Creating value by protecting

over
€ 1.5 bn
products
with a specific
social value*

Insurance products, by their very nature, have a social value, because they provide a response to the pension and protection needs of customers. In this context, insurance products linked to socio-demographic changes and the gradual  reduction of public services to citizens are of particular importance.

Dread Disease and Long Term Care policies, which involve the payment of a lump sum or annuity in the event of serious illness or to cover the costs of care as a result of the  loss of self-sufficiency.

Policies that meet the needs of specific categories of people:

  • products for young people, including accumulation plans which can be integrated with various types of insurance cover and financial protection in the event of premature death of a parent, the waiving of service costs during the first two years of policy underwriting to help encourage the under 40s to join supplementary pension schemes, and capital appreciation based on loyalty and academic merit
  • products for the elderly, targeted to their specific needs
  • products for couples, which respond to the needs of a changing society as they are also aimed at non-traditional family structures
  • products for the disabled, including roadside assistance for policyholders driving adapted vehicles and policies for integrated housing, with extended warranties coveringhome automation systems
  • products for immigrants which, in the event of death, provide for the reimbursement of all expenses related to the event, including the repatriation of the deceased to their country of origin
  • products for people who lose their jobs, which cover the monthly repayments of existing loans or mortgages for a number of months
  • occupational disability policies for young entrepreneurs
  • third party liability policies for people involved in voluntary activities.

Policies that reward the good behaviour of the policyholder:

  • products to encourage the adoption of a healthy lifestyle, such as life insurance policies that offer reduced premiums to non-smokers and/or the application of higher premiums for smokers, or products which assess the obesity risk by calculating the Body Mass Index
  • motor insurance products that aim to promote careful and responsible driving with a view to reducing accidents, such as policies combined with the installation of a black box, which reward responsible driving and protect policyholders through telemobility
  • motor insurance policies which, to encourage compliance with the Rules of the Road, are linked to contractual conditions limiting insurance benefits for drivers who fail to wear their seat belts or are found to be driving under the influence of alcohol or drugs. Or policies which, to discourage alcohol consumption, include a discount which can be revoked, or apply an excess in the event that the policyholder is found to be driving under the influence of alcohol.

Policies related to preventive health care:

  • health care policies that provide for a regular physical check-up to prevent the most common illnesses and encourage health protection. In some cases, to help people/families in difficulty, measures have been introduced that allow unemployed workers to temporarily suspend the payment of health insurance premiums while still maintaining their cover
  • policies aimed at female customers, which also include prevention programmes with a full check-up every two years and a range of support services in the event of illness or accident.

Microinsurance for development

To expand access to insurance protection, we have developed microinsurance projects in a number of countries.

In Colombia, to protect low-income women who work for Belcorp (a beauty products company) as direct sellers of the company’s products through their catalogue, an insurance programme was developed that includes life insurance, reimbursement of medical costs in case of illness and accident, and, in case of death, the expenses related to the event.

Cover is provided to 30 thousands people on a monthly basis. In addition, still with a view to protecting workers on very low or irregular income, an insurance programme was established for street ice cream vendors that covers about 2,700 people a month.

In Guatemala, a life and accident insurance policy is being distributed, produced with the assistance of Fundea, a microfinance cooperative. In 2015, 31 thousands individual policies were underwritten.

In India, in recent years, agreements have been reached with leading microfinance institutes, NGOs and cooperatives (IFMR Rural Channel & Services, Satin Credit Care & Network, ESAF Microfinance, Muthoot Fincorp, Cashpor Microcredit, United Telecom Ltd, Arohan Financial Services, Bullock Carts Workers Development Association and Growing Opportunity) which operate in rural areas, providing health coverage, accident insurance and livestock insurance policies to a large number of people on low incomes. In 2015, over 900 thousands people were insured.

around
€ 0.5 bn
products
with a specific
environmental value**

To encourage the adoption of environmentally friendly behaviour, we design and distribute products and services with a specific environmental value.

In the corporate sector, we aim to involve insured companies, not only in compliance  with environmental protection laws, but also in effective risk prevention, by making insurance cover subject to the adoption of certain minimum measures and adapting the price in relation to the measures adopted. To this end, we perform a thorough assessment of companies that pose a high risk from a social and environmental perspective and provide preventive advice aimed at assisting clients to implement the appropriate security measures to ensure greater client protection.

Third party liability policies for pollution, which may include the reimbursement of expenses for emergency and temporary measures to prevent or limit compensable damage and the non-compensation for damage caused by failure to comply with legal provisions or the intentional failure to prevent the damage.

Policies for financial losses as a result of pollution damage, covering the financial consequences of damage caused by environmental pollution in general and specific guarantees for financial losses due to water pollution.

Policies covering specific facilities for the production of renewable energy, such as hydroelectric plants, wind farms and biomass plants. Additional cover may be included for damage caused by fire, theft or failure of energy-generating equipment.

As an incentive for the promotion of eco-sustainable behaviour, certain Group companies provide discounted tariffs to companies that have ISO 14001 and EMAS certification.

Generali Performance Globale

Since 2006 Generali France has been offering small and medium-sized enterprises (SMEs) an innovative consulting service to support them in the assessment of business risk, which goes beyond traditional loss prevention services, integrating elements such as financial results and intangible assets like reputation and brand.

This approach enables SMEs to better understand the global risks and increase their performance while focusing on the sustainable development of their business. The analysis is based on 60 criteria, half of which are related to social responsibility, allowing them to identify the company’s strengths and weaknesses. After an initial assessment of the business risk, companies are given a score out of 20 and if they receive at least 15/20, they are awarded the recently renamed label, Generali Performance Globale (originally Agir pour notre avenir), allowing them to benefit from discounts on insurance premiums and a support and development plan. The plan is developed in collaboration with the  intermediary (broker or agent): it has a duration of three months to one year and defines 20 improvement targets.

The risk assessment criteria include supply chain management, knowledge of product and process quality standards, management of workplace health and safety and occupational diseases, energy and water consumption, waste management, customer care and complaints management, personnel management and professional development. Generali France, in partnership with SGS - the world’s leading inspection, verification, testing and certification company - has recently extended its advisory service to meet the specific needs of franchised businesses, developing an analysis system based on performance criteria to evaluate processes, governance and relationships between the franchisor and its franchisees.

The Group’s attention to eco-sustainable behaviour can also be seen in the retail segment.

Third party liability policies for vehicles, including discounted tariffs, which can even halve their annual premiums, for clients who insure ‘green’ vehicles (electric, hybrid, gas, etc.), vehicles with low CO2 emissions or low annual mileage.

Policies covering equipment for the production of renewable energy: as part of the traditional home insurance cover, specific guarantees have been developed that cover damage caused by atmospheric events to solar or photovoltaic panels, or similar systems. In some cases, these products are supplemented with guarantees for indirect damage, i.e. for loss of profit arising from the interruption of or reduction in the production of electricity.

Initiatives to promote the adoption of environmentally conscious behaviour such as free consultation for clients to identify any opportunities to optimise energy consumption in their homes and reduce emissions that are harmful to the environment.

In the insurance sector, it is essential to gather and select client information in order to offer competitive products that are tailored to their needs. Therefore, in all countries in which we operate, we guarantee the security and protection of personal data collected under European law, and we process them fairly and with  respect. To this end, in 2014 we implemented the Group Policy on Personal Information and Data Privacy, containing the minimum standards to be followed and measures to be taken when processing the personal data of employees, customers, injured parties or others. In 2015 we also formed an international working group to, among other, discuss impact of regulation on the Group. We believe that a proper information management can be a competitive advantage that may encourage customers to choose Generali over our competitors and protect our reputation and improve our image.

* The data refer to the scope of the Sustainability Report (Austria, France, Germany, Italy, Czech Republic, Spain and Switzerland)
** The data refer to the scope of the Sustainability Report (Austria, France, Germany, Italy, Czech Republic, Spain and Switzerland)