The Lion attacks in Italy with 300 million euros of investments in three years and a three-pronged strategy: from the current ten brands, the group will focus on just three brands in the future (Generali, Alleanza and Genertel). The board of directors of the Trieste insurance group has launched the new development plan in Italy with the simplification of the operating model and the birth of Assicurazioni Generali Italia, which will head all the group's Italian insurance and banking activities and which will be fully operational from November 2013.
"We present a growth plan through major investments to make Generali the leading brand in Italy - said themanaging director of the Mario Greco group -. These actions will allow us to significantly increase the group's profitability by enhancing internal skills and networks. In an increasingly competitive context, the new set-up will allow us to improve the offer and service to customers and develop the business in our main market in the best possible way”.
In particular, the investments will concern the brands, the sales networks and the improvement of customer services. The aim is to obtain clear leadership in Italy with the Generali brand, with a notable strengthening in terms of market share, especially in non-life. The new structure, simplified and integrated, will translate into significant benefits in terms of profitability.
The new organizational structure will be based on a multi-channel model and will reduce the current fragmentation through the consolidation of similar businesses and brands in terms of customers, product range and distribution model.
From the 10 current brands (Generali, Ina, Assitalia, Alleanza, Toro, Genertel, Genertel Life, Augusta, Lloyd Italico, Fata) we will move on to just three companies, to which, in 2015, as many brands, business areas and distribution channels.
And each brand will have a clear proposal and a precise market positioning:
1) Generali will be the life and non-life company that will operate under the Generali brand with a single capillary network for the retail and middle market business. The six existing agency networks (Generali, Ina Assitalia, Toro, Fata, Augusta, Lloyd Italico), the product factories and the operating platforms will be integrated. The Commercial & Corporate business will be managed by integrating the current offer of Generali, Ina Assitalia and Toro.
2) Alleanza will be the company dedicated to Italian households with its network of direct producers and an offer of life and non-life products.
3) Genertel will be the life and non-life company of the alternative channels (telephone, web and bancassurance).
“The result of this project – he said Raffaele Agrusti, country manager for Italy – it will be a much more efficient structure and ready to respond to the new needs of our more than 10 million customers in the country. With Generali, a single network will be created with over 3 agents which will become even more widespread; with Genertel we will exploit the great experience of the Group in direct channels and, with Alleanza, we aim to be the reference for the insurance needs of Italian families thanks to the strength of our employed producers".
The reorganisation, which can be submitted for approval by the competent Authorities, is planned over several stages and will be completed in 2015: during 2013 the corporate operations will be carried out which will allow the Group to assume the new organizational structure; in 2014 the effective integration of the operating structures, product ranges and information systems will take place; during 2015 the commercial integration will be completed, with the convergence of the networks on the new operating model and the completion of the process of homogenization of the brands. The stock on the Stock Exchange rose by 0,15.
