Earlier, we had explored a complete SWOT analysis of Metlife also known as the house of insurance. This time, we are going to explore the SWOT analysis of Generali – one of Italy’s leading health insurance providers.
Generali Insurance Company is a public general insurance company whose headquarters are located in Italy and the company has its presence in more than 50 countries in the world including India.
Over the years, despite technical innovation and development, they managed to keep their position in the market and give strong competition to others only because of a strong marketing strategy. In this modern era, technology and marketing go hand in hand. If you are interested in learning about marketing – check out our Free MasterClass on Digital Marketing 101 by the CEO and Founder of IIDE, Karan Shah.
The blog will mainly focus on the strengths, weaknesses, opportunities and threats surrounding Generali. But before that, let us take a look at the company, its history, products, services and financial success.
One of the largest insurance companies in Italy and an asset management provider – Generali is a worldwide insurance company which is located in Italy and is spread across 50 nations by other names and subsidiaries. The insurance company was established in the year 1831 and it is one of the oldest insurance companies that innovated and bought insurance in the market.
Starting 190 years ago and today Generali has more than 75,000 employees serving 67 million customers and the group has led the marketing position in Europe and all over Asia and Latin America. The group stands for its commitment to providing innovative and personalised solutions, best-in-class customer experience and its digitised global distribution capabilities.
Generali provides a wide range of insurance products and efficient insurance customer services including general insurance, health insurance, vehicle insurance, travel insurance, home insurance and life insurance. Generali Insurance is an eminent company having a great client base and an important share in the economy.
|Founder||Giuseppe Lazzaro Morpurgo|
|No. of Employees||75,000+|
|Market Cap||$29.67 Billion (2022)|
|Annual Revenue||€ 75.8 Billion (2021)|
|Net Income/ Profit||N/A|
Products & Services by Generali
Generali has operated in the health insurance industry for more than 150 years. The product and services offered by Generali are as follows –
- General insurance
- Health insurance
- Vehicle insurance
- Travel insurance
- Home insurance
- Life insurance
- Asset Management
Competitors of Generali
Generali competes on a global level with many other Healthcare Insurance Companies. The top 3 competitors of Generali are
Now that we understand the company’s core business, let’s delve into the SWOT analysis of Generali.
SWOT Analysis of Generali
A SWOT analysis determines the strengths, weaknesses, opportunities, and threats of a company. It is a proven management paradigm that allows Generali to benchmark its business and performance against that of its competitors and the industry as a whole.
This is a great tool for identifying where the business is doing well, where it is failing, developing countermeasures, and determining how the business can grow.
To better understand the SWOT Analysis of Generali, refer to the infographics image below
Now first let’s begin with the strengths of the company from the SWOT analysis of Generali.
Strengths of Generali
Strengths are an integral part of the company that distinguishes the company from its competitors. Generali has many strengths that enable it to prosper in the market over the years. The strengths of Generali are as follows
- Reputation & Brand Name: Generali is the most well-established firm in its industry. It is the world’s largest insurance company which serves more than 50 nations with its main customer base of more than 67 Million in Europe and expatriates.
- Focus on Social Schemes: Generali Life Insurance has long been a supporter of global health plans typically including medical, dental, behavioural and disability. With a variety of world-class services, it leads the industry in health protection and dental plans.
- Highly Skilled Workforce: Successful training and learning programmes have resulted in a highly competent workforce. They are not just highly skilled but also driven to achieve greater success.
- Affordable Insurance: Generali insurance company is the market leader and serves the people in Europe with insurance that is low in rates but with superior benefits.
- Financial Position: Generali has a very strong financial position in the market with consecutive profits over the years along with accumulated profit reserves which can be utilised for future expenditures or marketing activities.
- High Level of Customer Satisfaction: Generali has gained the trust of more than a million clients and has a very strong customer relationship management team through which they keep their current customers very satisfied and also enjoy a good brand equity status among potential customers.
- Strong Supplier Community: It has built a culture among suppliers where the suppliers not only promote the company’s services but also invest in training the consulting team to explain to the client how he/she can extract the maximum benefits out of the insurance services.
Weaknesses of Generali
Weaknesses are the areas Generali can work upon. Some of Generali’s weaknesses are:
- Research & Development: Generali has a good share of expenditure on the research and development department but it is spending way less than a few of the players within the industry which have benefitted as a result of their innovative products.
- Diversity in the Workforce: The local workers contribute to the majority of the workforce at Generali making it difficult for outsiders to adjust and hence resulting in the loss of talent.
- Low Market Share: Although the company has a significant presence in Europe and across international nations, the insurance company is not known to many people due to the company’s low share in the market.
- Customer Service: Given it is the largest healthcare company it is only natural to have so many customers and in some areas, the company fails to provide customer satisfaction.
- Delayed Claims: Many states reported the authority of delayed claims payments to policyholders and increasing policy cancellations.
Opportunities for Generali
Opportunities are uncontrollable external circumstances that a person may be able to take advantage of. These external factors could give the company an advantage in the marketplace. Opportunities for Generali are:
- Possibilities in the Online World: Clients’ increasing acceptance of online services will allow Generali Group to offer innovative services to customers in the Insurance (Life) market.
- Social Media: Over the years the number of active users on social media channels has increased and with this Generali can make use of its social media handles to promote its products, interact with customers and even provide after-sale services.
You can also leverage the benefits of social media and other digital marketing channels to your business by simply learning several digital marketing skills from a renowned institute just like IIDE where experts from the digital industry teach the latest and upgraded digital marketing skills through online live and recorded sessions right to you whilst you are seated at your home.
- Future of Insurance Company: Global life premium insurance growth is predicted to rebound to 3% with increased risk awareness owing to COVID-19 and global economic recovery set to accelerate the demand for life insurance products.
- Future Trends: The next 10 years will see the insurance industry moving from traditional to more customer-centric products. In the post-pandemic era, due to personalised services, the products are given based on information collected from external sources and devices.
- Shift From Protection To Prevention: There is a general trend toward risk prevention rather than risk mitigation, which indicates that insurance companies should concentrate on risk prevention rather than risk mitigation.
Threats to Generali
Threats are those factors that have the potential to provide harm to the organisation in any form. The threats of Generali are as follows:
- Gig Economy: Most organised companies across the world offer group insurance. Various online-based and reputed companies like Fiverr, Amazon Mechanical Turk, and others have entered the ‘freelancer’ population who work without any formal company allegiance. This has resulted in an enormous loss for the insurance companies.
- Competition: Since insurance was privatised, Generali has lost its lustre and now confronts intense competition from private insurance businesses that have given the industry a new lease on life.
- Changes in Government: Because fiscal and monetary factors vary with each new government, tactics must be altered correspondingly. This results in a slew of issues.
This ends our elaborated SWOT analysis of Generali. Let us conclude our learning below.
Generali is a well-known insurance brand with a significant global presence. In the SWOT analysis of Generali, we observed that the company is heavily reliant and enjoys strong brand recognition and trust with its customers. It has a strong distribution network and has reached across all the markets it serves, but suffers from an increasing number of suppliers in the same space and better R&D efforts by its competitors.
Also, one point not to miss out on is that Generali is in line with its marketing effort. It has created a customer base for itself by tapping into the digital era and creating a social media presence on several platforms. If you are interested in learning digital marketing, don’t forget to check out IIDE’s 3 Month Advanced Digital Marketing Course.
We hope this blog on the SWOT Analysis of Generali has given you a good insight into the company’s strengths, weaknesses, opportunities and threats.
If you enjoy in-depth company research just like the SWOT analysis of Generali, check out our IIDE Knowledge portal for more fascinating case studies.
Thank you for taking the time to read this, and do share your thoughts on this case study of the SWOT analysis of Generali in the comments section below.