As of 11 December 2015, the name Generali International – one of the longest standing in the global investment market – disappeared. This did not spell the end for the Guernsey-based organisation however, as its activities were merged with its parent company Generali Worldwide, a specialist employee benefit provider.
Following the merger, the media message from Generali’s St Peter Port headquarters was about discipline, simplicity and focus – aimed at positioning the global company as a modern, innovative player with a simple and smart approach to doing business.
Here we talk to Nick Griffin, chief commercial officer of Generali Worldwide, about how the organisational integration is progressing and the company’s future plans.
Is Generali Worldwide’s traditional IFA-led business being downsized?
Yes and no. Yes, the geographic footprint of the organisation has become more refined. This is in response to a more converged parent company where Generali Worldwide’s role needs to be compatible with the broader strategic focus of the Generali Group.
In addition, the company needs to be closely aligned to the rapidly evolving regulatory landscape. We are no different to some of our global competitors, which have also exited a range of markets around the world in recent times. But, there is not just the geographical aspect; with regards toproduct development, our initial plans are more immediately obvious and expansive.
We see significant opportunities in leveraging our existing IFA distribution in the employee benefits space. Plans are already in motion to broaden our product proposition to include an employee benefits proposition in our existing markets.
Generali’s pedigree in this market sector is second to none with Generali Employee Benefits recognised as one of the largest employee benefit networks in the world – fertile ground for Generali Worldwide to be part of.
Generali Worldwide said it would only focus on the Bahamas, British Virgin Islands, Cayman Islands, Guernsey, Jersey, Hong Kong, Singapore and the UAE from 1 January – is that process complete?
Yes. We envisage Generali Worldwide becoming a more selective global player where deep market penetration, based on a local knowledge and presence, will be pursued.
Global diversification is one of the company’s core strengths and, in terms of markets, there are a number of exciting opportunities in many markets where unit-linked investments do not form part of the groups’ core portfolio.
We are confident this will lead to a number of collaborative initiatives. While a number of these are at various stages of development, it is still too early to discuss them publically.
We will remain active in the Qrops and corporate markets, and continue to accept business from other international pension schemes where deemed appropriate and in compliance with regulatory requirements, including Gibraltar, Isle of Man and Malta. This is very much aligned with our focus on internationally minded consumers.
What regions of the world now seem to have the most potential?
From a Generali Worldwide perspective, to answer this question properly, one must first consider the wider Generali Group’s geographic footprint as our modus operandi is to exist within that broader global family.
This will see us look for potential in emerging and outlying markets as well as forging relationships with sister companies in markets where unit-linked propositions are still a relatively recent phenomenon.
