Our strategy

Our strategy

The Group strategy is based on the following key strengths:

  • strong brand, especially in core countries;
  • broad, enviable and diversified international presence, with various excellent competitive positioning in both mature and emerging markets;
  • large premiums and assets base that position Generali among the top insurance groups in the world;
  • a consolidated leadership in the life segment and a strong performance in P&C segment.

Based on these strengths, Generali developed a strategy to improve profitability and maximize the value creation for its shareholders, set on three key criteria: discipline, simplicity and focus on the core business, i.e. the insurance business.

Fundamentals of the strategy

The Group’s goal is to provide shareholders with an excellent return, through discipline, simplicity and focus on:

  • insurance core business;
  • stronger capital position to be acquired through a disciplined capital management over time;
  • customer acquisition and retention, with a focus on retail and affluent segments.

Customer opportunities

Our strategy is to be client centric. We understand the importance of focusing on loyalty maximization and long-term value creation.
We will maximize the value of our current customer base, by improving retention and increasing cross- and up-selling. As the availability of information is crucial in this process, we will invest in acquiring a broader knowledge of our clients, in order to better assess their specific needs and accordingly tailor appropriate solutions.
Particular focus has been dedicated in targeting the affluent segment, given its relevant size and growth pattern in both mature and emerging markets. A key success factor will be the creation of distinctive integrated solutions for each stage of the customer lifecycle, via the proper architecture of the operating model.

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Distribution opportunities

Products’ distribution is carried out through a variety of channels (both proprietary and third-party) allowing customers to choose according to their needs and preferences. These multiple access points must strongly interact and complement each other in order to offer superior customer experience and maximize customer value for the Group. We aim at pursuing excellence in the management of sales channels, through the strengthening of both traditional and direct channels, implementing and disseminating internal and external best practices to identify all potential levers (e.g. incentive systems, frontend applications, sales-funnel optimization, reduction in administration tasks for distributors) that can improve our productivity.. We are also very attentive towards new distribution opportunities, such as bankassurance agreements especially in many emerging markets where we have decided to operate.

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Life performance

Life profitability will increase by optimizing returns on absorbed capital, focusing more on protection products, streamlining operations and reviewing incentive systems in the distribution network.
In order to strengthen the technical performance, we are introducing Group guidelines and fostering best practice sharing on key elements along the value chain such as pricing, risk selection, and loss reduction.

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P&C performance

We aim at strengthening the P&C business, seizing new opportunities in both business lines (e.g. Accident and Health) and in client segments (e.g. Corporate and Commercial).
We will further improve our technical performance by centralizing reinsurance and sharing best practices within the Group.

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Superior operating model

Our objective is to optimize the operating model, pursuing a strong and continuous efficiency and greater integration of the main processes across our companies, in order to reduce costs, particularly in IT, procurement and real estate facilities. We will move towards a coherent and coordinated model, integrating local strengths with the full support of the Group and the development of new skills, using the Group's existing expertise and through knowledge sharing.
We also aim to attract and invest in the best talent and develop their ability to pursue our strategy in the future. We invest in projects of international mobility, as we focus on incentive plans for our top management, which balances the individual dimension and that relating to the results of the entire Group.

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Portfolio footprint optimization

On one hand we are strengthening our presence in the main European markets (Italy, Germany and France) and on the other we are consistently pursuing our expansion strategy in emerging markets, namely Asia and Central and Eastern European countries.

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Balance sheet strength

Our goal is to increase our capital position by increasing the quality of operating net income and an increasing attention to cash flows.

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