Generali
Generali is a financially strong company from Italy and runs a broker distribution model in Hong Kong. The company has received three outstanding achiever awards this year with two products and one service level. The committee is pleased to see the relatively unfamiliar name gaining positive attention from the retail customers. Notably, Generali has stepped up its digital efforts to enable the extended brokers, agents, and IFA as face to customers leveraging technology and enabled customers more user friendly and support functions.
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Benchmark Awards
Benchmark Awards Recipient - Generali Life
Each year, Benchmark awards best practice insurers based on the Voice of the Customers (VOC) and Expert Reviews. Winning an award from Benchmark means that the winner has the highest overall ratings combining the VOC scores and the Expert Ratings in Benchmark’s 22 qualitative and 54 metrics in their respective categories, where companies are assessed on the quality in product, brand, client services, governance, and digital experience.
See Awards
Product Proposition +
Benchmark awards high-quality providers who offer outstanding qualities in financial strength, unique product propositions, features, value for money to customers, return on investments, customer care, claims process, ease of access, quality of advice, and social responsibilities, including investment policies for participating funds of customer policies.
Expert Rating
Not Rated
Consumer Rating
Expert Rating
Not Rated
Consumer Rating
Expert Rating
Outstanding Achiever
Consumer Rating
Expert Rating
Outstanding Achiever
Consumer Rating
Expert Rating
Not Rated
Consumer Rating
Expert Rating
Not Rated
Consumer Rating
Expert Rating
Not Rated
Consumer Rating
Expert Rating
Not Rated
Consumer Rating
Client Journey +
Expert Rating
Outstanding Achiever
Consumer Rating
Benchmark awards high-quality providers who offer the best strategies and practices on after-care, ease of contacting a client service desk, availability of digital tools and ease of usage, supporting clients regardless of the situation, assisting the client through administrative processes, and ensuring that they understand each stage entirely, and, more importantly, keeping promises. The winners have demonstrated outstanding service level and commitment, advocacy scores, the way and channels they engage with the clients, and the alignment between agents and the clients being served.
Brand Performance +
Expert Rating
Not Rated
Consumer Rating
Digital Satisfaction +
Expert Rating
Not Rated
Consumer Rating
Benchmark looks at the overall customer ratings for companies' digital capabilities using the Aggregated Voice-of-Customers rating of the following scores in digital satisfaction: Ease of Use, Overall Sentiment, Utilization, and Usage, based on results from the BENCHMARK 2019-2020 Insurance Survey.
1 Ease Of Use – The overall score of ease of use of digital tools includes clients' rating on availability and quality of digital services
2 Overall Sentiment – Satisfaction of mobile app and web portal
3 Utilization – Rating of clients' rate of use of mobile app and web portal
4 Usage – Rating of clients' usage of digital tools includes their digital experience in purchasing products and policies, making claims, account management, and activities before being a client (i.e. browsing products, gathering insurers' background information, on-boarding process)
Sustainability & ESG
As of June 2021, Generali's financial rating has remained strong and stable: “Baa1” by Moody’s (Stable Outlook; as of 26 Nov 2020), “A" by AM Best (Stable Outlook; as of 18 Dec 2020) and “A-” by Fitch (Stable Outlook; as of 3 Jun 2021).
Parent Company Sustainability Rating
ESG Global Ranking Percentile
Global Compact Sector Ranking Percentile
Short-Term Temperature Alignment
Long-Term Temperature Alignment
Top 1.55%
Top 0.89%
1.5°C Aligned
2°C Aligned
The ESG score identifies sustainable companies that are better positioned to outperform over the long term. The methodology considers the principle of financial materiality for long-term performance, with an algorithm built only on information that helps explain future risk-adjusted performance.
The Environmental pillar considers the company's contribution and the impact of business activities to the emission of greenhouse gases and air pollutants, biodiversity, forest stewardship, generation of waste and other hazardous output, water pollution and withdrawal, investments into resource efficiency, and impact reduction.
The Social pillar considers the business' contribution and the impact of activities to equal opportunity, workplace-related health, and safety, support learning, product access to the disadvantaged including medicine, education, finance, food, the quality and safety of products, recognizing codes for child labor, the fair and equal compensation, and the working conditions.
The Governance pillar assesses the business practices on ethics against corruption, ensure long term control of board committee, shareholder rights, insider trading transparency, overall earnings, and debt to equity ratios.
The Temperature score represents the company's performance by their near term and long term alignment to the Paris Agreement using a simple scorecard for four different ratings: Aligned, Aligned long term, Aligned near term, and Overheating.
Companies contributing to the rise in global temperature under the agreed limit with a Near-Term Score with 2°C or less means the company is Paris-aligned for the current pathway until 2030, and a Long-Term Score with 2°C means an alignment for the current pathway until 2050.
The score quantifies the United Nations Global Compact (UNGC)’s four core principles: Human Rights, Labor Rights, the Environment, and Anti-Corruption. This measurement can be used as a risk management tool to approximate reputational risk-facing companies with lower scores.
2021 Benchmark Sustainable Wealth Forum - Generali
The Benchmark Sustainable Wealth Forum is a knowledge exchange where industry leaders and winners of the Benchmark awards are featured. The Forum covers the financial eco-system and discovers the inside out of the providers’ practices that lead to a more sustainable industry through responsible and ethical investing in protecting the investors across multiple generations. The inaugural series covers the Winners at the Benchmark Wealth Management Awards of 2020. The topics covered in the Insurance series include topics from Product Proposition, Quality of Advice, Client Journey, Digital and Brand Value.
Rebecca Tan on Sustainable Insurance, Legacy Planning and more
- Full Version
- Next-Generation Customers
- ESG Strategies Driver
- Product Design Concept
- Customers Should know
- On Corporate Culture
- Read Blog
Emerging player and Outstanding Achiever at the BENCHMARK Wealth Management Awards, Rebecca Tan of Generali explains the secrets behind the highest customer ratings in products, client satisfaction, governance, and sustainability.
Emerging player and Outstanding Achiever at the BENCHMARK Wealth Management Awards, Rebecca Tan of Generali explains the secrets behind the highest customer ratings in products, client satisfaction, governance, and sustainability.
Emerging player and Outstanding Achiever at the BENCHMARK Wealth Management Awards, Rebecca Tan of Generali explains the secrets behind the highest customer ratings in products, client satisfaction, governance, and sustainability.
Emerging player and Outstanding Achiever at the BENCHMARK Wealth Management Awards, Rebecca Tan of Generali explains the secrets behind the highest customer ratings in products, client satisfaction, governance, and sustainability.
Emerging player and Outstanding Achiever at the BENCHMARK Wealth Management Awards, Rebecca Tan of Generali explains the secrets behind the highest customer ratings in products, client satisfaction, governance, and sustainability.
Emerging player and Outstanding Achiever at the BENCHMARK Wealth Management Awards, Rebecca Tan of Generali explains the secrets behind the highest customer ratings in products, client satisfaction, governance, and sustainability.
Compared to some other insurers, Generali may be less familiar to the people of Hong Kong. But being No.1 in Italy and with a track record of 190 years, Generali is undoubtedly a force to be reckoned. Rebecca Tan, the Chief Marketing and Distribution Officer of Generali Life Hong Kong sat down with Elsa Pau from BENCHMARK and discussed Generali, sustainable insurance, legacy planning and more. Let’s take a look here.
Award-winning products: ***Outstanding Achiever in Qualifying Deferred Annuity Policy (QDAP) ***Outstanding Achiever in Retirement Product ***Outstanding Achiever in Client Support categories
“For the past 15 months… We launched six products. Two of our products, together with a few service levels, were very privileged to be recognized by the BENCHMARK Awards, and we doubled our productions by twofold.” said Rebecca, recalling her time in Hong Kong since her arrival a little over a year ago.
Generali Life may not be the most well-known insurer in Hong Kong. Yet, with an exceptional heritage from Italy for over 190 years, the company has recently got itself awarded Outstanding Achiever in the QDAP, Retirement Product & Client Support categories by BENCHMARK.
FORETHINKER IN RETIREMENT PLANNING
Generali ensures their products are structured with a legacy-planning element. They allow unlimited changes of Insured and policy continuation, i.e., in the event of the insured’s Insured’s death, the first beneficiary can become the Insured automatically. It will enable the product to be passed on to the next generations.
QDAP is another area where Generali has demonstrated excellent performance. Introduced by the government in 2019, QDAP is designed to address long-term retirement needs with tax-saving benefits. As the market is relatively new, insurance companies operating in this space are limited. Generali, however, has been convinced of its potential early on and even launched an enhanced version of QDAP just recently.
“We have what we call VOD, Voice of Distributors. When we have the product design, we take that product to a focus group with our distributor. We talk about the product design and the process, the ease of doing business, and the legacy planning.”
Through regular communication with their distributors, Generali has identified legacy planning as was highly demanded in Hong Kong, given the life expectancy here and the fact that Hong Kong is very wealthy. So with that in mind, Generali came up with a product that addresses the need for legacy planning which warrants policy continuation with change-of-user features.
SUSTAINABLE INSURANCE
Sustainable insurance is all about doing holistic—to take all emerging risks, whether they be pandemics, climate change or cyber, and put them all together holistically and then manage them as a combined risk. ESG is to give the insurance industry a risk mitigation tool for long-term investment. In other words, risk mitigation is the key to ESG.
To Generali, which operates in eight Asian countries, ESG is vital in both life and P&C (property & casualty) businesses. In terms of life insurance, ESG means responsible investment strategy and inclusiveness. In terms of P&C insurance, it is all about assessing the impact that large corporations have on the environment and society, and what kind of business they are in— i.e. the risks that Generali is undertaking.
THE EUROPEAN STANARD TOWARDS ESG
While some might find Asia generally slow in its response to ESG, Generali, being an Italy-based company, is taking ESG very seriously. They have a dedicated investment committee participating in ESG. On top of that, they are adopting the six principles of ESG in their investment and decision-making.
“We’re on par with most European countries in terms of adopting and implementing ESG as part and parcel of our business activities.”
Generali, being an Italy-based company, is taking ESG very seriously and has integrated ESG in their decision-making. Whenever a long-term product is considered, striking a balance between risk and return is the priority so that specific commitments to shareholders and customers are delivered.
Generali is cautious in selecting equity and steers away from any controversial organizations involved in human rights issues. By incorporating ESG in both its investment strategy and day-to-day operation, Generali is doing its part to ensure that the business is sustainable.
This episode is hosted by Elsa Pau, CEO of WealthAsia Group with her co-hosts Alexandra Tracy, President of Hoi Ping Ventures; and David Piesse, the International Insurance Society Global Chairman Ambassador program.