02/02/2012

Generali presents "Generali Millennium", its microinsurance initiative in India

Generali supports the UN “Millennium Development Goals” program for development of the emerging countries‟ populations

Milan – Generali has presented the “Generali Millennium” project for the development of microinsurance activities in India, where the Group operates through Future Generali. The project has been created to support the UN “Millennium Development Goals” program to encourage growth and improve social and economic conditions in the emerging countries.

Promoted by the Generali Group and the ALTIS – Postgraduate School Business & Society of the Milan‟s Catholic University – “Generali Millennium” enhances technical and product competences to make a meaningful contribution to the quality of life of thousands of poor families in India.

THREE MICROINSURANCE PROJECTS TO OFFER ACCIDENT AND HEALTH POLICIES: TARGET OF 2 MILLION SUBSCRIBERS OVER THE NEXT 5 YEARS.

• The first project, completed in August 2011, is intended mainly for women working in agriculture or small commercial and artisan activities, with an average annual household income of around 20,000 rupees (300 euro). The Future Generali microinsurance plan provides accident cover, including hospitalisation expenses. The plan was developed through a convention with BWDA_Finance Limited, one of the country‟s top 20 Microfinance Institutions (MFIs) with 300,000 members, operating in Tamil Nadu.
• The second project is an agreement with Swabhimaan, a social business based in New Delhi which provides products, services and subsidies for people in the country‟s poorest population groups through an association network. Insurance products are distributed through simplified procedures involving online purchase of a services charter. The agreement will enable employers to provide their workers with accident insurance and cover of related health expenses.
• The third project is an innovative insurance plan to cover health expenses for out-patient treatment and short- or long-term hospitalisation, by providing extensive covers and simplified claims management for Swasth India members in the three healthcare centres set up in Mumbai. Swasth India is a social business for improved health conditions for low-income groups in urban areas.

In support of micro-enterprises, in 2011 Generali set up two initiatives in Tamil Nadu, intended primarily for women from the poorest segment of the population. The first initiative is a 120-seat canteen at the Loyola College in Vettavalam, to feed hundreds of people. The second project enabled a brick factory to be built in the village of Kuppayanallur.

Confirming the importance of sustainability as a key commitment for Generali, the company recently formed a special committee within the Board of Directors.