Sustainability Report 2012 - Generali Versicherung AG

PRODUCT POLICIESCustomer loyalty is a priority for the Group and its abilityto constantly meet actual client needs and expectationsis a prerequisite for creating and maintaining trust in orderto build lasting relationships. In everyday insurance andbanking operations, adherence to shared commitmentsand principles is achieved through:• simplified processes and consumer involvement inproduct innovation;• developing products that meet the interests and needs ofstakeholders;• providing appropriate product information that is readilyavailable and directly accessible so that it can beunderstood by all stakeholders;• transparency in the conduct of all operations;• continuous and timely training of sales networks;• performance monitoring, checking the results achievedand planning required service improvement activities.The evaluation of opportunities to develop innovativeproducts is based on emerging needs, the results of marketanalysis and any changes introduced by the law. Once thecharacteristics of a new product have been identified, thecontent of the product offering is outlined and translatedinto clear and transparent contractual texts thatare easy for the customer to understand and designedto prevent disputes in the early after-sales stage. Thecontractual material is then examined by the company’slegal department, which verifies that it complies withnational laws and industry regulations.Products with particular social valueInsurance products, by their very nature, have a socialvalue as they respond to the welfare and protectionneeds of clients: in this context, insurance productslinked to socio-demographic changes and the gradualreduction in public services are of particular importance.In 2012, products with particular social value amountingto over 1,130 million euros were distributed, an increaseof almost 23% over the previous year (for the CzechRepublic, the figure includes Cˇeská Pojišt'ovna data only).The following are the most significant insurance policy types:Dread Disease Policies:• products with a high social insurance content thatinvolve the payment of a lump sum or annuity upon theoccurrence of one of the serious illnesses covered bythe policy to cover the cost of care and loss of incomeresulting from the inability to work.In Italy, Assicurazioni Generali introduced a safeguardclause into these contracts which, in the event of job loss,separation or divorce, allows the policyholder to request aspecial interest-free loan equal to a single annuity premium,thereby protecting the plan and its guarantees.Long Term Care Policies:• policies that involve the payment of a lump sum orannuity to cover the cost of assistance in the event ofthe loss of self-sufficiency and the inability to performdaily tasks, which may simply be the result of old age.Policies that respond to the needs of specificcategories:• products for young people, which include accumulationplans that can be integrated with various types ofinsurance cover and financial protection in the event ofthe premature death of a parent, the waiving of servicecosts for the first two years of the policy to encouragethe under 40s to invest in supplementary pensionschemes, and capital appreciation based on academicmerit and loyalty;• products for the elderly, targeting the specific needs ofpeople over the age of 50;• products for couples which, responding to the needs ofa changing society, also focus on non-traditional familyarrangements;• products for the disabled, including roadside assistancefor drivers of adapted vehicles and the possibility toextend household insurance policies to cover homeautomation systems;• products for immigrants which, in case of death,provide for the reimbursement of all expenses relatedto the event, including the repatriation of the deceased;• products for the unemployed which cover existing loanor mortgage repayments for a few months;• occupational disability insurance policies for youngentrepreneurs;• liability insurance policies for those engaged in voluntaryactivities.Policies that reward the virtuous conduct of thepolicyholder:• products that encourage the adoption of healthylifestyles, such as life insurance policies with reducedpremiums for non-smokers and/or the application of ahigher premium for smokers, or products that providean assessment of the risk of obesity by calculating thepolicyholder’s Body Mass Index;• motor insurance products aimed at promoting carefuland responsible driving in order to reduce accidents,such as policies combined with the installation of ablack box which reward responsible driving and protectpolicyholders through telemobility;• car insurance policies which, to encourage respect forthe rules of the road, include contractual terms thatprovide for limitations on insurance benefits in the eventof the non-use of seat belts or driving while under theinfluence of alcohol or drugs. Other policies discouragealcohol consumption by providing for the revocationof the initial discount applied or the application of anexcess in the event that the policyholder drives whileintoxicated.86 | Assicurazioni Generali - Sustainability Report 2012