Lead innovation

Generali’s transformation strategy is the engine that powers and further accelerates the scale up of our Lifetime Partner model, building on the strong foundations laid so far

The third pillar of our strategic framework consists in leading innovation, an essential element to the continued evolution of Generali’s business. To make it happen, we have identified three main levers and key strategic actions.

We will create more customer value through the Lifetime Partner advisory model by scaling up our increasingly digitally-enabled and data-driven advisory model, establishing a seamless omnichannel distribution approach, and growing our presence in the European direct business market, with the aim of scaling up of our direct operations. This will allow us to maintain our leadership position within our peer groups in terms of Relationship Net Promoter Score.

We will guarantee operational efficiency by optimizing internal operating machine and external spend, consolidating and modernizing core and non-core platforms to achieve economies of scale on investments and reduce IT costs. We will also enable business transformation by better leveraging Digital & Data through the scaling-up of Group solutions to collect, process and extract value from data. Additionally, we will ensure a better level of digital service for customers, distributors as well as internal users by fostering performance and improving the level of service by working on operating machine organization, processes, skills and culture. This will happen through € 1.1 billion of investments in digital transformation initiatives. At the end of 2023 we have invested an overall 75.5% of the € 1.1 billion and we confirm our commitment to reach 100% within the current strategic cycle.

Investments in Digital & Technology*: € 443 mln (+14.2%)

* The indicator refers to insurance consolidated line-by-line companies that are part of the Technology, Data & Digital program, which has kicked-off the transformation initiatives aimed to scale and converge expertise, drive cost efficiencies and improve service through adoption of the latest technologies, unleash the power of data, ensure security and release innovation potential, in line with Generali’s Lifetime Partner model.

We will achieve additional operating efficiency by scaling Analytics, Automation and Technology: we will reduce costs through digitization, core process automation and shared platforms, and we will optimize further claims management using Artificial Intelligence. These investments in areas like Analytics, Automation and, generally speaking, Artificial Intelligence in all its different facets will deliver additional operational efficiency to our core processes resulting in a 2.5-3 p.p. improvement of our cost/income ratio.

We will further improve our business model and service level across the board, create data-driven opportunities to deliver profitable growth, and increase both efficiency and productivity. We will do so by:

  • capitalise on Group scale and expertise converging all entities towards Lifetime Partner model;
  • drive cost efficiencies and improved service through adoption of latest digital technologies;
  • unleash the power of data capturing opportunities from IoT, 5G and AI;
  • ensure Group security through cyber and infrastructure harmonisation;
  • release Group innovation potential to drive new features, channels and revenues.

We keep a strong focus and act on four key Transformation Levers.
Discover more about them:

Building on solid foundations, we are now ready to take our transformation the next level by scaling up digital with a clear vision on where Generali will be in 2024, raising the bar on service levels and expanding our interaction with customers to deliver on our Lifetime Partner 24 promise.