More and more major insurers are taking note of the potential dividends promised by the technological revolution and investing accordingly – and Generali is the latest to announce big plans in this arena. As a cornerstone of its strategic plan from now up until 2021, the company intends to invest around €1 billion in strategic internal initiatives for technological innovation and digital transformation.
As part of this series of strategic manoeuvres, Generali will launch a Europe-wide mobility platform, including the development of B2B2C ecosystems and the digitalisation of the relationship between agents and clients, in order to spur on full digitalisation of distribution. The insurer also reportedly plans to scale up its investment in and use of automation and artificial intelligence.
It is hoped that the ‘Generali 2021’ strategy will deliver a compound annual growth rate of between six and eight per cent over the next three years, driven by increased profitability from its insurance and asset management arms and greater overall efficiency, with a target for €200 million in reduced expenses.
Investments will also be a cornerstone of the strategy, as will the launching of new ventures into up-and-coming markets.
“Today, Generali unveils an ambitious strategy, which will accelerate the Group’s growth and deliver superior returns to our shareholders,” said Generali Group CEO Philippe Donnet. “Our primary ambition is to become a life-time partner to our customers, offering innovative and personalised solutions thanks to an unmatched distribution network. This clear and distinctive strategic vision leverages on our strengths to consolidate leadership in Europe on retail and SME customers, expand operations in high-potential markets and develop a global asset management platform. At the same time, Generali will continue to focus on generating and managing capital to fund growth opportunities in key markets and drive innovation and digital transformation wherever we operate. Thanks to this set of actions, Generali will achieve between six and eight per cent Earnings per Share average annual growth over the plan horizon.”