Generali to leverage JVs, focus on key markets: LeonardiAugust 20 2019 by Andrew Tjaardstra
Rob Leonardi, regional officer, Generali Asia wants to focus on the firm’s core markets where it has developed a significant footprint over the last few decades – including several key joint ventures.
Leonardi (pictured), who has been in Asia since 2000 and in his present Hong Kong-based role since January 2017, told InsuranceAsia News: “Asia is the most exciting part of the world. There are long term growth opportunities – especially in emerging markets such as China, India, Indonesia, the Philippines, Malaysia, Thailand and Vietnam. Our focus is on the markets we are in, rather than entering new markets where licenses can be costly and upfront investment significant.”
He added: “Our current group strategic focus between 2019 and 2021 matches well to our ambition in Asia – we want to deliver profitable growth and drive innovation and transformation working towards our ambition of being a lifetime partner to our customers and distributors.”
One country where Generali is seeing significant change is India, where Generali has a 49% stake in Future Generali India. The partnership with Future – the largest retail group in the country – is offering products and services on the shelves – such as travel insurance and critical illness – across thousands of stores. The Italian insurer is also embedding insurance into the Future Group’s digital purchasing across its payment and loyalty platforms.
In Thailand, Generali has developed a relationship with the Central Group where it is offering insurance through its loyalty platform, “The One Card” to offer health products and has also launched its “Generali 365” portal with loyalty offers and the ability to buy products online. In China it is using facial recognition and social media channels.
Meanwhile in Hong Kong it developed a partnership with Centaline for rental and other home related insurance.
Leonardi commented: “We have considerable room to grow in our current markets and we are making a significant investment in our brand. We have 12,000 active agents out of 70,000 in the region. We are investing in recruiting, training and retaining agents. We want to enhance our agency management tools – to manage the agent relationship for leads, appointment booking, and keep the agent up to date on his performance.”
Asia is set to be an increasingly important part of the insurer’s growth strategy for years to come.
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