Generali Group formed a joint venture with technology consultancy Accenture that’s designed to accelerate its migration to the cloud in an ongoing innovation and digitization plan.

Generali said it hopes the venture – dubbed Group Operations Service Platform, or GOSP – will improve operational efficiencies, boost profits and lead to cost savings. As well, the goal is better service that addresses digital technology expectations from employees, agents and customers.

According to the venture announcement, the entity is designed to develop products and technologies that accelerate digitization of Generali’s business processes and the adoption of a cloud-based system that shapes its business processes. What’s envisioned: technology that promotes better and closer collaboration between Generali’s business units, including distribution (agencies), account management (digital wallets) and internal management systems.

Accenture will hold a 5 percent ownership stake in the venture and also supply staffing – a team of 40 professionals with expertise in cloud, artificial intelligence and big data to drive rapid transformation, innovation and change management at speed and scale, the announcement stated.

“GOSP pioneers a new process in technology governance,” Ottorino Passariello, Head of Group Operations & Processes at Generali Group, said in prepared remarks. “We are proud to initiate a unique partnership whose capital structure is itself an innovation within the context of information technology and digital transformation in the insurance industry. Together, we will create new momentum in our drive to innovate digital processes across Generali’s branch networks and employees — and also deliver undeniable benefits to our customers.”

Frédéric de Courtois, Generali’s Group General Manager, said in prepared remarks that the partnership is a big part of its innovation and digital transformation goals for its Generali 2021 Strategic Plans. He added that Accenture is a “valued partner with great experience in digital,” and that the joint venture continues the companies’ long-term collaboration on its digital modernization.

Jean-Marc Ollagnier CEO of Accenture for Europe, said in prepared remarks Generali’s “cloud-first approach” will help it “innovate at speed and scale.”

He added that the joint venture will involve employee retraining and the teaching of new skills, referring to those efforts as “a re-skilling and up-skilling program.”

Italy’s Generali operates in 50 countries and employs 72,000 people, with operations in Europe and an expansion underway in Asia and Latin America.

Source: Generali, Accenture