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Generali strikes strategic technology partnership with Google

In View Summary

Generali and Google have entered into a strategic partnership aimed to disrupt the traditional insurance industry. The move will create and innovate a cloud-based platform of customised products and services.

Google has made a few investments in cloud startups through its investment funds

The experts from both companies will collaborate to deliver better customer service, with faster and more accurate process management made possible through the use of machine learning available through Google Cloud platforms. The teams will work together to solve business problems using intelligent collaboration tools and the cutting-edge features of Google’s machine learning.

To boost the partnership agenda, an intense training program is being rolled out that will focus on new technologies such as AI and machine learning.

As per the plan, the partnership will work on three priorities –

  1. Provide “new and personalized digital solutions and services” for Generali’s retail business and corporate clients”
  2. Help Generali agents “facilitate and expand their relationship with customers”
  3. To accelerate customer service through cloud technology

Marco Sesana, Generali Country Manager Italy & Global Business Lines, added: “With this partnership, we accelerate our strategic plan to be the life partner of people in the relevant moments: family, wellness, work and mobility. Together with Google, combining our mutual skills, we will develop insurance solutions with innovative and technologically advanced services. We want to make the experience of our Global Business Lines retail and corporate customers excellent and personalised.”

Reported Benefits

Benefits to Customers:

  • Customized Products and services
  • Improved customer service
  • Innovation
  • Real-time
  • Improved accessibility

Benefit to the Insurer:

  • Less processing time and costs
  • Boosts innovation
  • Improved customer engagement
  • Available 24/7
  • Increased reach

The Digital Insurer's View

Google is already in the process of disrupting the insurance industry. Some see it as a threat and some see them as an opportunity to explore the new digital arena.

Google and Generali’s partnership is expected to be more than just an ordinary partnership with both trying to leverage each other’s expertise and create something out of the box.

For Google, it will reinforce its position in the insurance industry and for Generali, it will be a boost to ride the wave of digital disruption.

With Generali’s plans to spend around €1 billion in internal strategic initiatives as part of its 2021 three-year strategic plan – We are sure to see more of Generali’s digital innovation in the near future.

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