SME Loss Prevention Group Ecosystem

Supported by the Innovation Fund, the solution represents a new phase of Generali’s journey to improve synergies and its technical results via loss prevention through a new digitalized environment at Group level, enabling better risk assessment and selection as well as data collection and sharing

In recent years, the Group’s SME P&C portfolio has been impacted by several man-made large claims in various countries, affecting especially the Property component of the Industrial and Commercial sectors. This highlighted a challenge that the Group and Business Units needed to address.

In this respect, and as we are faced with a scenario characterized by inflation and extreme weather events, promoting awareness of the SME risks quality, better management of the portfolios at local level, and oversight at Group level is becoming increasingly important. This will also be key to further improve the SME business technical results by embedding the culture of loss prevention in the underwriting of such business, also leveraging the already established competencies in the GC&C segment and simplifying them in line with the peculiarities of the SME sector.

That is why Generali has embarked on a new journey to develop a standardized, centralized and automated loss prevention ecosystem for the SME sector to enhance the profitability of the business, in compliance with the in-force SME Group Technical Measures guidance.

The solution, whose development is supported by the Generali Innovation Fund – the project to stimulate and accelerate innovation across the Group - simplifies the already existing RiskCare solution used in Generali France in order to make it scalable, centralized, and automated, with the goal to:

  • improve synergies across Business Units in the management of loss prevention,
  • create a scalable and digitalized risk assessment ecosystem to further support the underwriting department in assessing SME risk,
  • strengthen pricing and portfolio management based on the risk assessment outcome, which will be used as an input for technical pricing.

 

Benefits and opportunities

As a fundamental pillar of our Group technical excellence and looking at the upcoming 2025-2027 strategic cycle, the SME Loss Prevention Group Ecosystem will provide extensive benefits and opportunities, including:

  • a reduction of the frequency and severity of man-made losses;
  • a reinforcement of our technical excellence capabilities through the integration between the loss prevention and the underwriting processes;
  • a better management of the SME portfolios at local and Group level.

It is a transformative, innovative, and scalable project that will also leverage AI and IoT solutions for loss prevention and underwriting, a powerful tool to reinforce Generali’s technical discipline and culture at both local and Group level.