An Interview with Generali Global Health’s Marco Giacomelli
Global Benefits Vision: Let’s start by recalling the highlights of your career, with an emphasis on iPMI and global employee benefits.
Marco Giacomelli: I’ve worked with Generali for the past 23 years on a number of assignments in the United States, Latin America, Asia, and Europe—now London. I have mainly focused on life, health, employee benefits, and now iPMI, with a few forays into bancassurance and other arenas. In terms of iPMI, I have been CEO of Generali Global Health since its inception on January 1, 2015, and before that I was Chief Insurance Officer of the Generali Employee Benefits network. I am also currently Chairman of the International Employee Benefits Association, a position I will hold until June 2017, as the organization mandates term limits for its officers.
GBV: I believe you were the first real insurer, as opposed to broker, to serve as chairman of IEBA.
MG: That’s partially correct; my predecessor was Hugh Gallagher from Insurope, an employee benefits network.
GBV: Can you describe the scope of Generali Global Health? What is it responsible for, and what is its structure and place within Generali?
MG: Generali Global Health was created to be the dedicated provider of international private medical insurance for the Generali Group. Our mission is to provide international health solutions for those who don’t want to be restricted to their country of nationality or residence when they need health treatment—and give them the best possible health care. Our clients are expatriates, travellers, HNWs and local nationals. We serve corporates, non-corporate groups (such as NGOs and international schools) and individuals.
We are headquartered in London, with a commercial division, a technical division, and an operations division. As a strategic principle, we pursue vertical integration; everything is in-house in terms of insurance as well as servicing. That also includes our internal service infrastructure, which performs four functions: managing our worldwide network of over 600,000 hospitals and doctors; all case management operations; 24/7 multilingual customer service; and in-house claims processing, multi-currency, 24/7.
Our main service centre is in Toronto, Canada, but we also have regional customer service centres in Singapore, Dubai, and Europe. In terms of our commercial presence, our main office is here in London, but we also have regional offices in Dubai, Spain, London, and Hong Kong. We expect to add more people in the Middle East, where the market is growing significantly, and we expect to add many more people in Asia, with specific focus on China. We are also increasing our capabilities in continental Europe.
GBV: So you do strictly health? There is no life element or possibility of a life rider in case people require that?
MG: Our focus is international health, but we are expanding into related services that can be defined as “affinity benefits to health.” These include comprehensive wellness solutions, dental, and vision. They also include other services such as second medical opinions, medical concierge, employee assistance programs, tele-medicine, online diagnostic tools, and so on. These are all accessories, but still part of the core health provision. We also plan to develop other lines of products around the business travel and business accident lines.
GBV: But that does not include, at this stage, life with death and disability?
MG: Not yet; we have the capability to do that but we would like to focus on priorities in the value chain for globally mobile people. I have been a globally mobile person and expatriate for the past 20 years so I know that, typically, when employees go to a different country the first thing they need is a house, and very close behind that they want to purchase health insurance, then travel insurance, and then they start to think about life, disability, and pension. We want to follow that value chain to implement the products our clients want.
And that brings up an important point: knowledge of the client. Everyone on our managerial staff either is an expatriate or has been one, so we know our clients’ wants and needs; we have adopted the saying ,“It takes one to know one.”
GBV: Let’s delve a bit into your position relative to and cooperation with GEB on the one hand, and Europ Assistance on the other.
MG: Just like GEB and Europ Assistance, we are one of the global business lines for the Generali Group, so we cooperate very closely with both organizations. In fact, we are a member of the GEB network, so our mission is to provide iPMI solutions for GEB’s clients. GGH was established as the Generali single brand and provider of iPMI, so in this capacity we serve these clients and as the subject matter experts in iPMI we work very closely with GEB to develop business across the market segment of large multinational corporations.
It is similar with Europ Assistance. It is more than a cross-selling relationship; it is more a business model based on cross-working. What I mean by this is, typically, assistance products can have an element of iPMI built in, which we can provide; but at the same time, typical iPMI products can have an element of assistance built in in terms of, for example, emergency assistance, evacuation and repatriation. Europ Assistance provides that capacity to our product. We work together very closely; we develop products together, we cross sell when we can, and we leverage the respective companies to address the needs of our mutual clients.
GBV: Are your medical networks identical?
MG: No, because of the specificity of the assistance versus the iPMI network. The iPMI network is a truly comprehensive medical network made up of facilities that must represent a standard of excellence for true end-to-end treatment, whereas the assistance network is made up of facilities that primarily deal with emergency situations for travellers. The assistance network will look at concentrating on stabilizing emergency situations, treat where required but with the primary focus of getting you home where possible, whereas the iPMI network gives you end-to-end treatment irrespective of an emergency situation, so this can range from primary care consultations for the most minor problem all the way through to complex hospitalisation. It is important for us to have a wide network not only in terms of clinics, but also in terms of hospitals and physicians and specialties, whereas Europ Assistance needs a wide network of facilities with emergency capabilities.
GBV: Talking about travel protection products, are you going to rebrand and sell Europ Assistance products, or are you going to make your own products?
MG: It will most likely be a combination of the two. For travel assistance, we will certainly promote and sell Europ Assistance’s expert products. For travel insurance products, we will develop our own, in close cooperation with Europ Assistance, but as an integral part of the GGH suite of products.
GBV: What are your organization’s currents assets in benefits and in global benefits: relationships with insurance carriers, countries, products, teams, structure/organization?
MG: Generali’s large geographic footprint provides a competitive advantage, since one of the key requirements and values is the ability to offer locally compliant insurance products as much as possible.
Through Generali’s local presence we therefore have access to health insurance licenses in virtually every major insurance market in the world and therefore we can offer locally compliant insurance policies in all these territories.
This not only guarantees compliance with local regulations and requirements for health insurance, it also reduces any frictional costs associated with having to deal with independent partners. Of course, Generali isn’t present in every single market, so we do use partners in those few markets where Generali does not operate.
GBV: To delve a little further, do you underwrite with local paper in the United States, the UAE, Switzerland, and China, which are the four biggest problem countries in terms of admitted versus non-admitted policies, and have GGH London underwrite for the rest of the world? Or do you use whatever carrier you have in each country, building on the GEB pooling network?
MG: Because we are established in the U.K. we operate in the E.U. on a freedom of services basis, so we underwrite the risk in the E.U. directly. Elsewhere we adopt an insurance partnership model based on Generali’s capabilities, using local Generali companies where we can and local insurance partners where we cannot. As you say, the U.S. is an important market, as well as the UAE, China, Switzerland, and others in the iPMI world, like Singapore. We are constantly expanding our global footprint. GGH has a market development unit that is always assessing market suitability in terms of entry and products.
GBV: Who does the distribution and who does the sales? Is it a local partner, or is it a central team that has different locations?
MG: We have a multi-distribution system whereby we have our own direct distribution capabilities through our regional offices but also leverage the distribution capabilities of Generali companies –in particular its network of tied agents, which is very strong in most markets in Europe and Asia. For example, in India we sell through the Generali India tied agents network; in the UAE, we would primarily sell through our insurance partner but with regional support from us.
GBV: Do you have any specific training programs for tied agents? They tend to know simple property/ casualty products well, but global employee benefits is sometimes more difficult.
MG: Indeed, and as part of the market development activity we have a comprehensive commercial module that includes our strategy for positioning a certain GGH product within a market. And of course there is the required training for the local distributors, be they tied distributors like agents within Generali or independent distributors. The training aspect is fundamental because these products tend to be more complex than a typical local product.
It’s also important to mention the quality of the team and its specific expertise. Generali Global Health was effectively a corporate start-up with the mission to become a market leader in iPMI, so we started by recruiting true specialists. Our COO, for example, is a former head of global partnerships with a major iPMI player; our Chief Technical Officer, who oversees all of our pricing, our portfolio management and technical product development, is also the chairman of the U.K.’s Institute of Actuaries Health Committee.
We have been successful at picking the best in the industry for GGH’s core team. The incentive to get them on board was the opportunity to work in a corporate start-up that had a very strong entrepreneurial spirit but also the long-term planning and financial stability of a very large multinational insurance group.
GBV: What numbers can you share?
MG: Since we started in January 2015, we have been growing very rapidly. 2017 should bring us to the €100m mark, which would be a very satisfactory achievement from a standing start. We have more than 400 corporate clients and 2,000 individual clients worldwide right now, insuring about 30,000 members in different territories.
Perhaps most importantly, as a start-up, after two years of activity we have closed our books with a net profit.
GBV: What’s your vision for your organization?
MG: My vision is quite ambitious and thankfully it has been fully supported by the Generali senior management and executive team.
GGH wants to become the first choice for all globally mobile people, and for anyone who needs to have access to the best health treatment, anywhere in the world.
GGH will become a market leader, one of the top five players, by 2023, with a total premium volume in the range of €500 million, through a combination of organic growth and strategic acquisitions.
GBV: For external growth are you looking at acquiring distribution networks or books of business?
MG: We are looking at acquiring companies that have a strong strategic fit. That means either a specific geographic footprint in areas where Generali is not present—in Asia, Africa, and some parts of Latin America; a good strategic fit in terms of specific market verticals, like international schools or organizations; or specific capabilities in terms of their operations—perhaps digitized solutions or platforms in which we are interested. We are looking at every opportunity but at the moment we are more focused on possible acquisitions of medium-sized iPMI companies or MGAs and MGUS.
GBV: What else can you tell us about your strategy?
MG: We want to develop more distribution channels and we want to be conscious of how the iPMI market is growing. We know the iPMI market is currently worth around $10 billion and is growing at approximately a 13% annual rate, and we know that the profit margin ranges between 8% and 12%. The biggest growth segment is the individual segment. Keeping in mind that we started by writing group business because that is a quicker way of generating volume for a start-up, we want to expand more rapidly into the retail market, especially in specific regions—Asia in particular.
We are heavily investing in innovation to enrich our products and services, and from an operational standpoint we want to reach a sufficient level of utilization and membership so we can partially regionalize our operations capabilities.
An important part of our strategy, though, is that we place innovation at the core of our mission, not just to be different, but to gain a significant competitive advantage. As a new company, we are truly a digitally native insurer, and we are investing a lot of time and money in digital technologies in both our front-end and back-end processes, and in our products and services. All our online products are multi-platform capable, so they work on mobile and desktop and laptop applications. We also have a number of initiatives in telemedicine, integrating wearables and insight from smarter analytics and big data. Digitalization is a fundamental aspect of our strategy because it helps us manage our portfolio better.
GBV: Is there any specific process in place right now within Generali to cross-sell from other portfolios?
MG: There is a concerted effort to cross-sell among all the global business lines in Generali, not only in employee benefits but also within Generali Global Corporate and Commercial, which is our property and casualty network. In particular, we are spearheading a very interesting initiative with ship owners and P&O clubs in the marine community, which is being driven out of London.
These ship owners employ crews who are internationals and therefore have a need for iPMI plans. We are conducting a sustained marketing campaign among the brokers who work with the marine and cargo community to promote our products and so far we have generated a very important pipeline and a lot of interest within the P&C world.
Also, because historically no one has promoted selling initiatives like these in a coordinated way, the brokers don’t know exactly how iPMI products work. But they are very interested in learning more because it gives them a new range of products and solutions to present to their clients.
GBV: What about smaller businesses? Do you have any specific products, processes, or distribution networks to address their needs?
MG: The SME segment is one of the most important for us because it is fast-growing, profitable, and fundamental for addressing a single population with smaller numbers that has very specific needs. So we have developed a range of specific products with a modular plan design, “Global Choice,” which was recognized by the industry as one of the most innovative iPMI products in 2016.
Global Choice is available in all our markets, both as a regular iPMI product and as a regional adaptation in order to comply with the specific requirements and needs of certain markets. So we not only have Global Choice, we also have specially-tailored products such as Global Choice UAE and Global Choice Hong Kong, and we are in the process of launching Global Choice China.
Since this addresses SME markets, it has a rating mechanism based on community rating. So the sales process is streamlined to the point where we have a number of tools that enable our distributors to quote at the point of sale, and achieve instant turnaround time as a result, which is a key feature in many fast-growing local markets.
GBV: Comparing your organization with your competitors, what value do you add to the processes in this market?
MG: As a relative newcomer to the iPMI market we add many different values. First, the Generali brand is trusted, and the name carries a lot of importance with many clients. Second, we have an extensive geographic footprint that allows us to offer a locally compliant insurance product in all the major markets, and third, the vertical integration that allows us to offer all the core services in-house through our own service centre and worldwide network. Fourth, there is the close integration with all the Generali Global business lines— the employee benefits network, the corporate and commercial organization, and Europ Assistance. Fifth, there is the fact that we have a multi distribution system to leverage local networks of tied agents as well as independent distributors such as MGAs and MGUs as well as our own distribution force.
In terms of products, one key feature that makes us different is that we are the offspring of a very large multinational group, but we also are very fast, very flexible, very customer-centric. We move very quickly and can implement very complex, bespoke solutions for large clients in a very short time. There is no bureaucracy in Generali Global Health and there is an absolute focus and passion on the business. I know it sounds cliché, but we were customer-centric from Day One and we will do whatever it takes to make our customers happy.
GBV: One observation: When you spoke about your competitors, you didn’t mention “French-style” competitors like MSH and GMC Henner, which are brokers and TPAs that really dominate the market for French-style expat packages.
MG: I really respect and like Henner, MSH, and also April, because they are unique. I don’t consider them to be competitors; I consider them to be partners. We already do business with all three, and we look forward to doing more business together because we can cooperate with them by leveraging our respective capabilities. They are not a typical broker because they have a very comprehensive service infrastructure tailored specifically to the needs of French expats, so we will incorporate those capabilities into our own core insurance capabilities and go to market with a combined offer that is effectively based on these factors. The fact that we are vertically integrated is not exclusive. We know that many clients require their service capabilities, and we work together with them to serve those clients.
GBV: That means they would be working with their own medical network?
MG: Yes, and where there are gaps, either in service or network coverage, we cover those with our own capabilities.
GBV: Could you now comment about your recruitment process and talent management?
MG: Like everything at GGH, the recruitment process is very streamlined. We want to attract the best talent in the market, who can bring their wealth of expertise as well as their acquired contacts to the business. Of course we also want their enthusiasm and passion, and this speaks to the quality of our team as the biggest factor in our success. The members of our team of engaged, competent professionals share the same passion to make Generali Global Health a market-leading player. What attracted them to GGH was the opportunity to work within the entrepreneurial spirit and flexibility of a true start-up, but with the long-term planning and financial abilities of a large multinational group.
We are a global company, so diversity, equality, and multiculturalism are fundamental traits of our relatively small workforce. We have about 150 people representing 20 different nationalities, and a 50/50 split between male and female employees, all experts in iPMI and medical insurance.
GBV: What do you think are the main challenges for the iPMI industry over the next five years?
MG: Our main challenge is also our biggest opportunity. Nowadays, health care knows no boundaries; the old model of insurance being restricted to a country or nationality no longer works in this global society. There is a clear trend toward the regionalization of health centres of excellence.
To make an example, there is a centre in Prague that provides advanced proton therapy treatment for certain types of cancer, and is recognized as the leading centre in the world for this type of treatment; there are some medical centres in Europe, particularly in Belgium, that are at the forefront of cardiovascular surgery. And so insurance that protects the individual needs to make these places accessible to everyone, no matter where they live.
I envision a future where iPMI will be the only feasible model for health insurance, because our insured customers want access to the best treatment anywhere in the world, and therefore need an insurance plan that covers such treatment. The main challenge is to stay current with the evolution of health care technology so we can offer an insurance product that addresses these needs on a global scale.
The other important element is that traditionally, insurers have been seen as “payers.” But that is not health insurance, it is sickness insurance. That model must evolve. I want to see GGH become a true health partner, actively contributing to the health and well-being of a population. It is much more socially responsible—not to mention cost-effective—to ensure that the population stays healthy rather than just paying the claim when the insured gets sick. I think this is one of the biggest challenges for the health insurance industry at large.
GBV: It sounds like you’re turning into a promoter of health tourism.
MG: Well, not necessarily health tourism, but certainly access to the best possible health treatment. “Health tourism” has a slightly negative connotation because it’s identified with medical tourism for non-essential treatment. It’s fair to say that there is a lot of tourism today that deals with plastic surgery and other non-essential services. But we believe that as long as health treatment is regionalised, insurers have a duty to respond and make sure their population receives the best possible treatment anywhere in the world.
GBV: There is no global association of iPMI providers, and I’m talking about organizations as opposed to people, as there is IEBA for that. Is that a good thing? Or something that needs to be corrected?
MG: I would say that yes, IEBA is an association of members. However—and now I speak in my role as chairman of IEBA— we have launched a new program for corporate members so they can play an active role in associations like IEBA. On the iPMI side, however, there is no corresponding global association of providers, insurers, or members, although there is AIMIP and they are the first step in at least bringing together some of the main insurers and MGU’s in the industry to talk about the issues that face the industry. And, of course, we are members. Will there be an IEBA type organization in the future? I don’t know, to be honest, but I do know a number of important events occur every year in the form of conferences, awards, etc., that group iPMI professionals together, so the same people tend to meet at these events and network and share best practices.
GBV: The traditional long-term employment contract seems to be fading away but it is being complemented by more and more short-term contractors. Do you think that this is an enduring trend? What impact might it have on your business?
MG: I do think it is an enduring trend. Long-term contracts are very often replaced by shorter term arrangements. This has a twofold impact on the market: there’s the obvious impact, which is the shorter duration; but also the form of the contract is changed—even the traditional expat contracts tend to be more localized. That doesn’t mean these people will not need iPMI solutions or the typical range of services that the traditional expat may need. But certainly their contractual arrangement is changing. This presents some challenges in the provision of employee benefits, not only health, but also life and pension, because short-term assignments mean increased mobility. At the same time, you do carry some long-term commitments like pension liabilities. Insurers need to find a practical way to insure the portability of those pensions liabilities and to ensure they have a cost-effective plan to avoid the negative fiscal impact linked to transfers during the insured’s career.
GBV: Does this mean there will be a shift from group to individual arrangements?
MG: Yes, and we have already seen this in the market. Instead of having consolidated policies, more employers are awarding certain spending allowances directly to the employee, who is then free to make his or her own choice in purchasing employee benefits. This aspect of effectively voluntary coverage will grow, but we will always require a certain degree of coordination by the employer.
GBV: Isn’t there an issue with taxes then?
MG: Yes, if you purchase an insurance plan on your own, there may be a restricted fiscal deductibility so you don’t have that advantage. And sometimes, depending on your portability arrangement, the benefit you receive may be taxable.
GBV: Isn’t there also a risk of anti-selection and poor mutualisation of risks?
MG: Yes, there is. On the one hand certain types of policies and risks are purchased by the general population of an employer irrespective of the funding system, so there is an implicit mutualisation in this process. On the other hand, there is a risk of anti-selection because, with the flexibility that comes with designing your own benefits package, you tend to privilege certain situations that are most likely to occur to you. There may be more mutuality in terms of the number of people buying the coverage, but there is anti-selection in terms of the type of coverage being purchased. So insurers need to monitor this without incurring the risks of wrongful discrimination, which is applicable in many countries and could play against them.
GBV: Let’s move on to social security. It is evolving in many countries, especially in the sense of protectionism, which may or may not have an impact on iPMI.
MG: Generally speaking, social security benefits are decreasing, and that is both a burden and an opportunity for the private market. At the same time, specific situations like the U.S. Affordable Care Act impose certain constraints in terms of the ability of private insurers to provide plans that are MEC- compliant. That is also a challenge—in the provision of the plans and also in the technical indicators that underlie them. For instance, the maximum tolerable loss ratio for domestic plans in the United States is 95%, which means insurers are not allowed to price with a projected profit margin in excess of 5%. That may discourage certain players.
In general, the interaction between social security and private employee benefits is very strong and I expect it to continue. It is part of the obligation of insurers to monitor this very closely on a country-by-country basis because these regulations tend to change very suddenly. As an example, Qatar was about to move into a universal care model, but now it has abandoned that model, effectively opening the market for the private insurance sector.
GBV: What about the duty of care obligation that exists in many legislations around the world?
MG: Duty of care as a concept was introduced first in England and followed quickly by Australia, which has a slightly different version. In the United States, the individual states now have different tests to assess duty of care. This effectively has an impact because of requirements like foreseeability of harm, and certainty that someone has suffered injury. These kinds of things influence not only social security, but also the provision of private insurance. So duty of care impacts many classes of insurance, mostly product liability but also health insurance.
GBV: What about privacy laws? iPMI obviously means moving personal and confidential information across borders, and privacy laws tend to erect borders between countries, don’t they?
MG: That is correct and, in fact, privacy laws are becoming more and more strict and I say rightly so. We have a duty to protect the privacy of all insured members; as risk-bearers we have access to personal data—in a compliant way that respects the global, local, and regional laws. It’s a challenge sometimes. In our interaction with employers many of our large clients ask us to produce performance reports on their itemized plans, taking into account certain diagnostic indicators based on personal data that is protected by privacy regulations.
So if one of our clients has an insured population that’s covered by maternity benefits, but we know that in a given location there are only five insured female members, we cannot report on the claims experience of maternity for that group because it will be easy to identify these members. That illustrates just one of the complexities of dealing with personal data in connection with iPMI in multiple geographies and with a population that moves frequently. These members are typically identified by an identifier code, not name and date of birth, and this identifier code is typical of a local market. When they move, however, they get a different identifier code. So we need to develop a way to track these migratory patterns so we don’t multiply insured members when, in reality, it’s the same person going somewhere else.
GBV: Expatriate assignments that end up in failure (i.e., early return home) often do so because the partner has trouble adjusting. Do you have specific numbers regarding the causes of failure?
MG: We work with a number of consulting firms that specialise in the arena of globally mobile people. They have reported micro indicators about failures in expat assignments which, as you know, depend on many factors, with spouse dissatisfaction being the biggest one. While we are aware of the phenomenon, we don’t monitor it directly.
GBV: Do you offer any help or preventative measures—education, cultural, or psychological support—when things start to go wrong?
MG: We do have a dedicated service provided by a company that specializes in assistance programs specifically for expatriates and globally mobile people. It’s very effective because it doesn’t go into effect only in the case of a claim, it’s a true EAP program that’s specifically focused on the expat population. This is a benefit that is embedded in all of our products.
GBV: How do you see the iPMI industry changing as we head into 2017?
MG: I see my industry changing in many ways. There is a clear trend toward consolidation in the market, as well as more presence in local markets with the appropriate compliance. Then sustained investment in technology and medical science is another trend that means insurers must respond accordingly, and this response comes in the form of reviewing products, services, and internal processes as well as a clear focus on wellness.
GBV: What new trends do you see on the distant horizon?
MG: I see a trend toward population health management and the availability of data from multiple sources—what practitioners in the market define as “real-world evidence” if you will. This might include going beyond traditional clinical data to having access to clinically-relevant data through multiple sources such as imaging and wearables that provide a comprehensive, “live” set of data to help insurers understand both the clinical state of their insured members and their lifestyles and behavioural patterns. I believe this will evolve in relation to the availability of Big Data and the implementation of algorithms that can make sense of that data.
GBV: Tell us a little about your action plan for the next 12 months.
MG: For the next year or two we want to considerably expand our global footprint, especially in Asia, which is a fundamental region for GGH. We will also introduce new products in the retail space as well as additional enhanced benefits to complement our core offerings, things like wellness solutions, second medical opinions, and specialised services such as medical concierge. We also will expand our global network of providers to include affiliated hospitals and doctors with direct- billing capabilities everywhere our clients are, and take a very customer-centric approach to enrol medical facilities where our clients need us to be. We are very responsive and we can deploy a team within 24 hours, anywhere our clients need us.
We also will continue on the path of sustained, profitable growth for Generali Global Health and introduce novel products and services for our clients based on the constant feedback we receive from them. We can be very flexible because we are still a small player and can put these things in place very quickly.
GBV: Do you have a specific plan for communications with your prospects and customers?
MG: Yes, we have invested a lot in “thought leadership” initiatives. We published a lot of articles, white papers, and independent research on several aspects of the iPMI world. We have a presence in all the major media and at international events. We work with local institutions and some governments (that I can’t specify), supporting them with the evolution of health-care funding for private medical schemes. And we work with primary global employers who are active in the medicine and diagnostic fields to develop a novelty insurance product to leverage the ground breaking discoveries that these companies are making.
GBV: Let’s conclude by recapping your biggest challenges within the organization and from the industry in general.
MG: In a complex group like Generali, we need to make sure that we are not only an important business unit and growth engine for the Generali group, but also a valuable corporate citizen that provides subject matter expertise and health insurance to the benefit of the other Generali companies, and provides them with whatever support they need so they can also continue on the path of sustainable growth. Our position as the dedicated iPMI brand within Generali group also gives us an opportunity to act as a vehicle to share best practices with other Generali companies. Since we’re the “new kid on the block” I put a lot of importance on exerting a positive influence within the group, thanks to our expertise with health insurance.
In terms of external challenges, we have a very ambitious plan, so all our efforts go into that. We need to continue with sustainable growth—and that includes outpacing the market but in a cost-effective way, and, most importantly, by keeping the customer at the centre of our activity. Customer centricity is our driving force.