Generali presents ‘Generali Millennium’, its microinsurance initiative in India
Generali supports the UN “Millennium Development Goals” program for development
of the emerging countries’ populations
Milan – Generali has presented the “Generali Millennium” project for the development
of microinsurance activities in India, where the Group operates through Future
Generali. The project has been created to support the UN “Millennium Development
Goals” program to encourage growth and improve social and economic conditions
in the emerging countries.
Promoted by the Generali Group and the ALTIS – Postgraduate School Business &
Society of the Milan’s Catholic University – “Generali Millennium” enhances technical
and product competences to make a meaningful contribution to the quality of life
of thousands of poor families in India.
THREE MICROINSURANCE PROJECTS TO OFFER ACCIDENT AND HEALTH POLICIES: TARGET OF
2 MILLION SUBSCRIBERS OVER THE NEXT 5 YEARS.
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The first project, completed in August 2011, is intended mainly for women working
in agriculture or small commercial and artisan activities, with an average annual
household income of around 20,000 rupees (300 euro). The Future Generali microinsurance
plan provides accident cover, including hospitalisation expenses. The plan was
developed through a convention with BWDA_Finance Limited, one of the country’s
top 20 Microfinance Institutions (MFIs) with 300,000 members, operating in Tamil
Nadu.
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The second project is an agreement with Swabhimaan, a social business based in
New Delhi which provides products, services and subsidies for people in the country’s
poorest population groups through an association network. Insurance products are
distributed through simplified procedures involving online purchase of a services
charter. The agreement will enable employers to provide their workers with accident
insurance and cover of related health expenses.
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The third project is an innovative insurance plan to cover health expenses for
out-patient treatment and short- or long-term hospitalisation, by providing extensive
covers and simplified claims management for Swasth India members in the three
healthcare centres set up in Mumbai. Swasth India is a social business for improved
health conditions for low-income groups in urban areas.
In support of micro-enterprises, in 2011 Generali set up two initiatives in Tamil
Nadu, intended primarily for women from the poorest segment of the population.
The first initiative is a 120-seat canteen at the Loyola College in Vettavalam,
to feed hundreds of people. The second project enabled a brick factory to be built
in the village of Kuppayanallur.
Confirming the importance of sustainability as a key commitment for Generali,
the company recently formed a special committee within the Board of Directors.
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