Recently, we have the honour of interviewing our esteemed Platinum Member Generali Malaysia, a distinguished name in the insurance industry with over 190 years of legacy. Generali Malaysia stands out not only for its robust range of insurance solutions but also for its unwavering commitment to sustainability, customer-centricity, and community empowerment.
In this interview, we delve into the core values and initiatives that define Generali Malaysia’s presence in the Malaysian insurance landscape!
1. Tell our readers a bit about your company.
Backed by a strong history and heritage of over 190 years, Generali Malaysia is one of the largest general insurers and emerging life insurer in Malaysia with over 1,600 employees, more than 9,000 agents and partners and extensive network of branches nationwide.
Driven by the ambition to become a trusted Lifetime Partner, Generali provides a broad range of insurance solutions to cater to the protection needs of individuals and families, small and medium sized enterprise, corporates and commercial.
2. How does Generali Malaysia differentiate itself in the insurance industry, particularly in terms of its commitment to sustainability and customer-centric solutions?
Sustainability is the originator of Generali’s strategy. The company believes that growth must be sustainably and responsibly achieved to uphold its long-term commitment as a trusted Lifetime Partner.
Given the current low insurance penetration in Malaysia, Generali strives to play an active role in serving the underserved market and community. The company strives to not only offer inclusive products and innovative distribution methods to extend greater reach in protection, but also drive sustainable impact through 4 key roles:
• Responsible insurer: Serve customers in ways that matter to them through ‘Personalized Value Propositions’, ‘Phygital Advice’ and ‘Effortless and Caring Experience’
• Responsible investor: Net zero investment portfolio by 2050 through sustainable investment and carbon footprint reduction
• Responsible employer: Focus on DEI initiatives to create a diverse, equitable and inclusive
workplace
• Responsible corporate citizen: Unlock the potential of people living in vulnerable situations and create social impact through our global initiative – The Human Safety Net Foundation
3. Can you provide insights into Generali Malaysia’s recent initiatives aimed at supporting businesses and SME businesses in navigating challenges and uncertainties, especially in the current economic climate?
On 6th March 2024, Generali organised a collaborative event with United Nations Development Programme (UNDP) at EQ Hotel, KL. The event marked our collaboration to boost resilience among SMEs in Southeast Asia and facilitate access to insurance and risk finance solutions against climate change and other risks.
Key highlights from the event include:
1. Launch of “Building MSME Resilience in Southeast Asia” research report, focusing on Malaysia and Thailand. The report proposes an alternative approach to identifying the risks and needs of micro, small and medium-sized enterprises (MSMEs), developing risk management and insurance services, and delivering these solutions to the MSME community.
2. Launch of SME Loss Prevention Framework, a digital tool providing advice to Malaysian SMEs on safeguarding against climate challenges and other risks. Hosted on a user-friendly online platform, this framework will also be developed as a mobile app to benefit SMEs from other countries.
3. Showcase of solutions from the Insurance Innovation Challenge Fund, which Generali launched last year in collaboration with UNDP to incentivise the development of innovative insurance products and services. During the event, candidates were invited to share their innovative ideas to protect Malaysian SMEs.
Generali also announced the extension of the flagship #SMEEnterPRIZE project in Asia, building on its engagement over the past three years with thousands of SMEs across Europe, to nurture a culture of sustainability within Asian SMEs.
4. What are some key trends or developments in the insurance sector that Generali Malaysia is closely monitoring, and how is the company adapting its strategies to stay ahead in this dynamic landscape?
Climate risks and hazards such as forest fires, landslides, floods, haze and more are getting more rampant and hindering the growth and expansion of MSMEs in Malaysia. For example, the floods in December 2021 resulted in an economic loss of over RM6.1 billion, with about RM2.6 billion incurred by the retail sector. Yet, there is a noticeably low uptake of insurance among MSMEs, and many are unaware of the importance of protection.
Hence, Generali believes that coupling insurance products with risk mitigation mechanisms is important to increase awareness and build resilience among MSMEs. The company has not only worked on the development of holistic yet inclusive insurance products, but also customised the product features and premiums to fit the needs and budget of the MSMEs. Through its partnership with UNDP, Generali has also developed some risk mitigation tools with UNDP, such as a joint research report to help MSMEs identify their potential risks, and SME Loss Prevention Framework – a digital tool providing advice to Malaysian SMEs on safeguarding against climate challenges and other risks.
5. Could you share some success stories or testimonials highlighting Generali Malaysia’s unwavering commitment to protecting and empowering its customers to pursue their life goals with confidence and peace of mind?
Beyond protection, living the community is one of the core values at Generali. For over 190 years, the company has built on its presence and brand awareness within the community, positively impacting the lives of more than 200,000 people through its global flagship initiative ―The Human Safety Net (THSN).
In 2023, Generali collaborated with Yayasan Generasi Gemilang for Project Makan Sihat ― a company-wide fundraising activity aimed at raising funds for children and high-need families in PPR Lembah Subang. The programme aimed to improve the nutrition and health of high-need families and children below the age of 3 who are suffering from undernutrition, hidden hunger, and micronutrient deficiency.
Within a month of launch, Generali raised over RM273,000, ranking second globally in the THSN 2023 Global Challenge. The funds were used to provide monthly food boxes to 256 families living in PPR Lembah Subang. Following the fundraising, Generali had also joined Yayasan Generasi Gemilang in a special Project Makan Sihat Workshop to educate underserved mothers about ‘Budget & Menu Preparation’.
For this project, Generali was honoured with the CSR Initiative of the Year award at the Insurance Asia News Awards 2023.
We are pleased to share that Italcham Members are entitled to a 15% – 25% rebate on insurance premium!
To know more about this exclusive rate, contact corporate.accounts.gi@generali.com.my
