Has the amalgamation changed the type of clients you target?
The proposition we offer is very much orientated towards those with an international mindset and this will remain the case. While this will see a predisposition towards expat communities, local markets that present opportunities will also be pursued.
The really exciting aspect of ‘clients’ is the growing access to contextual data that is empowering industry players to transform client relationships, redefine product offerings and recategorise risk to develop more relevant relationships with a growing number of client segments.
In addition, the move toward a more customer-centric business provides attractive opportunities to blur the lines between corporate and individual market segments, to significantly leverage distribution channels and product offerings.
The ‘merger speak’ talked a lot about discipline and simplicity, can you elaborate?
When we talk about a revolution from the inside out, this goes much further than core market and product offerings. We believe the real gains are to be found by enhancing our service proposition to distributors and clients.
In a world where customers are becoming more involved in all aspects of their purchases, seeking a hybrid of self-empowerment and advocacy-based services, the real battlefield will be on service delivery. Nothing really new here I know, but the reality is quite different.
For a long time, insurance companies have been regarded as ‘laggards’ in the adoption of digital mediums. We intend to leverage off the significant capabilities that the Generali Group has. In fact, as an aside, the group was recently ranked as one of the top 50 most innovative companies by the Massachusetts Institute of Technology. Key here will be delivering a range of tools to help simplify our distributors’ lives, lives that are becoming more complex as they seek to juggle the need to service increasingly demanding existing clients with the need to also generate new business.
Our already highly successful and award-winning online service centre and our relationship with global players such as Morningstar will play a key role in delivering a simple and smart experience.
Do you see any changes to your distribution model in the next few years?
Our business model is one that has always been based on intermediation. It is one that has served us incredibly well over the past 30 years and we see the core pillars of this – independent financial advisers, banks and consulting firms – remaining at the heart of our strategy.
With this said, these intermediated channels are themselves undergoing tremendous change, driven by rapid regulatory, consumer and technological evolution. Our role as a true channel partner will become increasingly important and, as a result, we will see a more selective but much deeper and involved relationship with those with whom we do business.
The increasing role of technology and the new opportunities it is offering for the distribution of products cannot be ignored. Whether it be platforms, ‘robo-advisers’ or online aggregators, the distribution space will continue to evolve and our more focused approach will help us maximise, in collaboration with our traditional channels, the opportunities they provide. In the short-to-medium term, I see this as being an evolution of current distribution dynamics rather than a revolution.
This is already under way and we believe the new, more streamlined Generali Worldwide will be able to offer real innovation in this space aided in no small part by the advances being made by our parent. New technologies will facilitate improvements in distribution through stronger consumer engagement. We do not see technology replacing the predominantly advocacy-based model but helping make our activity more productive and smarter by approaching business in a simpler way.
This is where our efforts will focus providing real differentiation from our competitors. Don’t forget insurance is a rather simple concept, it is the industry that has made it complex and we need to rebalance.
