I am the Communications Director of SAP Global Communications.
For a compelling vision of how banking, insurance, and economics will evolve by 2050, look no further than bestselling author and futurist“Injecting generative AI into everything, you can see the path that we’re on already,” said King. “AI will be the single most impactful technology that the world has ever seen. Short term, it will be an essential part of your business.
“Technology companies help set government policies because their products and services are so influential,” he said. “Nine of the Top 10 companies in the world are technology companies. AI will increase the influence of technology in economies…When we think about the make-up of the world in the 2030s and 2040s, increasingly policies will be driven by technology applications.
“Fintech and insurtech entrants are taking market share from slower adaptors,” said King. “Traditional and digital-first players will need to be part of a new collaborative ecosystem that includes embedded finance and payment players.” “With health, life, and car insurance, we now have real-time data that changes the dynamic to active risk mitigation based on that information,” said King. “Instead of saying a person applying for life insurance is a risk, imagine being able to eliminate their potential disease through gene therapy. This requires the application of technologies to price risk at the policyholder behavioral level. Companies will need to be actively involved in the customer’s life in a different way.
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