Environment and Strategy
Generali is one of the world’s largest insurance companies with a successful history of more than 185 years. Generali today aims to be a benchmark for the entire industry in terms of excellence in offering services to customers, distributors and partners, and from an operational and technical point of view.
AN UNCERTAIN ENVIRONMENT IN CONSTANT CHANGE
The insurance industry faces unprecedented challenges. The global economic, financial and political environment is increasingly uncertain. Some factors, such as higher volatility in interest rates and equity markets, have a direct impact on our business. The speed at which technological innovations are spreading and increasing digitalisation are affecting consumer behaviour, modifying operating processes and working methods. The regulatory framework is getting stricter.
In addition, the industry in which we operate is also at the crossroads of some of the great contemporary issues: demographic trends and in particular the ageing of the population; climate change; the company’s social role.
These challenges, however, represent a great opportunity to distinguish us from our competitors.
A NEW CHAPTER OF OUR HISTORY
"Our ambition is to be the leader and to excel in everything we do and wherever we operate."
Philippe Donnet, Group CEO
We want our brand to become synonymous with excellence for our consumers and distributors, to whom we strive to offer the best experience and the best possible service.
After successfully completing the financial restructuring in 2015, we started the second phase of our “industrial transformation” strategy, which aims to evolve our business model by focusing more on customer loyalty, distribution network services, operational performance, technological innovation and the growth of our people. This strategy has been summarised in two words: SIMPLER, SMARTER.
In 2016, the further worsening of market conditions required an acceleration of the strategy to ensure the achievement of results in the short and medium term and long-term value creation. In three words: SIMPLER, SMARTER. FASTER.
We also aim to be a global benchmark for corporate social responsibility by successfully playing the “corporate citizen” role consistent with the insurance mission: Protecting, preventing, managing risk, always adopting a long-term vision. We are deeply aware of the social implications and the impact of our business on the well-being in the community that derives from our business. We believe that protecting our customers from the risks they face in everyday life and ensuring security and peace of mind is not only the source of our value creation, but also helps to build a better society. Also, we make our investment decisions while taking into account the elements of environmental and social sustainability and corporate governance.
Improving the customer experience, responding to their need for greater transparency, flexibility, personalisation and innovation.
Ensuring more efficiency for our distributors, by providing new tools and services, and bringing in new ways of managing client relationships across multiple channels.
Creating simpler, smarter solutions across all business lines, by developing flexible, connected and customisable products and services. For us, insurance does not just mean dealing with incidents when they happen, but also comprises prevention, health and well-being in the long term.
Becoming more agile and effective, with a more flexible operating model.
Embracing innovation in technology, products, services and processes,
Putting people at our heart and consistently nurturing talent. Because now more than ever, people are the real driver of change.
Strategic directions to ensure operational performance in the short and medium term
- Optimise the international presence by focusing on the markets where we are strong and on those that offer the best prospects for growth and exiting from less profitable markets.
- Rationalise the operating machine, with a process of restructuring and simplification in the more mature markets and disciplined growth in expanding markets.
- Improve insurance skills, both in the Non-Life Business and Life Business.
Strategic directions to create long-term value
- Balance the insurance portfolio, increasing the share of low capital-absorbing products and commissions revenue in order to increase resilience to market volatility.
- Innovate with value-added solutions for customers and distributors to increase customer satisfaction and loyalty.
- Strengthen the brand and become the first choice for consumers.
Find out about the actions we are pursuing to implement the strategy.
INNOVATION AT THE SERVICE OF PEOPLE
Innovation is a key element of our strategy and a driver of value creation. Big Data and the Internet of Things represent not only challenges but also tools to interpret the world around us, to be even closer to our customers’ needs, to simplify our products and services, and to make operational processes more efficient. In essence, innovation for us embraces three fundamental areas:
- innovation for our customers, who are increasingly connected and sophisticated
- innovation for agents and partners, with a distribution strategy increasingly open to multimedia
- innovation for our people, actively involved in a process of cultural and operational change, with the development of smarter ways to work.