Bridging protection gaps and driving excellence
As one of the leading insurance players in Asia, Generali operates across seven markets with a clear focus on addressing fundamental challenges while capitalizing on emerging opportunities. In an exclusive interview, Generali’s Mr Rob Leonardi outlined the insurer’s strategic priorities and vision for sustainable growth in the region.
At the forefront of Generali’s concerns is the substantial protection gap that exists across micro, small, and medium enterprises (MSMEs), along with climate-driven coverage shortfalls. The company has taken an active approach to addressing these challenges through innovative partnerships and specialised programmes.
Generali has established significant collaborations with the United Nations Development Programme (UNDP) in Thailand and Malaysia, with plans to extend these partnerships to other markets. The insurer is also expanding its parametric insurance solutions across the region and investing heavily in climate resilience programmes, aligning closely with the group’s sustainability strategy.
“We do a lot of work around targeting and innovative insurance programmes to look for opportunities to be more inclusive to those types of organizations which are really left out of the security net,” Generali Asia regional officer Rob Leonardi said.
The company’s public-private partnerships extend beyond the UNDP to include the Asian Development Bank and various state organisations, particularly in India. In the Indian market, Generali maintains a strong presence in crop insurance and provincial health schemes, working closely with government entities to serve approximately 4.5m customers.
Navigating market complexities
Mr Leonardi said that interest rates remain a significant concern across Generali’s operating markets in Asia, particularly for the life insurance business. “While China presents a counter-cyclical scenario with rates beginning to creep up, most other markets are experiencing continued downward trends, especially with anticipated aggressive rate cuts in the US” he said.
Talent management also features prominently on the agenda. “Generali has implemented comprehensive programmes to identify, develop, and retain top talent through a bottom-up process that operates at the group level,” he said. The company has made notable progress in diversity and inclusion globally, with women holding 39% of strategic positions and 84% of employees completing upskilling programmes in 2024.
The talent development strategy emphasises continuous learning, global career opportunities, leadership development, and a strong focus on digital and sustainability skills. Hybrid and flexible working models have been introduced to appeal to a broader employee base and promote work-life balance.
Strategic market focus
While Generali operates in seven Asian markets, the company acknowledges that China and India represent core strategic priorities from the group’s perspective. These markets offer the largest opportunities and are expected to contribute the most significant share of premium growth over the coming decades.
However, the insurer maintains important positions across all its markets. In Malaysia, Generali ranks as the number three conventional property and casualty player, while in Vietnam, the company has climbed to become the fifth-largest life insurer. Hong Kong serves as a crucial component of the Greater China business, remaining one of the top 20 life insurance markets globally.
Indonesia and Thailand represent developing opportunities where Generali sees potential for substantial growth. The company has deliberately chosen not to enter very early-stage markets like Myanmar or Bangladesh, nor highly mature markets such as Korea and Taiwan where competitive dynamics are well-established.
“We definitely think that it’s better to continue to invest in the markets where we are and go deeper and grow our business and become more profitable at this point in time,” Mr Leonardi said.
Customised approaches for diverse markets
Generali eschews a one-size-fits-all strategy, instead customising its approach based on local market conditions, customer preferences, tax incentives, available distribution channels, and investment opportunities.
In Thailand, the company has found success in the protection space through partnerships with banks and consumer lending organizations. Indonesia, by contrast, has seen strong performance in unit-linked products distributed primarily through the agency channel. This flexibility allows Generali to maximise value delivery while adapting to changing market dynamics and customer needs.
Product trends and growth areas
In the declining interest rate environment prevalent across much of Asia, consumers are increasingly seeking savings solutions from insurers. This has driven a shift away from guaranteed returns toward participating products that offer more upside potential.
“We see a lot of growth in that space in Hong Kong, China, India, Thailand – markets where the customer can have some say in how the funds are being invested, depending on the choice of product that he makes,” Mr Leonardi said.
The pension and annuities business has shown particularly strong growth in China, while protection products, including straight life protection beyond just health coverage, have performed well across the region. In the property and casualty segment, non-motor business is driving growth, with particular strength in SME solutions, accident and health products, and commercial lines.
Digital distribution evolution
Generali has been active in internet-based distribution for nearly a decade, though the models have evolved dramatically from search engine optimization to social media marketing and database mining. While the channel represents a significant proportion of volumes in some markets, it remains relatively small in most territories.
The company is not prioritising faster growth in digital channels over traditional ones, instead maintaining strong bancassurance partnerships – including a new relationship with Central Bank in India and an existing partnership with Affin Bank in Malaysia – alongside robust agency channel growth in Vietnam, China, and India. The travel insurance business represents an exception, with growth concentrated primarily in the internet channel.
The core customer base centres on young families in their 30s and established families in their 40s, with a notable segment of pension solution customers in their 50s and 60s in China. Direct and internet-based distribution channels tend to attract younger customers compared to traditional bank and agency channels, though this segment remains a relatively small proportion of the overall customer base, Mr Leonardi said.
Looking ahead
Generali’s strategy for 2026 emphasises technical excellence in pricing and underwriting, product suite expansion, geographical footprint deepening within existing markets, and upgraded digital, data, and agent capabilities.
On the technology front, the company is developing AI capabilities for both back-office operations and customer-facing applications, supported by continuous improvements in data quality. The life insurance business will continue focusing on protection solutions, particularly in health coverage despite its challenges, and investment products suited to the low-interest rate environment.
In property and casualty, the rise of electric vehicle motor insurance presents both opportunities and challenges, with different risk profiles requiring careful attention in Malaysia, China, and India. Commercial lines are expected to expand following the entry of Generali’s global corporate and commercial business into India earlier this year, with anticipated regional expansion.
As Generali navigates the complex Asian insurance landscape, its strategy balances addressing fundamental protection gaps with capitalizing on emerging market opportunities. Through customised market approaches, strategic partnerships, and a commitment to technical excellence and sustainability, the company is positioning itself for sustained growth while contributing to broader societal resilience across the region.
With relatively small market shares across its seven operating markets, Generali sees significant runway for expansion within its existing footprint, making depth rather than breadth the primary focus for the foreseeable future.