Competitive Advantages of Future Generali

By: Akshit Saraf (IMI, Delhi)

Introduction

Future Generali is a joint venture between the India-based Future Group and the Italy-based
Generali Group. Future Generali is present in India in both the Life and Non-Life businesses
as Future Generali India Life Insurance Co. Ltd.

The insurance industry of India consists of 63 insurance companies of which 24 are in life
insurance business and 39 are non-life insurers.

The combined resources of Future group and Generali group is one of the biggest strengths of
Future Generali as a whole. To put things in perspective:

-Generali group is present in over 68 countries with over 85,000 employees

-Future group operates over 12 million square feet of retail space in 71 cities and towns and 65
rural locations

Focussing on Future Generali as a whole, there are certain attributes to the company that give it
an edge over its competitors. The company has shown tremendous growth and recruitment
capabilities despite times of destress (Coronavirus outbreak). The company has also been
actively involved in Artificial intelligence integration in order to stay ahead of its competitors in
the digital age. Mentioned below are some highlights of what makes Future Generali outshine
its competitors.

Awards & Recognitions

AI for All Awards

Future Generali India Life was crowned as the ‘Best Company in Customer Engagement with AI’
at the AI For All Awards in December 2019.

CIO Awards
Received the Seclore Security Supremos Special Award for its outstanding IT implementation
and stellar transformative leadership.

ISO 10002:2014 Certification

Received ISO 10002:2014 certification for addressing grievances in a responsive, systematic and
consistent manner.
Top CISO Award
The Company received the TOP 100 CISO Award in May 2015 that felicitates the top Influencers
and community contributors in the field of Information Security.

ISO 27001:2013 Certification

The Information Technology team of Future Generali Life Insurance received the ISO
27001:2013 certification in 2014 for its IT Processes which include IT Application Development IT
Infrastructure Management, IT Project Management and IT Security Management.

ISO 9001:2008 Certification.

The Company received the ISO 9001:2008 certification in 2014 for its Investment processes.

What gives Future Generali Life Insurance an edge

1. Significant focus on digital

i) Best-in-class website – Simplified and responsive; Easy to understand, Secure,
robust, scalable; Unique Future Ready Calculator
ii) Customer-friendly portal – Easy to use with simple UI, Integrated front and back end,
Majority (90%) self-serviced capabilities
iii) Simplified communication – Easy to understand, customer friendly proposal forms
and policy literature, first talking policy document
iv) Group Customer Portal – View Fund performance/NAV, facilitates claims process
and can add/delete customer details

2. Implemented the Net Promoter Score (NPS) framework, is one of the most recognised
methods of measuring customer loyalty based on their ‘Likelihood to Recommend’.

3. The company has also redefined the way in which to deliver effectively to customers
with a well-defined operating rhythm and project management framework. There are
recognition programmes and strong L&D + mentorship programmes across the
organisation.

4. The company has also initiated its first CSR project on solar lighting in some villages of
Maharashtra.

5. Company has written a gross premium of `7,398.47 million against `5,925 million in the
previous year, registering a growth of 24.87% over the previous year.

6. The deployment of assessment management and learning management has created a

very positive impact in Future Generali’s learning and development Process. The
introduction of online training program and assessment has reduced the instructor led
training program by almost fifty percent and it has also reduced the training related cost
which in turn increases company’s operating income.