Italian insurer Generali has unveiled a three-year strategic plan under which it will spend approximately €1bn on internal strategic initiatives to improve innovation and digital transformation.

Besides focusing on launching a pan-European mobility platform, the insurer will create B2B2C ecosystems and digitalise agent-customer relationship.

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As part of the plan, Generali will further simplify the process and organisation, boost automation and use of artificial intelligence (AI) in core operations and increase share of end-to-end digital policies.

The company noted that it will use the fund to boost its leadership position in Italy and Germany, develop successful turnaround in France and invest in growth markets and segments (CEE, health, benefits, assistance) besides launching new ventures.

Generali will also focus on high-potential insurance markets which are expected to generate 15% to 25% earnings CAGR for the period 2018- 21.

It will work to achieve profitable growth in Asia and Latin America, upgrade the small and medium-sized enterprise (SME) segment offering, boost employee benefits capabilities while creating value-added insurance service proposition.

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Generali Group CEO Philippe Donnet said: “Today, Generali unveils an ambitious strategy – Generali 2021 – which will accelerate the Group’s growth and deliver superior returns to our shareholders.

“Our primary ambition is to become a life-time partner to our customers, offering innovative and personalized solutions thanks to an unmatched distribution network.

“This clear and distinctive strategic vision leverages on our strengths to consolidate leadership in Europe on retail and SME customers, expand operations in high-potential markets and develop a global asset management platform.

“At the same time, Generali will continue to focus on generating and managing capital to fund growth opportunities in key markets and drive innovation and digital transformation wherever we operate. Thanks to this set of actions, Generali will achieve between 6% and 8% cent earnings per share average annual growth over the plan horizon.”