Distributors: the value of our networks
The scope for Generali’s distribution network is both profound and wide-ranging. Being spread globally, each region naturally uses the channel that best serves their market. It is for this reason that we operate through a multi-channel distribution strategy. Not only does this allow for a better reach to customers, making products available in more than one place, but also allows for diversity and flexibility.
In the last Investor Day we presented our new positioning to be Lifetime Partner to our customers, offering innovative, personalized solutions thanks to its unmatched distribution network. We strive to achieve this with a particular emphasis on embedding simplicity and innovation with empathy and care across the entire customer experience. This also means that our 156,000 agents worldwide are the backbone to Generali, therefore we rely on them to bring the ambition to life for our customers. As part of our evolution in becoming Lifetime Partner for our customers we have identified 4 distribution hallmarks.
- Digital Visibility: Considering that the majority of our customers spend a large amount of time online, we need to be there to ensure we can pique their interest and meet there needs. This includes social media and linking it to our phygital approach of our agents.
- Management of Generated Leads: With the use of digital tools, distributors will be able to recognize whether a customer visiting one of our websites is current or potential. We should also be able to provide the customer with the information that most suits them in order to ensure a smooth relationship.
- Needs’-based advisory: We can ensure a 360 view of our customer data in order to make sure they are seen to with flexible personalization. This also makes products and services provided to them individual and tailored.
- Paperless: As part of our commitment to the environment providing an increasingly digital experience means also reducing the amount of physical documents. This not only ensures the easier storage of information but also a decrease in paper waste.
In order to develop and leverage an effective distribution strategy, we have put in place Distribution NPS (“Net Promoter Score”), which has been developed from the NPS program for customers that aims to listen to customer’s expectations, enhance their experience and earn their customer loyalty. In terms of Distribution, the NPS program plays a crucial part for applying the appropriate changes necessary after we have identified improvements as suggested by the distributors.
At present, our program is active for 58 distribution channels and 35 business units with over 180,000 Distribution NPS surveys sent. Moreover, we have also developed a structured feedback and involvement processes with our main distribution partners to ensure best practice sharing. Through this, we have implemented numerous improvement actions at both global and local level, and we are also accelerating the process of identifying and improving critical areas, making this a strategic priority for all of our Business Units.
As our distribution network continues to grow, so does our penetration and accessibility through diversified channels. We have the opportunity to differentiate ourselves through each individual channel and ensure that substantial value is gained.
As a celebration of our distribution channels we will be hosting Generali’s 3rd Global Agent Excellence Contest with the grand finale to be held in Venice in September 2020. The best 300 agents will be invited to celebrate the announcement of the Top Lifetime Partner alongside the main key members of the global management group. This year’s event will be involving 25 markets globally and will be a great experience to collectively share insights and build relationships between agents.
Our goal is to create an army of advisors with the right digital tools, training and mind-set to become true lifetime partners. With this in mind, we have created the Agent Hub program, which is one of the key initiatives that has been developed to reach Generali’s aim.
Agents provide the human touch that will make the difference in creating a long-term relationship with our clients. To deliver on our promise to be a life-time partner to our customers. In Agent Hub we will equip our agents with a commercial dashboard that features:
- A 360° view of the customer, consolidating all products and past interactions.
- Needs-based assessment tools to advise clients based on their Life Stage.
- The ability to directly engage with customers via social & digital channels.
- Campaign management tools to allow Generali to manage the roll out of new solutions.
Agent Hub will remove numerous administrative tasks like paper-based contracts, cumbersome renewal processes and allow agents to focus on what they do best: build relationships, advise and sell.