Insurance companies “will disappear” unless they embrace sweeping technological change, Generali’s chief executive warned as the Italian group pledged to invest €1.25bn to transform its business in the next four years.
. Speaking on the sidelines of the insurer’s investor day in London on Wednesday, Mario Greco, Generali chief executive, said the sector was “on the verge of a revolution”. “This is an industry that has been lagging behind every other industry — it has been paralysed,” he said. “Either you understand it and you move towards the forefront of change . . . or this industry will disappear. It happened [in other sectors]. Think about the retail business and all the chains that don’t exist any more.” Signalling the type of investments to come, Generali disclosed on Wednesday that it was in exclusive talks to buy London-based telematics company MyDrive Solutions.