The Pace of Digitalization in China is Much Faster Than Anywhere in the World, Says AXA China CEO

“The pace of digitalization in China is much faster than anywhere in the world and in a sense, it’s much deeper than anywhere else,” says AXA China CEO Xavier Veyry. “In China we really see an acceleration in the way companies leverage digital tools. I think in China digitalization is accelerating and I believe that in a lot of ways China is really leading the innovation in terms of worldwide interaction with the customers on the digital front.”

Xavier Veyry, CEO of AXA China, discusses how China is leading the world in digitalization and how digitalization is impacting the insurance industry and customers in an interview on CNBC:

The Pace of Digitalization in China is Much Faster Than Anywhere in the World

AXA has been one of the pioneers in terms of digital insurance in many places in the world. This is an industry, this is a trend, this is a fundamental shift in our industry that we have been pioneering in many geographies, most specifically in Europe and sometimes in Asia. Here in China, I would say that the landscape is very different. The pace of digitalization in China is much faster than anywhere in the world and in a sense, it’s much deeper than anywhere else.

In China we really see an acceleration in the way companies leverage digital tools. The fact is that China has a very unique ecommerce platform and a very unique e-payment platform. In our analysis e-payment is the key driver toward facilitating the purchase of insurance products. It’s true that some insurance products can be designed for ecommerce for digital interactions. Others require a more personal touch and personal interaction with customers. It really depends on the product that we are manufacturing and the product that we are presenting to the customers.

I think in China this is accelerating and I believe that in a lot of ways China is really leading the innovation in terms of worldwide interaction with the customers on the digital front.