"id":31831,"date":"2026-10-15T04:00:00","date_gmt":"2026-10-15T02:00:00","guid":{"rendered":"https:\/\/www.thebrokernews.ch\/?p=31831"},"modified":"2026-10-14T15:04:50","modified_gmt":"2026-10-14T13:04:50","slug":"150-years-of-paxreturns-and-sustainability","status":"publish","type":"post","link":"https:\/\/www.thebrokernews.ch\/en\/150-years-of-paxreturns-and-sustainability\/","title":{"rendered":"150 Years of Pax: \u201cIn my view, returns and sustainability are not a contradiction\u201d"},"content":{"rendered":"<div class=\"ccfic\"><span class=\"ccfic-text\">An anniversary interview with Pax CEO Peter Kappeler.<\/span><\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Pax is celebrating its 150th anniversary, a milestone for one of Switzerland\u2019s most long-standing insurance companies. To mark the anniversary, the Basel-based pension insurer is opening its doors for three weeks. At the center of it all: a green sofa, an audience, and an interview that, for once, isn\u2019t taking place in a conference room. Binci Heeb spoke with CEO Peter Kappeler about adaptability, artificial intelligence, the interest rate turnaround, succession planning, and the question of why returns and sustainability are not a contradiction.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pax looks back on 150 years of corporate history marked by stability, independence, and the cooperative spirit. At the same time, the industry is facing profound change: demographics, shifting interest rates, regulation, digitalization, and artificial intelligence all demand clear priorities.<em>Thebrokernews<\/em> sits down with Peter Kappeler, CEO of Pax, for an anniversary interview about measured growth, security for customers, innovation without hype, and the art of sustainably advancing culture and leadership.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Peter Kappeler, what do you see as the core value that has sustained Pax through all cycles, and what fundamental changes were necessary for it to remain relevant today?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The question is broad, but I\u2019d like to highlight one theme that runs through this entire event: innovation. Over the past 150 years, Pax has repeatedly helped shape the Swiss pension system and introduced innovations. That has been a constant. What has changed is the pace. Today, the operating environment is changing so rapidly that it is no longer enough to invest in individual innovations. It pays to invest in fundamental capabilities: the ability to adapt to change and our corporate culture. This is the foundation for being able to innovate continuously\u2014that is, to develop innovations, bring them to market, and launch them. Because this is happening at an ever-faster pace, this capability is becoming increasingly important. With it, we are well prepared for what lies ahead and for what we do not yet know.<\/p>\n\n\n\n<figure class=\"wp-block-video\"><video height=\"1080\" style=\"aspect-ratio: 1920 \/ 1080;\" width=\"1920\" controls src=\"https:\/\/www.thebrokernews.ch\/wp-content\/uploads\/2026\/10\/Videosnippets-Peter-1-1.mp4\"><\/video><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>You emphasize customer value and simplicity. Where will customers actually see this reflected in 2026 in products, services, or communications?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We are committed to moving a little closer to our vision every day: We will be the best retirement insurance provider for our customers because we make retirement planning simple. \u201cMaking it simple\u201d has a dual meaning here. Simplicity and clarity within a relatively complex retirement savings system are essential for people to make self-determined and independent decisions and to shape their own retirement plans. As a cooperative, we have an excellent foundation for this. Above all, our cooperative is a community of our customers, and this is consistently reflected in the fact that they feel at home at Pax. We\u2019ve also incorporated this into our anniversary theme: Where retirement planning is at home. For 150 years.  <\/p>\n\n\n\n<figure class=\"wp-block-video\"><video height=\"1080\" style=\"aspect-ratio: 1920 \/ 1080;\" width=\"1920\" controls src=\"https:\/\/www.thebrokernews.ch\/wp-content\/uploads\/2026\/10\/Videosnippets-Peter-2.mp4\"><\/video><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Between Growth, Security, and AI: How Do You Prioritize?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As with the leadership of any pension company, it is essential to give equal consideration to various stakeholders at all times. To me, security, AI, and growth are not mutually exclusive. If I had to prioritize one aspect, it would be growth. A company that doesn\u2019t grow will hardly survive in the long run. Growth is a fundamental prerequisite for sustainable success. But a company that doesn\u2019t have security and AI under control won\u2019t grow either. So both are prerequisites and, at the same time, contribute to growth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The shift in interest rates has altered the parameters of the life insurance business. As a result, what strategic decisions have you adjusted over the past 24 months?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The shift in interest rates is a key topic, especially when looking at neighboring and more distant foreign markets. If we take a closer look at Switzerland and the current yields on 10-year federal bonds, we see that we\u2019re back to roughly the same level as two years ago. Overall, we remain in a low-interest-rate environment. The advantage of this prolonged period of low interest rates is that we\u2019ve learned to manage it. In particular, we\u2019ve learned to view interest rates not only from the investment side but also from the liability side. We strive to align liabilities and investments so effectively that the overall structure is not only sustainable in the long term but can also be managed successfully.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Which AI applications at Pax currently provide measurable added value, for example, in underwriting, claims processing, or advisory services, and where do you deliberately draw the line?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the field of AI, the focus is often on technical feasibility, benefits, or cost-saving potential. There is too little discussion about how to handle it and where to set boundaries. We strive to address both aspects and ensure that all employees use AI in a responsible yet technically competent manner. All of our employees use generative AI in their day-to-day work, naturally, within a secure environment with access to Pax data. There, it primarily serves as an assistant to streamline processes. In addition, there are specific applications, such as in the benefits area: AI gives us a better overview of complex benefits cases and thus helps us ultimately make better decisions in the best interests of our customers. We also use AI for document recognition and, increasingly, in software development, for example, in automated testing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The boundaries are clearly defined in our guidelines. One of the most important ones is that there is always a \u201chuman in the loop.\u201d No generated results are sent directly to customers or external partners. Our employees review and refine the results before they are released. This principle will continue to apply in the future.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>How do you ensure that AI and automation enhance transparency, fairness, and traceability for customers?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">First, through the clear rules and boundaries we define internally. That is the basic prerequisite. Second, through employee training so they know where sensitive issues or boundaries lie when using AI. On top of that, there\u2019s the person who reviews the final result. And finally, the core idea: We use AI in a way that makes the outcome simpler, better, or more affordable for our customers. AI should benefit the customer, and certainly not the other way around.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>What new features or planned updates address the changing retirement planning needs of the younger generation, specifically in terms of flexibility, sustainability, and portability?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This trend has been underway for some time: Life paths are becoming less and less linear and predictable. That is why we are increasingly investing in designing our products so that risk and investment components can be flexibly combined along these nonlinear life paths in the best interests of our customers. This is already important today and will become even more so. The second point is the clarity of the retirement savings system and our products, so that customers understand what is needed for a flexible, needs-based retirement solution. Third, access: effective access channels that meet customers\u2019 needs, not only digitally but also through personal advice, and with as low a barrier to entry as possible. And sustainability is a central theme that shapes the design of all our products. We offer only products that meet sustainability criteria, with a particular focus, in addition to the environmental dimension, on social sustainability, which holds special importance in our cooperative.<\/p>\n\n\n\n<figure class=\"wp-block-video\"><video height=\"1080\" style=\"aspect-ratio: 1920 \/ 1080;\" width=\"1920\" controls src=\"https:\/\/www.thebrokernews.ch\/wp-content\/uploads\/2026\/10\/Videosnippets-Peter-3.mp4\"><\/video><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>How is our collaboration with brokers evolving, and what services does Pax offer to make advising noticeably easier?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We remain strongly committed to building personal relationships with our brokers. At the same time, we are strategically expanding our digital services to lighten their daily workload and further reduce non-value-added tasks. Specifically, we are continuously adding new features to our broker portal and investing in the digital application process. At the same time, we are consistently exploring ways to simplify processes, such as the health questionnaires or the clarity of our retirement planning products, in line with our goal of \u201cmaking retirement planning simple.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>What specific changes have you made in leadership, feedback, and decision-making processes, and how do you measure cultural progress?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We could spend an entire evening discussing this. Here\u2019s an example that I find particularly illustrative: When I started as CEO at Pax 15 years ago, there was always a moment of silence after a question was asked in every meeting, big or small. Everyone would look at me and wait for me to make a decision. The decision-making structures were extremely centralized around the executive board and the CEO. Fortunately, that has changed dramatically. We\u2019ve invested heavily and created significantly more decentralized decision-making structures. Decisions are made where the expertise, experience, and familiarity with the issue are greatest. That\u2019s much more efficient.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The second point is culture. Today, we have a culture in which most, and hopefully all, employees feel comfortable enough to perform at their best. This is also economically significant: When everyone performs at their best, not only is everyone more satisfied, but the results are also better.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Pax has handled its leadership transition in a strategic and forward-thinking manner. What insights can you share about a successful transition in a regulated industry?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In my view, two conditions are necessary. The first: The process must be approached in a constructive and forward-looking manner. Several key figures are involved in an issue like this; it\u2019s not enough for just one person to say, \u201cI want this or that.\u201d It helps if you\u2019ve invested in interpersonal trust and the organizational culture long before the issue arises. Those who only start doing this once the issue is on the table will likely find themselves in a tight spot. The second critical factor for success: All parties involved are aware that the well-being and success of the company are at stake, and they commit themselves to this cause. I am personally very pleased that Yvonne H\u00e4ring, who already knows the business and will continue to run it well, is taking over as my successor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Where do you stand in terms of straight-through processing, dark processing, and process modernization, and what are the key performance indicators for these areas?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For us, dark processing and straight-through processing are synonymous, and we\u2019re already using them, especially in portal solutions and self-service, where customers enter changes in the portal that are then processed end-to-end. In new business, we have a certain dark processing rate, but we still see great potential. We are investing accordingly in self-service and new business. The issue is most complex in underwriting, and we want to increase the rate there as well. This rate is one of the most important key performance indicators. However, we are not a high-volume business where 30,000 claims must be processed as efficiently as possible every day. So while the leverage is smaller for us than in high-volume industries, it remains a clear goal. In addition, there are the traditional key performance indicators such as transactions per employee, turnaround times, and processing times.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>How do you align return targets with ESG criteria without risking accusations of greenwashing?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the medium to long term, I don\u2019t see a contradiction between returns and sustainability. Climate risks and other sustainability risks will intensify in the medium term and have a negative impact on returns. In the long term, investments that meet ESG criteria will perform at least as well as those that do not. It is important to have clear rules and to stick to them. We use a best-in-class approach, guided by the <a href=\"https:\/\/de.wikipedia.org\/wiki\/Ziele_f%C3%BCr_nachhaltige_Entwicklung\" target=\"_blank\" rel=\"noopener\">UN Sustainable Development Goals<\/a>, and we take a close look at the companies we invest in, not only in terms of their products and services, but also their business practices. Combating greenwashing requires clear rules, independent data, and transparency, especially where data is missing or incomplete. This must be disclosed. That\u2019s a good way to solve the problem.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>What lessons has Pax learned from recent incidents in the industry, and how do you test your resilience?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The most recent changes\u2014particularly the revisions to the VAG and AVO, are quite significant. We support this development as long as it is in the best interests of our clients and serves to protect them. As is always the case with such major changes, there is some initial turbulence. And it\u2019s not just turbulence, there are also certain areas open to interpretation where not everything has been precisely defined yet. In these areas, it is crucial\u2014as a key prerequisite for positive progress, to engage in intensive dialogue with all stakeholders, resolve these uncertainties, and find sensible solutions that benefit customers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>What types of candidates are you looking to recruit in the coming years, and how do you plan to develop your workforce across the fields of actuarial science, data science, and consulting?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One thing has likely remained unchanged compared to the past: we need specialists. We\u2019ve always needed them, we need them today, and we\u2019ll continue to need them in the future, in all the areas you mentioned. What has changed is that there is now a greater need for people with a networked way of thinking. An actuary today should also have some understanding of AI. Specialists should be able to see the big picture and constantly ask themselves: What contribution am I making that helps the company, moves it forward, and benefits our customers? In a world that is not only becoming faster but also more complex, this networked way of thinking has gained in importance. When recruiting, we therefore look not only at technical skills but, above all, at mindset. Closely tied to mindset is personality, the openness to engage with such topics. This has become significantly more important in recent years and will become even more so.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Looking ahead: If there were only three things you\u2019d like to be remembered for on the occasion of the 175th anniversary, what would they be?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If, 25 years from now, I look back and see that Pax has continued to be an innovator throughout this quarter-century, I would be extremely happy. I believe we\u2019re well-positioned and have what it takes to make that happen. Second: If I could say that we\u2019ve succeeded in helping to shape the future of retirement planning, that would be fantastic. This is a long-term endeavor, and we won\u2019t be able to judge whether we\u2019ve done a good job until 25 years from now. And third, perhaps, that we\u2019ve succeeded in using AI in a way that has helped Pax provide better service to our customers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Finally: Is there a question I should have asked you but didn&#8217;t?<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There are many interesting questions you could have asked. Perhaps the one about what I\u2019m most looking forward to as I take on this new role.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Then I\u2019ll ask you exactly that question.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What I really appreciate about this change in roles is the shift in perspective. It gives me the opportunity to view the company from a new angle and in a new role, and in this way contribute to its continued success. A nice side effect is that I remain connected to the company. A company is an abstract concept. What isn\u2019t abstract are my colleagues. Over the past 15 years, we\u2019ve built strong relationships through our cultural initiatives, and I\u2019m very happy that I can stay in touch with these people.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Binci Heeb asked the questions.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">See also: <a href=\"https:\/\/www.thebrokernews.ch\/en\/150-years-a-green-sofa-a-man-from-zurich\/\">150 Years, a Green Sofa, and a Man from Zurich with a Schnitzelbangg<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pax is celebrating its 150th anniversary, a milestone for one of Switzerland\u2019s most long-standing insurance companies. To mark the anniversary, the Basel-based pension insurer is opening its doors for three [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":31832,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"footnotes":""},"categories":[5100,5134,5138,1],"tags":[15790,5102,14976,6509,6081,15791,15789,5446,5358,7843,7389,8426,15792,8401],"class_list":["post-31831","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-current","category-general","category-interviews-en","category-nicht-kategorisiert","tag-15790","tag-ai-en","tag-anniversary","tag-broker-en","tag-cooperation-en","tag-decision-making-processes","tag-feedback","tag-guidance","tag-innovation-en","tag-life-insurance-en-2","tag-pax-en","tag-resilience-en-2","tag-revision-of-the-vag-and-avo","tag-traceability","ownarticle"],"acf":[],"cc_featured_image_caption":{"caption_text":"An anniversary interview with Pax CEO Peter Kappeler.","source_text":"","source_url":""},"_links":{"self":[{"href":"https:\/\/www.thebrokernews.ch\/en\/wp-json\/wp\/v2\/posts\/31831","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thebrokernews.ch\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thebrokernews.ch\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thebrokernews.ch\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thebrokernews.ch\/en\/wp-json\/wp\/v2\/comments?post=31831"}],"version-history":[{"count":2,"href":"https:\/\/www.thebrokernews.ch\/en\/wp-json\/wp\/v2\/posts\/31831\/revisions"}],"predecessor-version":[{"id":31838,"href":"https:\/\/www.thebrokernews.ch\/en\/wp-json\/wp\/v2\/posts\/31831\/revisions\/31838"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.thebrokernews.ch\/en\/wp-json\/wp\/v2\/media\/31832"}],"wp:attachment":[{"href":"https:\/\/www.thebrokernews.ch\/en\/wp-json\/wp\/v2\/media?parent=31831"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thebrokernews.ch\/en\/wp-json\/wp\/v2\/categories?post=31831"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thebrokernews.ch\/en\/wp-json\/wp\/v2\/tags?post=31831"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}