ENSURING THE EVOLUTION OF INSURANCE THROUGH TRUSTWORTHY AI
ENSURING THE EVOLUTION OF INSURANCE THROUGH TRUSTWORTHY AI
If there is one business that values evolution as a pathway to sustainable growth, it's Generali Group.
Founded in 1831 in Trieste, Italy, Generali Group is now one of the world’s largest insurance and asset management providers, serving 70 million customers across 50 countries.
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PROJECT DIRECTED BY: JASON WESTGATE
ARTICLE WRITTEN BY: LAURA WATLING
The Group believes that not only acting in the current environment but also anticipating future trends as an insurer has been key to its sustainability.
Crossing over between the Now and the Future, Generali Group has been an early adopter of AI in insurance. To ensure its implementation is successfully onboarded with both customers and its 82,000 employees, Generali Group has developed a robust Trustworthy AI strategy.
Leading on this strategy is Group AI Governance Program Director, Alessandro Bonaita. Joining Generali Group in 2016 as Group Head of Business Analytics Solutions and with almost 20 years experience with AI in blue chip companies, Alessandro has been instrumental in shaping and implementing Generali Group’s AI Strategy.
Alessandro supports and oversees the AI strategy at global level, ensuring accountability and ethical use.
“Generali’s mission is to become a lifetime partner to its customers, so it’s key that we continually evolve and advance our procedures. Part of my role is ensuring this is happening within the realm of technology and AI,” he added.
Consistency is Key to Onboarding AI
“The challenge of developing and implementing an AI strategy in an international group such as Generali is the complexities of differing regulations across countries. And it is key for our business that we have a clear and consistent strategy across all of our representatives,” shared Alessandro.
To ensure clarity, Generali’s AI strategy follows three pillars:
End to End Automation - driving cost savings and revenue growth whilst simplifying customer interaction;
• Technical Convergence - with a central digital factory of 40 AI assets; And Data Literature.
Crucially, its Data Literature pillar ensures a global approach to upskilling employees. “To promote appropriate application of our responsible approach to AI, we train all of our colleagues to know our key principles and to recognise ethical dilemmas related to new technologies,” explained Alessandro.
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Through its We LEARN Program, the Group-wide upskilling initiative launched in 2019, Generali continues to equip its people with the cutting-edge business, digital, and behavioural skills to drive growth and enhance customer service. Not only does the programme uplift the implementation of AI and the service it provides customers (reinforcing its goal of becoming a lifetime partner), but it also assists in unlocking new job opportunities for employees.
Important to the successful implementation and governance of AI within a global organisation such as Generali, Alessandro says, is collaboration.
“From the start, we have ensured that AI values our people, by guaranteeing human oversight on digital technologies and implementing sound governance mechanisms in order to mitigate operational risks related to the use of data and algorithms,” explained Alessandro.
This has required a homogenous approach across the business, no matter the department.
Backed by its We LEARN programme, Alessandro believes behaviour change has been successful, and integration of AI within the business has been received positively.
Being ahead of the curve with AI implementation has also proved beneficial for Generali.
“As we move well ahead of our sector when it comes to AI, it means we can properly adapt our processes to the constantly-evolving scenario, operating according to best practices for our customers and for our colleagues ,” he added.
Recognised for Outstanding Innovation
Whilst early insurance contracts date back to the 1300s, modern-day innovations such as AI have a valuable place in this ever-evolving industry.
Developed in order to improve customer onboarding, engagement, and retention, as well as enhancing the services Generali can offer, Alessandro highlighted several opportunities for implementation.
“For example, when underwriting policies, we can use satellite imagery to understand risk factors to a property,” he explained, “this makes the process more efficient for both colleagues and customers, whilst driving financial optimisation, one of Generali’s overarching key pillars”.
Generali is also investing in improving generative AI to ensure it is both friendlier and more specific, again enhancing customer experience.
“The availability of new data sources unlocks further potential cross selling opportunities, with AI tools providing valuable strategic support,” explained Alessandro.
In its current investment cycle, Generali Group has committed €1.1billion to digital technology, 60% more than its last investment cycle. It has also created a €250 million tech investment program to harness high-potential opportunities.
“Ensuring our colleagues across the business feel empowered to play a role in AI advancement, we have also launched our internal innovation fund, which aims to accelerate innovation within the group at global level,” added Alessandro.
Recognised by the industry, Generali was honoured at the Qorus Innovation in Insurance Awards 2024.
For the fourth year in a row, Generali innovation projects were shortlisted as finalists by Qorus, winning one gold and
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one silver, marking a new achievement in Generali’s innovation journey.
Highlighting its Innovation Fund, Generali won gold in Qorus’ Social, Sustainable & Responsible category for Generali Protect Me. Developed by Generali Deutschland and co-funded by the Innovation Fund, Generali Protect Me is an extreme weather app, which enables users to receive customised alerts for their selected locations and driving routes, providing them with early warnings, real-time notifications, and preventive advice to tackle potential risks ahead of time.
Additionally, Generali received the silver in Qorus’ Workforce Transformation category for its Executive Master Programme “Futuro Agente”. This programme has been developed through collaborations with leading Italian business schools, providing Generali agents with extensive business management training.
“This programme emphasises developing entrepreneurial skills through a blend of in-person and online learning, providing a customised educational experience aimed at cultivating a future generation of professionals sharing Generali's vision,” explained Alessandro.
The recognition of Generali’s commitment to and drive of innovation sees the insurance firm continuing to position itself at the frontier of innovation.
With AI-related innovation continuing to play a key role in Generali’s vision to drive sustainable growth, deliver strong earnings, and being recognised as a leader in the field of AI, Alessandro highlighted that integrating responsible AI into Generali’s ESG framework will be vital to its growth strategy.
“We must continue to reinforce Generali’s commitment to the ethical use of AI, which we have highlighted in our Trustworthy AI strategy, to strengthen our position of trust with our customers and create sustainable growth,” said Alessandro.
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