We live in a world of constant and rapid change where an insurance group like Generali plays a fundamental role, both through our ability to generate value and drive development, and our capacity to anticipate and overcome the current challenges.
Our strategy reflects the main trends affecting the insurance industry, with a view to achieving effective management of risks and opportunities. Specifically:
- Discontinuity in consumer behaviour due to both digitalisation and economic uncertainty, which influences savings choices. The consumer, increasingly evolved and interconnected, shows greater attention to the quality of the service, is more independent in the decision-making process and adopts a comparative approach before purchasing. They look for custom and flexible solutions that suit their real needs.
- Disruptive technological evolution, where the Internet of Things and the development of mobile networks, cloud services and cognitive computing create a new paradigm. Technologies open up unprecedented opportunities: The availability of customer data and the ability to process them quickly and efficiently allow, for example, for the creation of customised rates and the identification of potential fraud. New technologies are also revolutionising internal processes, distribution channels and the client relationship. In fact, our strategy seeks to use technology to create added value for customers and improve the way our distribution network operates.
- Uncertainties in the macro-economic and financial scenario, which lead to higher volatility in interest rates, government and corporate spreads and equity markets. This requires rethinking the offer in the Life business to protect the sustainability and resilience of the portfolio.
- Evolution of the regulatory framework, which imposes more stringent requirements for transparency in consumer protection and requires operators to face high-risk moments and scenarios of a strong crisis while always protecting the customer.
- Environmental challenges linked to global warming, leading to the rise of extreme climatic events with a significant impact on the economic and social system and people’s insurance needs. This requires the distribution of increasingly innovative products with a high level of service to meet the potential demand for protection against catastrophic events, as well as products that reward virtuous and eco-friendly choices and behaviours. Investment choices must also be made in a responsible manner, excluding those companies involved for example in serious environmental damage.
- Demographic and social change, where the continuous ageing of the population and the growing migratory phenomena characterise modern communities. The health and welfare needs of older age groups are no longer adequately covered by public systems and therefore require new coverage solutions, while the resources generated by younger generations confronted with an often precarious labour market need to be addressed and evaluated with even greater attention.