It is report on collaborative strategies between Future group & Generali group aimed at helping each other to perform task or to solve problem that are too complex and multifaceted for single organizations to carry out.| StrategicChange Intervention|
ABOUT THE COMPANY:
Future Generali is a joint venture between the India-based Future Group and the Italy-based Generali Group.It is present in India in both the Life and Non-Life businesses as Future Generali India Life Insurance Co. Ltd. and Future Generali India Insurance Co. Ltd.
Name - Future Generali India Insurance Co. Ltd
Industry - Financial Service
MD & CEO- Mr. Deepak Sood
Chairman- Mr. G. N. Bajpai
Core Team Members- Mr.G.N. Bajpai( Chairman )and Dr. Kim Chai Ooi( Country Manager) No. of employees- 44,000
No. of branches- 91 in 83 locations around India Website- www.futuregenerali.in
Future Generali India Life Insurance Co. Ltd.
001, Trade Plaza
414, Veer Savarkar Marg, Prabhadevi
Mumbai - 400025
THE FUTURE GROUP
Future Group, led by its founder and Group CEO, Mr. Kishore Biyani, is one of India’s leading business houses with multiple businesses spanning across the consumption space. While retail forms the core business activity of Future Group, group subsidiaries are present in consumer finance, capital, insurance, leisure and entertainment, brand development, retail real estate development, retail media and logistics. Future Group believes in developing strong insights on Indian consumers and building businesses based on Indian ideas.
THE GENERALI GROUP
The Generali Group is a leading player in the global insurance and financial markets. Established in Trieste in 1831, today the Group is one of Europe’s largest insurance providers and the European biggest Life insurer. It is also one of the world’s top asset managers with assets totaling more than € 400 billion. With an employed sales force of more than 100,000 people serving 70 million clients in 68 countries, the Group occupies a leadership position in Western Europe and an increasingly important place in Eastern Europe and Asia.
Generali’s road map:
They aim to be the leading insurer in the CEE region
* Raise the value of the Generali PPF Holding from €5.1 billion in 2007 to at least €10 billion in 2012 * Achieve a market share of at least 10% in each key country, also through external lines * Growth and improved market share, maintaining a solid financial performance * Invest in product and distribution channel innovation
* Become a global operator with a broad range of products and services, rather than a niche player * Also create value by leveraging intra group synergies through formation of centers of excellence * Build a strong team to operate at local and international level, with an entrepreneurial approach focused on results
GENERALI’S FOOTSTEP IN ASIA:
Generali is looking towards China, India and Vietnam to accelerate premium returns as opportunities in the Asian region emerge after the 2007- 2008 global financial crisis. Generali has operations across Asia, including Hong Kong, China, India, Indonesia, Japan, Thailand, Vietnam and the Philippines. The Italian insurance giant has a strong base across the Asian region, with distribution networks and partnering arrangements in mature and flourishing insurance sectors. For the Generali Group to expand through organic growth, it needs to focus on product innovation and expansion of distribution channels in countries like India and China in order to take advantage of the vast populations in these countries with increasing demands for protection products. Future Generali took advantage of changes made by the Indian Insurance Regulatory and Development Authority (IRDA) in 2010, with the development of new products in life and health...