Insurance Products with social and environmental value
All insurance products have a social function, because they meet the need for protection of individuals and of society as a whole. However, some insurance products are specifically designed to respond to critical needs in this area, and we want to support and promote these through engagement with our clients.
Products with particular social value include:
- the Dread Disease and Long Term Care policies, which involve the payment of a lump sum or life annuity in the event of serious illness or to cover the costs of care following the loss of self-sufficiency;
- policies responding to the needs of specific groups: young people, the elderly, disabled people, immigrants, the unemployed, young entrepreneurs, and people involved in volunteer work;
- policies that reward or penalise clients based on their behaviour in relation to specific risks;
- policies associated with medical prevention, such as those that prescribe regular check-ups as an incentive to look after one’s health.
Based on a number of surveys carried out in Italy in 2014 on the needs of policy holders, we developed the following products:
- life products, which, in addition to being linked to medical prevention through regular check-ups, can provide specific services to beneficiaries and an advance payment of up to 10,000 euro within two business days (Genertellife);
- pension plans, which, in the event of the loss of self-sufficiency during the accumulation phase, automatically pay the beneficiary an annuity of 3,000 euro per year and a 30% increase in the retirement annuity, provided they are up to date with their payments (Generali Italia).
To broaden access to insurance protection, we have developed micro-insurance initiatives in some countries.
- In Colombia, we are offering a product cover low income customers in the event of theft or personal accident produced with Pagos internacionales. In 2016, almost 457,000 were covered.
- In India, in recent years agreements have been made with leading micro-finance institutions, NGOs and cooperatives that operate in rural areas to provide health cover, accident insurance and livestock insurance policies to large numbers of people on low incomes (IFMR Rural Channel & Services, Satin Credit Care & Network, ESAF Microfinance, Muthoot Fincorp, Cashpor Microcredit, United Telecom Ltd, Arohan Financial Services, Bullock Carts Workers Development Association, Growing Opportunity). In 2016, over 2,400,000 people were insured.
To encourage environmentally friendly behaviour, we create and distribute products and services of particular environmental value.
These include the following products for companies:
- third-party liability policies for pollution, covering the reimbursement of costs for emergency or temporary measures to prevent or limit indemnifiable damage;
- policies for financial losses resulting from damage caused by pollution;
- policies covering equipment for the generation of renewable energy;
- discounted rates to companies that are EMAS and ISO14001 certified.
In addition, we also offer:
- third-party vehicle liability policies that provide discounts to clients insuring “green” vehicles or provide for low annual mileage;
- insurance policies for equipment for the generation of renewable energy providing cover for weather damage to solar or photovoltaic panels or similar equipment, which may be extended to cover profits lost due to interrupted or reduced electricity generation;
- insurance policies covering catastrophic damage caused by natural disasters;
- advice for clients to help them identify opportunities to optimise energy usage in their homes.