10

GENERALI GROUP MAGAZINE SINCE 1893 NUMBER

series 11 - March 2012 il bollettino

2 From the Black Swan to antifragility

8 Microinsurance in India 8 Valore Pensione: enhancing 2 the value of pensions 9 The heritage of the Company 3 in the Historical Archive POSTE ITALIANE S.P.A. - SPEDIZIONE IN ABBONAMENTO POSTALE 70% CNS PN FOUR-MONTHLY

1 2 index 10 NUMBER

We open this issue of il bollettino with Nassim Nicholas Taleb feature [p.2], author of the best-seller The Black Swan and a guest of the latest General Council. His reflections on the concept Taleb: from the Black Swan 2 of antifragility are the subject of his next book. We remain to antifragility in the international sphere with two important projects: the microinsurance business of Generali India [p.8], and the opening fromthegroup of a new centre in Kinshasa in the battle against AIDS [p.12]. India: microinsurance 8 We review the touring meetings on environmental culture [p.18] Austria: innovation days 25 in the low impact column. Following this, ample attention is GEB’s vision of the future 4236 given to the Career Day [p.20], which takes a look at tomorrow’s The book on the Historical 39 graduates, and a series of articles on the products and activities Archive involving the entire Generali Group: the “innovation days” [p.25] organised in Austria, the new Valore Pensione [p.28] individual pension plan in Italy, the Futureo [p.32] payment card that helps pensiondossier to finance a life insurance policy in France, and, in Switzerland, Valore Pensione: enhancing 28 the Pension Planning Centre [p.34] for the over fifties. Next the value of pensions comes an interview with Ludovic Bayard on the future of GEB France: the card of the future 4232 [p.36] in these difficult times. Switzerland: a Planning Centre 34

In subsequent articles we examine the new editorial initiative for Assicurazioni Generali’s Historical Archive [p.39] and various culture&society activities carried out by Alleanza Toro [p.42] under the banner of 1612 Corporate Social Responsibility. Scoring victories against Aids Career Day: future offered 20 Following an account of the exploits of Adam Małysz at the 2012 Alleanza Toro and social 42 Dakar Rally [p.45], sponsored by Generali Poland, we finish with responsibility a delve into the past, remembering the painter Ippolito Caffi, Generali at Dakar 45 creator of three frescoes adorning the Procuratie Vecchie [p.48], The vedute of Ippolito Caffi 48 and, in the men and history column, Alberto Beneduce [p.50], one of the founders of INA. column Enjoy your read! Low impact: 5 steps 1418 for the environment Men and history: 50 Alberto Beneduce

The authors of the articles and the interviewed persons are solely responsible for the opinions hereby expressed.

4 values, 4 strengths The articles in il bollettino reveal the shared values that underpin the growth of Generali Group. Every article closes with a logo symbolising the value that is closest to the theme of the topic covered. feature

From the Black Swan to antifragility how to survive – and thrive – in a world we don’t – can’t – understand

By Lorenzo Savorelli

We live in an increasingly volatile, complex world. The more sophisticated our instruments, theories and technologies, the less we seem to understand and to be able to forecast. The impact of large, unforeseen shocks, from 9/11 to the tsunami, from the collapse of Lehman Brothers and AIG, to the current financial, economic and political crisis, has become even more dramatic and disruptive. After years of “Great Moderation”, “The world is flat”, “Globalisation galore” and “The business cycle is dead”, we suddenly realised how little past information has to tell us about the future, how fragile we are to contagions and “systemic” risks, and how “no free lunch” is really out there. Uncertainty and fragility have never disappeared, we are just rediscovering them, heuristics, and simple rules of thumb, and how to define and in fact modern world’s increasing complexity makes us even “Antifragility”, that which benefits from shocks and volatility,and more fragile. how to pursue it.

Nassim Nicholas Taleb is a true innovator, who combines the The Black Swan’s (the book, not the movie!) wake-up call is that cultural traditions of the Levant, the Classics, Continental Europe human endeavours, individuals’ lives and economic dynamics, and the United States, with the experience gathered in trading among others, are primarily affected, in fact, driven, by Black pits and the gift of a mathematical mind and a free spirit. He has Swans, i.e. large, unexpected events, with dramatic impact and pointed out very vividly the importance of randomness, non- consequences. These events have two nasty features, beyond

index linearity, uncertainty and fragility in his two best-sellers Fooled by being very disruptive: they are rare, like black swans, and whereas Randomness and The Black Swan. Taleb is currently completing a we never see them coming, after the fact we all have a tendency to new book on how to cope with fragility, on the basis of experience, say: “of course, we knew it all along” and rationalise them ex post.

2 The September 11 attacks are an example of a Black Swan

individuals’ lives and economic dynamics, among others, are affected by Black Swans: large, unexpected events, with dramatic impact and consequences

evidence (quite a large sample, if you think that most GDP or sales forecasts are based on 20-25 observations when lucky) of being well fed and groomed. Only, on day 365, the day before Thanksgiving, his head gets chopped off and he ends up in an oven. Simple linear extrapolation from past information can be tricky and misses out important surprises. 2) Crossing a four-foot river – on average: you can quickly discover – while drowning – that relying on average depth to guide your decisions can be quite dangerous. 3) How to kill grandma (unintentionally), by exposing her to an average temperature of 18°Celsius. It just takes ten minutes at -60°C or +80°C to dispose of poor grandma, yet the average remains a nice mild weather… The world is uncertain and, says Taleb, non-linear, something also emphasised by his friend and peer, mathematical genius This is the world we live in. A world we do not understand, Benoît Mandelbrot, who revolutionised the way to look at the yet we pretend to understand. A world where our lives are world around us: not simple cones, spheres and squares, but shaped by the uncertain and the very disruptive rather than by complex fractal geometries, with infinitely jagged and indented a simple, well planned, average course of events. In fact, by surfaces. By using averages and linear proxies of phenomena to trying to control things, from Soviet central planning to “soccer predict the future, we are perpetuating an illusion of stability, moms” to global interdependence, we are actually increasing of ease of understanding, which are in fact grossly incorrect and the sources of large instability, making ourselves more fragile. dangerous.

How to cope with such a thankless environment? Stop trying index Three examples can clarify this point. 1)The turkey to predict everything, which is just impossible and misleading, thinks the farmer is his best friend, based on 364 days of and try to better understand the consequences events can

3 feature

Don’t Doing Practise Less is be a is better what you more sucker! than preach (turkey) theorising

have on us, by testing the a tiger attacking you in the fragility of different actions, jungle, but you can elaborate behaviours and processes, strategies on how to cope and by trying to remove such with it, should it happen. fragility. As Taleb writes, start to worry “…not about All Taleb’s philosophy is what can happen, but how an about “doing”, “adapting”, event may affect an entity if “being”, rather than customers to a small The mathematical notion it happens”, and “mapping “predicting”, “planning”, restaurant, up to, let’s say 10, behind this asymmetry is vulnerabilities to events “theorising”. produces negligible changes. that of convexity. Without and shocks (or absence But beyond 15, meals get entering into detail, negative of shocks)”. “Events are So we cannot know what lies served with one-hour delays, convexity in a process means random, how they can affect ahead of us, but we can learn and you’ll end up paying the fragility, it means one is you is less random”. how to cope with the impact wrong bill. Pass a certain “short volatility”, to use of shocks. Non-linearity, and threshold, and the process an option trader’s jargon, Remember the joke about the the inherent asymmetry in explodes in a non-linear that is, successive shocks tiger and the two campers? processes and events can be fashion. By performing these bring greater harm (at an A tiger is ready to jump on our friend, not just a source exercises, one can start increasing rate) as their two campers in their sleeping of danger. Simple heuristics removing sources of fragility, intensity increases. bags in the jungle. One starts can in fact be applied to test following what Taleb calls “La tying his sneakers. The other whether a policy, behaviour, Via Negativa” where removal Conversely, antifragility is says: you think you can or process, when perturbed, and “not doing” is shown akin to positive convexity:

index outrun the tiger? No, but I will explode into a dangerous to be a much more efficient for the antifragile, shocks can outrun you… You cannot escalation, or remain stable strategy than “positive” bring more benefits as predict the probability of or even benefit us. Adding advice. their intensity increases.

4 antifragile is everything that benefits from volatility, from shocks: one has to become more adaptive, and thus less fragile and more immune to Black Swans

On the previous page: Taleb’s 4 key mantras

also have a very practical whose reputation and job will implication in an uncertain not be ruined by behaving world. Let’s accept Taleb’s badly in public – they’re idea that it is impossible robust, or even antifragile. to know and predict with A Government bureaucrat, certainty and to control instead, fired at 55 during a events in a way that removes recession might never find Antifragile is everything that Antifragility means, in option fragilities. Optimisation and another job. If he yells at benefits from volatility, from trader’s jargon, that you are control in fact make systems his boss or is found drunk shocks. President Lyndon “long volatility” and benefit more fragile and prone to in a bar, his reputation will Johnson allegedly said that from it. An option gives you disaster if something goes collapse. He is fragile. “bad publicity is better than the right (not the obligation) wrong, because they are none”. On this basis, an to buy or sell something rigid and have no slack. Life, Corporations, entities who author’s or play’s or book’s in the future, in exchange like nature, is evolutionary, have aimed for survival, success will also benefit from for a given (usually small) and what is important is to built slack and removed being criticised, as long as cost upfront. The potential survive and build redundancy fragilities and excessive there are many people talking gain is very high, especially mechanisms (Plan B), not interdependence in their about it. Trying to hide secret if the shock is very large. to try to control it. One has structure will have more information usually ends up And do not forget, there is a to become more adaptive, chance of long-term survival in it being spread even more: fundamental asymmetry in accept facing risks and and success than very large, information is antifragile. events, which sees fragility stressors every day, and thus interdependent entities, so Like a Hydra, eliminating a often prevail. Just pay a small become less fragile and more big that when they collapse

terrorist cell results in three premium, and wait. immune to Black Swans. they bring everybody else index more cropping up somewhere Like a cab driver, who will down with them (like some else. Non-linearity and convexity survive the crisis, or an artist, systemic banks). Size and

5 feature

Nassim Nicholas Taleb

An honoured guest at the meeting of the The present General Council has 40 members: Board members Gabriele Galateri di Genola (Chairman), Vincent Bolloré, Francesco General Council Gaetano Caltagirone and Alberto Nicola Nagel (Vice-chairmen), Giovanni Perissinotto (Group CEO and Managing Director), Sergio In 2011 Nassim Nicholas Taleb was invited to address the General Balbinot (Managing Director), Cesare Calari, Carlo Carraro, Diego Council of Assicurazioni Generali on the subject of antifragility, Della Valle, Petr Kellner, Angelo Miglietta, Alessandro Pedersoli, as we report in the opening article of this issue of il bollettino. It Lorenzo Pelliccioli, Reinfried Pohl, Paola Sapienza, Paolo Scaroni was the latest of many occasions in the General Council’s history and Francesco Saverio Vinci; elected members Giorgio Davide when it has been honoured by the presence of eminent figures Adler, José Ramón Alvarez Rendueles, José Maria Amusátegui de from the worlds of science and economics. Established under la Cierva, Francesco Maria Attaguile, Claude Bébéar, Kenneth J. the presidency of Edgardo Morpurgo by the Statute of 1930, the Bialkin, Gerardo Broggini, Giacomo Costa, Maurizio de Tilla, Enrico General Council effectively supplanted the Board of Directors Filippi, Carlos Fitz-James Stuart y Martínez de Irujo, Georges Hervet, until dissolved by a new Statute that was approved in the General Dietrich Karner, Khoon Chen Kuok, Stefano Micossi, Benedetto Meeting presided over by Giuseppe Volpi di Misurata in December Orsini, Arturo Romanin Jacur, Guido Schmidt-Chiari, Alejandro 1938, to ensure compliance with regulations governing limited Valenzuela del Rio, Theo Waigel and Wilhelm Winterstein; and companies. It was reconstituted in 1951 as an advisory body General Managers Raffaele Agrusti and Paolo Vagnone. charged with affirming the international aspects of Generali’s Since 1951 the General Council has always included a member operations, streamlining the activities and composition of the of the Adler family, in particular Teodoro Adler, born in Vienna Board of Directors, and examining problems relating to finance in 1918 and recently deceased, who served for almost 30 years, and insurance. In his opening address to the Meeting of 26 June, from 1970 to 1997. The Company remembers his humanity and the Chairman, Mario Abbiate defined it as an“ enlarged and professionalism, and offers its deepest sympathy to his son Giorgio elected council of company representatives from Italy and around Davide, who currently serves on the General Council, and other index the world, prominent economic figures who will give it greater members of his family. authority than formerly and advise us on the future course of our international operations” (source: Generali Historical Archive). Alessandra Gambino

6 we cannot know what lies ahead of us, but we can learn how to cope with the impact of shocks

Taleb’s best-seller: Fooled by Randomness (Texere, 2001) and The Black Swan (Penguin Books, 2007)

economies of scale are orthodox economists) while would be the final frontier in not signs of robustness gaining no matter what the building a different world, and or antifragility. Long-term result they attain, and with rediscovering those missing duration is: a Bible printed others bearing the costs of values and ethics that seem in the sixteenth century will their mistakes. What Taleb to have been lost in today’s probably last longer than an suggests is to have “skin in business behaviour, where e-book reader. A company the game” instead. Like in “greed” – as Gordon Gekko or entity (like the Catholic the 4000-year-old Code of stated in the filmWall Street – Church) that has been around Hammurabi, if you invest for is hailed as “good”! a long time has proven its others you must bear the cost resilience through time. of your bad advice. If you prescribe a potion, drink it Finally, Taleb reminds us first yourself! If you design a about some ethical issues building, live in it for one year that become very relevant (so you’ll make sure it does in this world he uncovers for not crumble). us, carefully removing the “Emperor’s new clothes”. A Taleb goes even further, and key factor of fragility in this advises us to celebrate again world is represented by the (like in the past) those who “agency problem”. That is, behave in the opposite way to when somebody manages the agency problem: heroes!

a business, or makes That is, those who are willing index surgical decisions, or makes to make a sacrifice for other statements (like journalists, people’s benefit. This really

7 fromthegroup

Insurance heads back to its roots Generali Millennium supports the development of several micro-projects in India index di Alessandra Podestà

“Our best allies in fighting poverty are the poor themselves. Their resilience and perseverance must give us courage to move forward with entrepreneurial solutions to the problem. Given bold and responsible leadership from private sector and civil society organizations, I have no doubt that the elimination of poverty is possible by 2020. We can build a humane and just society”. These words are taken from the book The Fortune at the Microinsurance and technological Bottom of the Pyramid: Eradicating Poverty through Profits by Coimbatore Krishnarao Prahalad, a University of Michigan innovation for development professor who was born in the Indian state of Tamil Nadu in a very large family. They indicate how the country’s most This collaboration has produced two results more directly disadvantaged communities may be helped to escape from related to the insurance sector. The first is a microinsurance poverty and social injustice. These communities contain between policy offered jointly by Future Generali and BWDA (Bullock- 800 and 900 million people in India alone, over 14 times the cart Workers’ Development Association), one of India’s top population of Italy, to put the figure in perspective. However, a twenty microfinance institutions with over 300,000 members, close look at the subcontinent shows that their hopes rest more mainly women working in small-scale agricultural, livestock, on new information technologies than on direct welfare as the commercial and craft businesses. Average annual family principal means of emerging from isolation, accessing services income is approximately 20,000 rupees, or 300 euros. and improving their situation. By Western standards these are infinitesimal amounts, but the importance of insurance for the most vulnerable sectors Generali has operated two companies in India since 2007 in a of society cannot be appreciated without some awareness joint venture with Future Group, a leading Indian large-scale of local conditions. The loss of an animal, minor damage retailer that also offers life and non-life insurance. Sensing the to equipment, or physical disability, can have disastrous enthusiasm for new information technologies, Generali decided consequences for the affected family. Against this, non-life to seize the enormous coverage represents a virtual opportunity it represented, shield that, in many cases, drawing on the expertise of allows thoughts to turn to ALTIS (Postgraduate School the Generali Millennium initiative has business expansion and of Business & Society of the established a fund for financing projects in greater prosperity. Università Cattolica del Sacro In a world seemingly Cuore in Milan), a centre of the Indian state of Tamil Nadu dominated by global excellence for training and financial events that are research with a particular incomprehensible to most, interest in sustainable insurance has gone back to development and the internationalisation of emerging markets. its roots, offering its own experience in a way that enables Something of a challenge for the Group, which has always seen people to develop sound projects, bringing benefit to the business values as a lever for development, and one that has whole community. This insurance plan has already proved resulted in a number of achievements for the Generali Millennium fairly successful with 20,000 subscriptions in December 2011, macro-project. The initiative, which was introduced in the sixth and further 30,000 are foreseen in the first half of 2012, with edition of il bollettino, takes its cue from the United Nation (UN) total premiums of approximately 6 million rupees. There are also plans for profit-sharing schemes, under which Millennium Development Goals, in particular Goal 1, Target 1.B – index “Achieve full and productive employment and decent work for all, premiums will be reduced for policyholders with a loss ratio of including women and young people”. less than 40%.

9 fromthegroup

A second agreement recently cut global poverty levels by UN Millennium Declaration, under. The illiteracy figures concluded with the Indian half. In 1990, 51% of India’s the Generali Millennium in this region are revealing: company Swabhimaan is population lived on 1.25 initiative has established whereas the literacy rate in also innovative in allowing dollars per day; this figure an ad hoc fund for financing Tamil Nadu as a whole is employers to take out is predicted to fall to 24% in projects in Tamil Nadu. This around 80%, it is far lower a policy, through a card 2015, ending the nightmare south-east Indian state is among the Dalits, indicative purchased online, which of extreme poverty for 188 home to particularly high of the pressing need for guarantees a package of million people. The UN’s numbers of the Dalit caste, education and training integrated benefits for Millennium Development the so called untouchables as a way out of poverty. employees that includes Goals Report for 2010, where who occupy the lowest rung Very often, however, lack various types of insurance these facts are presented, of the caste system. Although of resources constitutes cover. confirms the importance of the Indian constitution a major obstacle, forcing broadband internet access guarantees a certain level the young to abandon their This is just one example, for innovative services such of access to education and studies in order to help their but initiatives of this kind as telemedicine, e-commerce, public sector employment families. show how new information e-banking and e-government, for the Dalits (whose name technologies can make and, of course, as a simple derives from the Sanskrit Within this context, the an active contribution to means of acquiring insurance. root dal meaning “broken, Jesuit Chennai Mission social welfare. Nowhere ground-down, downtrodden, works with the Dalits in are poverty levels falling as Tamil Nadu: or oppressed”), in practice their struggle against rapidly as they are in Asia, solidarity in action their social role remains marginalisation by providing

index particularly in China and constrained by the ancient access to advanced India, supporting the UN’s In keeping with its support mark of “untouchability” that educational institutions. In declared commitment to for the first objective of the they have always laboured addition, two local projects

10 allow, for subsequent use elsewhere; in this way the loss of an animal, damage to equipment, collaboration takes on a or a physical disability can have disastrous dynamic, entrepreneurial and consequences for the affected family wholly sustainable character.

were completed in 2011 female employment is in with Generali Millennium fact highlighted in the UN funding support. The Millennium Declaration as first was a canteen for a key factor in promoting 120 people, open every gender equality and an day to anyone attending effective way of combating the Loyola College in poverty and hunger. Vettavalam for study, work or professional training. In the Tamil Nadu village As well as construction of of Kuppayanallur the the building, the project same fund has helped to provides for the training and finance the construction of employment of five Dalit a brick-production facility women. Predictably, Indian employing three women students at the college and three men. Funds are On these two pages: have sometimes refused allocated to projects on the scenes of working to eat food prepared by understanding that they will life in the village untouchables. Support for be repaid when conditions of Kuppayanallur index

11 culture&society

First victories against Aids easy access to treatment leads to significant achievements in the global fight against the virus

by Alessandra Gambino and Gianni Guidotti

Thirty years ago, on 5 June 1981, a new form of pneumonia was discovered in Los Angeles. A few weeks later, in San Francisco the same strain was observed in a rare form of cancer, and it was quickly identified as a worrying new development, unlike anything seen before. AIDS had arrived. Since that date around 25 million people have died of this disease, while another 34 million are currently infected, 22 million of these in sub-Saharan Africa alone. Horizontal infection, as it is known, is not the only form; vertical transmission also occurs from mother to child, with 40% of pregnancies ending in the birth of an infected baby. Only half of these – half of 560 thousand - survive into their second year.

The peak, of 2.1 million deaths, was reached in 2005. However, according to the second report of UNAIDS – the Joint United Nations Programme to accelerate, intensify and coordinate global action against AIDS - the tide is beginning to turn. An alliance of science, activism and altruism is beginning to bear its first fruits; the efforts of the pharmaceutical companies led to the discovery in 1996 of the first drug to be effective against one of the enzymes causing the infection; the activities of various associations brought the problem to the fore and were decisive in containing the price of the drugs, while the combined efforts of philanthropists, politicians and volunteers provided the indispensible funding and support needed to overcome the spread of an infection that, as was soon evident, was not exclusive to the rich Western countries, but afflicted poorer countries in particular.

The generosity and solidarity brought to bear against a scourge seen thirty years ago as the consequence of immoral practice, have since caused it to be viewed in a softer light.

index The most recent data released by UNAIDS indicates that this reversal of previous trends is the principal effect of introducing widespread treatment to Africa, where mortality rates have

12 shown broadly uniform reassuring to us, as well as declines throughout, with to the political classes and stabilisation of the number on 5 June 1981, a new form of pneumonia was to international donors. of new cases per year. This Mortality rates have begun to can be attributed to the discovered in Los Angeles: AIDS had arrived fall throughout the world. We introduction of antiretroviral anticipate further progress therapy, a combination of in the next few years, with three drugs that help to encouraging results for reduce the viral load in the on the initial reactions of outset has aimed to provide public health. The enormous blood and other bodily fluids African politicians. He is the Africa with what is considered financial and human resources to a point where the risk of Scientific Director of DREAM in the West to be the gold committed to date have infection is almost eliminated. (Drug Resource Enhancement standard of treatment. not been in vain. Results We asked professor Leonardo against AIDS and are being achieved, and Palombi of the University of Malnutrition), a programme According to Palombi, “The initial indications are that Rome Tor Vergata to comment promoted by the Community initial data emerging from we are on the right track. on these positive results and of Sant’Egidio which from the UNAID’s latest report is The international scientific

Signs of trend reversal Source: Unaids Millions of deaths 2.5 2.0 1.5 1.0 0.5 0 1990 1995 2000 2005 2009

Spread of the virus throughout the world Source: Unaids HIV adult prevalence rate (%)

NO DATA AVAILABLE

0.5

0.5 - 4.0

4.0 index

13 culture&society

community has good news for to vaccinating everyone simulating projections of that, within 10 to 20 years at developing nations. We need else, breaking the chain of epidemic trends where the most, the disease could to encourage the political transmission. If we look at everyone has regular access be completely eliminated. classes as well as the many countries using different to rapid tests for infection sufferers”. levels of antiretroviral and comprehensive treatment It is an immense economic therapy, we see that there is available for everyone challenge, as was the If the prospects for finding is a reduction in the number infected: it was postulated introduction of tri-therapy a complete cure are still a of new cases in countries that within 10 years the as an alternative to the long way off - and hopes where its use is higher. The number of cases would fall cheaper and quicker single for producing a vaccine are success of the therapy is by 95%, essentially with a dose of Nevirapine, which fading - it now seems clear demonstrated by the fact that reduction from 20 cases per was administered to mothers that victory over AIDS will the two areas of the world thousand people to 1 case during labour but failed to be achieved only through a accounting for only 3% of per thousand. Although fully resolve the problem combination of tri-therapy new cases, the United States other strategic interventions, of vertical transmission. treatment and prevention. and Western Europe, employ such as prevention, can Investment in a costly but If antiretroviral drugs make antiviral drugs in over 95% of substantially reduce the effective project today it possible to block the cases. incidence of HIV infection, means saving the costs reproduction of the virus in this model suggests that of unnecessary projects an infected person, it is not The new frontier of the universal screening for HIV tomorrow; it means designing only that person’s life that is scientific community is might reduce transmission of a development plan centred saved, but also the lives of all therefore universal access to the virus to a point where the on Africa but of interest who might come into contact treatment. epidemic could be eliminated to the entire world. “The with the virus he or she by 2020; if treatment could prospects held out by these carries. It is a simple concept: In 2009 the “Granich model” be given to all those in need, recent studies,” continues

index treating as many people was already proposing a it would be possible to reduce professor Palombi, “are as possible is equivalent mathematical means of infection rates so effectively very promising, and we are

14 witnessing the beginning with malign influences of a very encouraging considered responsible for development. Our recent treating as many people as possible is misfortune and illness. Blame assessment of economic equivalent to vaccinating everyone else, is generally attributed to an factors clearly shows that breaking the chain of transmission and aged person or a child, who every euro employed in is then punished or killed. treating every infected person defeating the virus in the next 20 years Nevertheless, Kinshasa has is repaid within a year in a large population of young terms of ability to work, people who feel the need education, living conditions to redeem their country. and a reinvigorated labour are beginning to see the first return to their shanty town There is a pulsating energy force. It is not a paradox that results”. of alleys and hovels. Modern suggesting change is at hand; prudent and heavy investment Kinshasa is a city of over 10 it flows from the numerous in health today leads to major A new DREAM centre million inhabitants, lacking university centres, and from savings in the future and thus with help from refuse collection, street the construction projects that makes a highly advantageous cleaning and local transport change the face of the city on investment. This has been Generali services. Since General a daily basis. the experience of Western Kinshasa – Kin la Belle, as Mobuto’s army sacked and countries in the post-war it was once known. It was destroyed the city between This is the setting for the new period. The outlook indicated the jewel in the crown of the 1990 and 1991, education DREAM centre, completed by the WHO is optimistic and Belgian colony: with villas and public health systems with assistance from Generali. unequivocal. AIDS can be built along the banks of the have never been restored It is a continuation of the defeated in the next 20 years. Congo and occupied entirely and all services must be paid Company’s longstanding The international community by Europeans, the city closed for, even first aid. Social collaboration with the has an important part to its gates to the Congolese and health matters are still Community of Sant’Egidio play, especially now that we at dusk, forcing them to largely beset by superstition, that started with the financing

CONGO RIVER KINSHASA index

15 culture&society

of the construction of the Mbandaka centre, guaranteeing continuation of the project (see il bollettino no. 2, 2009). The Kinshasa centre was inaugurated last July in the presence of Joseph Kabila, President of the Democratic Republic of the Congo. Equipped with a molecular biology laboratory,

those who come receive viral load analysis and antiretroviral drugs, as well as nutritional guidance, counselling and home care

the centre offers viral load analysis to all those who come, administers antiretroviral drugs, and provides nutritional guidance, counselling and home care - all without charge. It is the thirty-third DREAM centre to arise in sub-Saharan Africa, in a new, ambitious programme that has already demonstrated the validity of its approach – the treatment of HIV-positive pregnant women, circumcision of all newborn baby boys and male children at high risk, more health education and increased training of qualified professionals.

Further information is available at www.dream.santegidio.org

index Photos: the DREAM Centre inauguration ceremony and laboratories in Kinshasa

16 The DREAM Centre in figures

10 YEARS OF ACTIVITY

TREATMENT EXTENDED TO 10 AFRICAN COUNTRIES 20 MOLECULAR BIOLOGY LABS 33 CLINICAL CENTRES

Guinea-Bissau

Republic of Guinea

Nigeria

Cameroon

Kenya

Tanzania

Malawi

Mozambique

Democratic Republic of the Congo

Angola

70,000 150,000 1,000,000 people receiving antiretroviral therapy patients assisted people supported by the programme index 600 euros 500 euros to enable 4,000 African 1,300,000 medical per year per patient an HIV-positive mother professionals trained examinations performed to give birth to a healthy child

17 column

by Paola Cabas a tour of meetings aimed at spreading an environmental culture within the Company How do we approach environmental matters today in Generali Group? We tour all our main offices, organising themed meetings for employees which examine different areas of interest with one eye on the company and one on the areas in which we live.

Between November 2011 and February 2012, the Corporate Social Responsibility Department, working with the Group’s Internal Communication Department and the Generali Group Innovation Academy, planned and launched a unique initiative focusing on the environment and the company’s efforts to monitor and protect it. We called it 5 tappe per l’ambiente (5 Steps for the Environment), and organised it as a trip around Italy, pausing at the Group’s main offices in Trieste, Mogliano Veneto, Milan, Turin and Rome.

The tour included two rounds of meetings on two different subjects: the first, departing from Trieste on 28 October, examined matters relating to energy, water and waste, while the second, organised between January and February, looked at mobility and paper.

the great benefit, apart from the depth of detail, is geographical contextualisation, a different focus in each region

Generali, which has been encouraging a strong and enduring environmental culture among its staff for some years, saw this project as a means of involving them in a programme with clear aims: heightened awareness, information about Group initiatives, and acknowledgment of individual responsibility. A number of well thought-out activities were designed, with participation from many internal departments and external contributors, including researchers, university professors, and environmental specialists of various kinds. The concept devised

index by Group Internal Those who participated did so voluntarily as the meetings were Communication to held outside working hours. They took part fully in the lively promote the initiative

18 low impact

discussions, particularly on issues of general concern rather than the workplace alone; differentiated waste collection, for example, or the consumption and conservation of water and energy, important matters for everyone, not just those who fight on the front line in the “battle for the environment”.

I believe that the great benefit of these corporate sustainability events, apart from the depth of detail explored by those who set up and often run the projects, is geographical contextualisation, in other words a different focus in each region. Company members presented Generali Group’s many activities in the cause of sustainability, describing how they are implemented and acknowledging external partners such as consultancies and suppliers, from whom a number of representatives presented first-hand accounts of their aims and methods. Little rhetoric but plenty of data and numbers: a commendable approach to environmental issues.

An educational project was developed in conjunction with the Generali Group Innovation Academy to supplement the 5 step tour, adding e-learning to the other activities in the meetings. When both rounds of meetings were completed, the course (including updatable areas and FAQs) was made available online to all Group members in Italy.

While acknowledging the abundance of data already produced by these initiatives, we feel that the level of interest, and the importance of the topics covered, justify further study, and we shall return to the subject in future low impact articles. index

19 culture&society

Career news: future OFFERED over one thousand young people and 28 big companies took part in the fifth Career Day held at Ca’ Foscari University

by Elisabetta Delfabro

Following the article on employer branding published in between the business world and the university we spoke the sixth edition of il bollettino in 2010, we return to the to Domenico Sartore, full professor of Econometrics in the subject of Generali Group’s ties with universities. This has Department of Economics at Ca’ Foscari, and Director of the been prompted by the fifth Career Day held in late 2011 at Specialist Master’s Programme, the International Master in Ca’ Foscari University, Venice, with the participation of 28 Economics and Finance. international companies, including Generali, together with over one thousand young people, some bringing their CVs, We then met professor Gianluigi Gallenti, Dean of the Faculty some exploring the company exhibition areas, and others of Economics at the University of Trieste and full professor of participating in the various workshops. To assess the Agri-food Economics, to seek his views on how young people significance of this annual event and learn about the links approach the world of work and, in particular, their first job. index Domenico Sartore, full professor of Econometrics in the Department of Economics at Ca’ Foscari University, and director of the International Master in Economics and Finance

Professor Sartore, can you that Ca’ Foscari has made explain the significance considerable progress in “placement is one of the tasks that the of an event like the Career this direction, although of Ministry has handed over to the universities, Day? course there is still room and it has to be tackled with appropriate for improvement, as there This is a one-day event facilities” running from early morning always is. to late afternoon in the Domenico Sartore exhibition area of the In the old university system historic Ca’ Foscari site, and none of this existed… open to all students at the Quite true. This is one of to contend with, something Are there other events that university. A large number the tasks that the Ministry that is now essential for are as well received as the of companies participate, has handed over to the the students. They are Career Day? including international universities, and it has to now followed throughout Another important annual ones such as Assicurazioni be tackled with appropriate their courses and also event, normally held in Generali. Students enjoy this facilities such as ours. Until after graduation, another late spring, is the Financial face-to-face contact between a few years ago, only private difference between the new Day, organised by the the worlds of university institutions like Università and the old system. Department of Economics and professional life, and Bocconi performed any where I work and the are keen to take part in it. I substantial marketing activity Are you referring to Department of Management. might add that here at the and followed students’ internships, scholarships Clearly this is a more university we are developing progress after placement. and experience abroad? specialised event than the a section known as The approach of the state Certainly; all these initiatives Career Day, with particular “Internship and placement”, universities was quite fall within the same area relevance for businesses in which is making great different in this respect. and dedicated offices are the financial and banking progress in this direction. assigned to each, so a sectors (such as Generali, It seems paradoxical to have great deal of organisation which has always been So it’s the university itself new resources directed at is required. It’s an area that among the contributors) that acts as a springboard easing the process of finding also concerns the Erasmus because it naturally attracts into the world of work? work, when at the moment programme, and you can well students and graduates in Yes, that’s right; it is jobs are hard to come by! imagine the huge amount this field. dedicated to the essential In fact it was well timed, as of activity that goes on Presumably these are the task of ensuring that the university had to adjust behind the scenes in order to index things function in the best to doing something that provide these opportunities people to recruit then… way possible. I believe previously they didn’t have to students. Definitely, although I do

21 culture&society

think that a large group like is without doubt still very I can best explain this by way hired by a major firm. Generali might sometimes important. of an example of something consider a literature that happened during the Is the university still graduate or language Do you find these, shall last Financial Day. After attracting talented people? student to strengthen non- we say, less academic the report given by Marina Yes, we certainly have young financial or non-insurance interludes equally Collautti from Generali we people here with the desire to heard the contribution of a areas, so the Career Day professionally rewarding? learn and plenty of talent. young female graduate, the holder of an International Master in Economics and some bringing their CVs, some exploring Finance from Ca’ Foscari, who gave an account of her the company exhibition areas, and others professional experience. participating in the various workshops… It gave me great pleasure to see her again and congratulate her on being index ph . RENATO DALLA VENEZIA

22 Gianluigi Gallenti, Dean of the Faculty of Economics at the University of Trieste and full professor of Agri-food economics

On the following page: the winners of the scholarships in economics awarded by Generali in 2011

Professor Gallenti, if you student would be able to were a student now, in 2012, seize the best opportunities what would you do? for professional training as “the University’s current structure offers First of all I would have a they arise. For example, he various levels of education and facilitates good look around and try to or she might not necessarily further studies, including second degrees” make myself independent as decide to study for the Laurea quickly as possible. Then I Magistrale (Second Cycle Gianluigi Gallenti would choose a course that Degree – 2 years of more offered a flexible education specialised study leading and a good chance of to a postgraduate degree) employment in the future. immediately after gaining young people can find more there’s not just a generation the Laurea Triennale (First opportunities for personal gap between these How do you reconcile the Cycle Degree – 3 years of full growth by getting involved students and me, but more concept of flexibility with time study leading to a basic in things, perhaps even importantly a difference in the search for a well-defined degree), but might choose considering the possibility of our experiences. Today’s professional identity? to gain some professional working. There is no reason students grew up with the The search for a well-defined experience in the business why one shouldn’t study for internet and were familiar professional identity is world first and finish studying the Laurea Magistrale after a with mobile phones from certainly a complex matter, later. break; indeed, attaining this infancy; there are stark because you begin your Second Cycle Degree, is just differences between them university studies without a This isn’t the traditional as important and valuable and even the students of just clear idea of what you want pattern however… it’s not as post-graduate continuing two courses back. It is very to do in life. Any number of something that parents education. difficult to know how young unexpected events can crop really want for their sons people of today go about up in your education and your and daughters! I would guess that you making choices, having lived career. What I really mean by This may be true in Italy, have formed this opinion in a world where everything flexibility is a state of mind, but they are more used to as a result of living in at one point seemed not in the sense of a student this kind of thing in other close contact with the new merely possible, but within who adapts to different countries. I agree that generations of students easy reach. They also have situations and makes study parents always hope their coming through the system… more chances to travel and career choices according children will keep to their True, but it’s certainly and have experienced an

to circumstances and varying studies and not lose interest. not easy to answer your education system that is index needs rather than taking However, in my view, which question about what I much less rigid than it was in a rigid standpoint. Such a is shared by my colleagues, would do in their place, as our day.

23 culture&society

Perhaps they have so many experiences growing up. In my for the teaching process, but If a student returns for a incentives and opportunities agricultural economy course it’s also a stimulating challenge final two years of study after that they end up disoriented? I once suggested that my if approached calmly and a period away, does this It’s a difficult question and we students should analyse an positively! require a different teaching obviously can’t generalise, agricultural business – I meant approach? but to me and my fellow in person – and I was asked In your view does the Above all this implies that professors it seems that they if all the information could university’s current structure we need to organise our are deficient in some basic be found on the internet. We help young people to grow? courses in the knowledge areas that we would tend to now live in such a way that we I believe so, because it offers that students may decide take for granted, although perhaps tend not to “get our various levels of education to switch subjects when they have other abilities that hands dirty”, which is often and facilitates further studies, they return for the final two years of study (Laurea are not always employed essential to an understanding including second degrees. The or perhaps are of little use Magistrale); mathematicians of how things work. I would idea of taking a break after the in traditionally organised and physicists, for instance, university courses. Many might switch to statistics or young people seem to have actuarial studies. I would say, difficulties managing their therefore, that we need to studies, so we discuss the be open to new ideas. There matter in detail when we is another interesting aspect meet new students in the that I have discussed recently faculty, because a decision with colleagues: teaching a on whether or not to take mixed class, which requires particular exams requires an unconventional teaching the maturity that comes both approach, is a completely from knowing one’s own new experience for lecturers capabilities and from a full and extremely rewarding from knowledge of the educational a professional standpoint, opportunities on offer. The while a multi-disciplinary university also offers a tutorial approach is also stimulating service that is not used to full for students. advantage; it is carried out by older students who compete for the role and are paid to undertake specific tasks that help new students acclimatise to university life. This position was made possible by a ministerial decree of the late Nineties and formally appointed in each faculty. therefore say that young people Laurea Triennale is definitely Would you relate this today have a different attitude a new direction to take, but situation to the apparent to study, with their own one that seems to me to open lowering of educational standards? particular way of approaching up different opportunities. subjects, not always what we I see people working and Talking about a lowering expect, but not necessarily any then returning to university of educational standards is a little exaggerated in my less valuable on that account. with a very mature outlook, opinion. Sometimes students They develop skills that we of assuming they haven’t been a different generation are not out of education for so long index struggle with the simplest of problems, but, as I was familiar with; this certainly that they’ve lost interest in saying, this is due to different causes significant difficulties studying.

24 fromthegroup

Innovation days index the “ideas machine” generated a roadmap of sound projects fromthegroup

by Josef Hlinka them on a scale of 1 to 10 the question underlying the event is “What according to the following criteria: Like many other businesses of new product can Generali develop to benefit Generali Group, the Austrian ██Will this idea help Generali companies are also focusing clients?” to sell more policies? closely on innovation, in line ██Will it positively influence with the recommendations client satisfaction? from Central Head Office in ██ Will it make Generali a more attractive proposition? Trieste. The route chosen by Generali Austria to perform this strategically important task has no parallel within the Group. ██ Can it be implemented in a reasonable timeframe? It involved around 80 employees, clients and in particular young people, who have a critical look at insurance. They all The output of this workshop is a roadmap showing the participated actively in the “innovation days”, an event during innovations to be applied in the next five years. One of which they spent two days in a so-called “ideas machine”. them, the Kids Care package for children, has already been The system, developed by the Swiss company BrainStore, has developed and is now available. It is an extremely flexible produced excellent results in more than 1,500 cases, including product for young people up to 15 years of age, covering for major companies such as BMW, Siemens and BASF. important matters such as health and accident insurance, and long-term financial planning. The question underlying the event is “What new type of insurance can Generali develop to benefit clients?” The exercise This initiative by Generali Austria has shown that innovations has already thrown up over 1,000 creative ideas. A second are not just ideas, but applications that must be successfully selection phase has narrowed these down to a list of the top developed for the market by responding to two questions:

20 ideas. The participants discussed them at length and rated ██ What kind of innovation do clients most want? index

26 Right: the first output of the over 1,000 creative “ideas machine”: the KIDS Care product ideas were thrown

On the previous page: up; a second a moment during the selection phase innovation days narrowed these down to the top 20

products and services, which can thus be adapted to meet constantly changing client expectations”. With these words Luciano Cirinà, CEO of Generali Austria, sums up the essence of innovation.

██ Has the insurance sector to clients who actively really exhausted all participate in them for possible avenues? maximum benefit, including economic advantage. Clients look first for reliable Generali Austria knows that professional service and the innovation process can performance of the highest produce satisfactory results quality, but also want a very only if it accommodates flexible product that meets new thought patterns. With their needs, not just when the innovation days and the policy commences, but the results achieved, this during the entire period of objective has been reached cover. in an extremely satisfactory manner. For Generali Austria,

innovation means insurance “A company’s future can index and service solutions, and be secured solely through processes, that are oriented continuous development of

27 pensiondossier

Valore Pensione: adding value to our pension an integrated solution to meet the market’s new requirements

by Antonella Maier and Marco Oddone

“The issue on everyone’s mind: pensions!” This phrase from a These are, however, outdated concepts. With state pensions Company advertising pamphlet of 1957 is just as relevant today. now recognised as inadequate and dim prospects for property The important social security reforms of recent years have investment due to tax implications, there is a general awareness actually increased the gap between the final salary payment and that pension provision needs new thinking. It is a sensitive the amount of the first pension cheque, a gap that is frequently question that worries even parents and grandparents, since so large that there is a pressing need to find integrated it is primarily the young who will be affected by the pensions solutions complementing the so called “first pillar” state crisis. Professionals in the sales network confirm the increasing pensions. It was this that led to the launch of the “three pillar” perception of pension policies as valid alternatives to bank or system of state pensions, post office savings accounts, supplementary occupational which are not specifically pensions (pension funds) and designed with pension individual savings (including in an increasingly flexible labour market, it is provision in mind. life insurance policies), first mooted in the Dini reforms of primarily the young who will be exposed to the The Company’s principal 1995. risk of inadequate pension provision vehicle for bringing its experience and For the average employee, professionalism to this fluid finding the best answer to the scenario is Valore Pensione. question of pension provision This is our Individual Pension is a difficult matter, beset by complexity, constant change and Plan (PIP - Piano individuale di previdenza), essentially an the prevailing general ignorance of pension matters in Italy. As insurance policy which combines the advantages of the we know, Italians have long taken a passive attitude towards third pillar – policies cannot be pledged or sequestrated and pension arrangements, content to rely on the guaranteed high exemption from inheritance tax – with the benefits of the second, pension coverage from the mandatory and contributions-based such as flexible contributions and tax relief.

index state system. A further factor is the particular appeal in Italy for property investment, historically a common means of boosting Valore Pensione makes it possible to formulate a pension plan retirement income. using a highly professional tool, beginning with the choice of a

28

pIù spazIo.

www.generali.it

Il tuo futuro sI merIta

conveniente.

è molto più

Valore pensione

di 40 anni?

E se hai meno

informazioni qui in Agenzia. Se esposto al pubblico è obbligatoria la presentazione della denuncia ed il pagamento da parte dell’espositore dell’Imposta Comunale sulla pubblicità, ai sensi degli artt. 21-22 D.P.R. 26/10/1972 N. 639. essaggio promozionale riguardante forme pensionistiche complementari. pensionistiche forme riguardante promozionale m essaggio Valore www.generali.it. su e agenzia in disponibili contratto, di

Chiedi maggiori Generali.

individuale di previdenza di Scopri Valore Pensione, il piano p ensione - - ensione rima dell’adesione leggere la nota informativa, il regolamento e le condizioni generali generali condizioni le e regolamento il informativa, nota la leggere dell’adesione p rima p iano individuale individuale iano p ensionistico - fondo pensione iscrizione all’ iscrizione pensione fondo - ensionistico a lbo C lbo o VI p N.5005. PMGV078 - 3. Ed. 10/11 Servizio Commerciale - Marketing PMGV078 - 3. - Ed. 10/11 - Servizio Commerciale - Marketing - Marketing PMGV078 - 3. Ed. 10/11 Servizio Commerciale N.5005. p VI o lbo C a ensionistico - fondo pensione iscrizione all’ p iano individuale p p rima dell’adesione leggere la nota informativa, il regolamento e le condizioni generali ensione - p

Scopri Valore Pensione, il piano individuale di previdenza di Generali. Chiedi maggiori m essaggio promozionale riguardante forme pensionistiche complementari. di contratto, disponibili in agenzia e su www.generali.it.Valore informazioni qui in Agenzia. 26/10/1972 N. 639. dell’Imposta Comunale sulla pubblicità, ai sensi degli artt. 21-22 D.P.R. della denuncia ed il pagamento da parte dell’espositore Se esposto al pubblico è obbligatoria la presentazione

E se hai meno di 40 anni? Valore pensione è molto più conveniente. Il tuo futuro sI merIta

www.generali.it index pIù spazIo.

Communication material for points of sale in Italy

29 pensiondossier

“pension moneybox” in which to accumulate funds: A sales consultant offers professional expertise to help the client decide between separate management, the internal fund ██ Gesav Global, a separately managed fund for individual pension plans, with performance guarantees; and combined investments, making it possible to create an appropriate pension savings plan, aligned to the client’s age ██ the internal A.G. European Equity fund, which seeks the best and attitude to risk, that balances guarantees against potential rates of return offered by the market; returns. The Gesav Global product is particularly suited to

██ investment routes that combine both solutions in a predefined the current climate, in which clients tend to avoid risk and manner. even adopt a cautious attitude to the financial performance

index The main character of the “Valore Pensione” press campaign guarantees of managed funds. It has also consistently returned impressive results, its features reflect the needs of the client: achieving average net security and protection of contributions, even performance of 4.41% over 4 years, while the most recent in difficult market conditions available comparison of the management of Ramo I (Italian insurance category) up to a certain maximum, to Generali professionals across PIP related policies gives it a reduce their tax liability in the country. This allows the sector Top Ten position with the following twenty years. Company to exploit the web’s an average 3-year return of The interest shown by COVIP potential to reach young 4.04% (source: COVIP and (Commissione di vigilanza sui adults who, as we have seen, ANIA 2011). Its option to fondi pensione), the Italian are among the principal provide a pension income supervisory commission on users of the internet and its payable to the client’s pension funds, has been capabilities. immediate family (spouse rewarded by the encouraging and children) at the end of figures shown in the first The expanding market for the accumulation of pension three months of operation private and complementary contributions is another from October to December pensions will be a prime significant advantage. 2011. Compared to the same target of Company focus period in 2010, there was a during the coming year. It is The issue of financial security 76% increase in the number undeniable that social issues for the new generation of of clients in the target group are connected with pension workers is what lay behind (those aged forty or less), provision, and since this is Assicurazioni Generali’s latest and a 118% rise in the number one of its reference markets, initiative, in October of last of new subscriptions – clear Generali will respond with year, to increase pension evidence of a receptive a structured offering based awareness in young people. market. on innovation and service. For clients aged forty or In an intermediary these are under who take out a new The features described above important qualities, which are PIP, Generali has added to are a clear indication that enhanced by the reliability the benefits that current Generali’s caring philosophy and solidity traditionally legislation provides for people is firmly embedded in Valore associated with the Generali starting a pension plan early, Pensione, which is supported brand. A client opting for by waiving premium loading by a publicity campaign Valore Pensione can be for all contributions made conducted not only through confident of making the ideal in the first two years. This radio and the press, but also choice for meeting and beating important benefit is further on the Company website the challenges to come. evidence of the Company’s www.generali.it. A recent “social” role, particularly in major re-design of the website the pensions market. The has expanded the area objective is to persuade dedicated to pensions and young people to act as soon has introduced a calculation as possible while time is on tool that simply identifies any their side. In this regard, a gaps in pension contributions significant but not widely and the means to remedy it. known advantage provided A pension tool to be used by current regulations is a tax alongside an indispensible consultation in an agency, concession allowing people in index their first job to use their first enabling the client to make five years of PIP contributions, use of the specialist skills of

31 pensiondossier

The card of the future Generali France launches an innovative solution for the life insurance sector

by Estelle Jeandel

It all sprang from an idea by entrepreneur Marc Baillet, inspired by partner companies in the programme, who may themselves by a desire to blend economic and social utility and to lay a benefit from enhanced customer loyalty. Over a thousand online simple and substantial brick in the complex edifice of pension sales sites and major French brands have already signed up to finance. It led to the birth of Futureo, an original savings the programme, and other partnerships are being finalised. solution based on the principle of “consume more, save more”. Whenever the Futureo MasterCard is used, the account holder Futureo’s creator chose Generali France to bring this new is credited with a variable percentage of the amount spent, idea to fruition, not only because of its leading position in the and the sums accumulated can be used as payment towards a life insurance sector, but also because of its skill in handling Futureo Vie life insurance plan from Generali. Credits are made innovative projects: “We were alone in being able to meet the index

The Generali France team involved in the project

32 blending economic and social utility and laying a simple and substantial brick in the complex edifice of pension finance

requirements of Futureo short-term rewards, it offers and tackle a similar range of the chance to build up funds objectives,” explains Christian that can be used for long- Acknin, key accounts manager term benefits, and operates in the Business Development with no detriment to the more Futureo, a triple innovation Department of Generali traditional pension solutions. France. “In itself,” explains Christian Acknin, “Futureo is neither “social” Futureo offers Generali France a life insurance plan nor a because the project responds to the a number of interesting pension funding strategy, new attitudes of “smart” consumers, possibilities: increased but rather a service that offering a tangible return on savings deposits, a simple combines a means of payment purchases and persuasive programme and the advantages of a to attract new clients who customer loyalty programme would never otherwise have while helping the user to taken out life insurance... and, build up savings”. Futureo of course, the possibility of was launched on 1 March acquiring further insurance 2011, and has already won business as a result of this recognition in the form of the technological initial contact. French Insurance award for 1 innovation, the Argus d’Or de because of the integration Futureo is also a responsible l’Assurance, in the “Personal of complex data flows to insurance solution that differs Insurance – General Public” trace credit card transactions from conventional cashback category, perhaps a harbinger and transmit them to the IT schemes and allows the of further awards to come. systems of Generali France consumer to benefit from every purchase. Rather than awarding loyalty points and 2 organisational because it was necessary to Further information is available at www.futureo.fr coordinate around 70 colleagues with various professional skills in order to complete the project successfully and in record time, between September 2010 and January 2011

3 index

33 pensiondossier

A Pension Planning Centre the over-fifties are a key sector for Generali Switzerland

by Eva Gori The specialised Pension one of the functions is to offer agencies the Planning Centre (Zentrum für The over-fifties, who often services of a pension planning expert to pensionsplanung - ZFP) provides enjoy substantial incomes and support for consultants dealing wealth, form a very important ensure that the client receives a financially with these clients and is crucial client sector. The potential attractive plan in helping them to achieve they represent was quickly success. Input from pension recognised in Switzerland planning experts constantly and, with backing from Central on the lookout for the best Head Office in Trieste, has become integral to our strategy, solutions offers significant benefits to external personnel and which has focused primarily on the creation of a dedicated clients alike. Our professional consultants, who have a widespread index Competence Centre and the development of specific products for local presence and extensive knowledge of regional factors, can this age group. offer clients clear advantages, particularly in fiscal matters.

34 The Competence Centre In support of the initiative Pension planning is an extremely diverse and complex subject, even for the experts. One of the Centre’s principal functions is A special ZFP microsite is currently being developed and will to offer agencies the services of a pension planning specialist be uploaded to the internet in 2012 by Generali Switzerland, as to ensure that the client receives a financially attractive plan. “It a partner specialising in the 50+ sector. We are also fostering is a significant aid to external personnel and their clients in the partnerships with interest groups and organising educational diverse and complex area of pension planning,” explains Pierre events for the over-fifties target group. Generali Switzerland Meyer, who is responsible for the Lucerne Managing Agency. employees are also entitled to use the specialised pension Furthermore, by making joint visits to clients with a specialist planning consultancy services. who can advise on particular issues such as early retirement, inheritance and capital protection, external personnel can gradually build up their own expertise. To date over 500 pension Some figures: plans have been devised and concluded. “On the whole, substantial sums are involved, and there is a high take-up rate,” 500 states Roger Jansen, Centre manager. pension plans generated since Consultancy and customised solutions are essential elements of February 2009 pension planning. The client approach is based on a three-stage model: 200,000 ██ from the age of 50 it is advisable to develop general plans to Swiss francs meet personal pension targets before drafting an individual the average master plan; premium paid by a ██ three years or so before actual retirement age an important client aged 50+ decision-making phase opens up; at this point there may be several conflicting options due to the Swiss regulations on compulsory employee benefits, the performance of which can 260,000 vary with substantial fiscal consequences; Generali Switzerland clients over 50 years ██ from 70 to 75 years of age, investment choices generally need of age to be reviewed and possibly modified, with a view to switching to low risk investments that provide a guaranteed rate of return.

The integrated consultancy model (see illustration) and the balanced range of products offered by Generali Switzerland and BSI, mean that the three stages represent interesting business opportunities with sustainable results. index Roger Jansen, manager of the Centre

35 fromthegroup

Let’s imagine our future GEB’s perspectives for itself and its partners index

36 by Simona Frisoli

Fresh from celebrating its 45th anniversary (1966-2011), What are the major assets that will allow GEB to prosper? Generali Employee Benefits is ready for action once again Our organisation benefits from a strong intercultural element with renewed energy and competitiveness. The turmoil and that means it can assist clients in their own language and with complexity of the current global socio-economic context a deep knowledge of their culture; we have 19 nationalities means, more than ever, that we must have the courage and working at the Brussels Head Office, and 25 or so in the readiness to review our business model if we are to compete organisation as a whole. With the expansion of the employee with renewed vigour and achieve sustainable growth in the benefits market into emerging countries – and, as we know, face of any challenges that may arise in the years ahead. this is a concept that evolves over time – GEB is well placed to respond to client needs. The recent prevailing sense of urgency derives not only from the state of the macroeconomy and the financial markets, As well as this strong multicultural element, which enables but also from the fact that every day we serve multinational us to serve different clients in countries at various stages of clients who operate in various development, we are also countries and are therefore notable for the technical among the first to feel the insurance training of the effects of current global clients see GEB as a partner with whom sales force, supported by conditions. Clients see GEB as they can build a stable future, providing efficient central structures a partner with whom they can (IT, reinsurance, actuarial, build a stable future, capable impeccable standards of service etc.). When adverse market of providing the security conditions make client that their employees need, solutions difficult to achieve, through an established and our ability to count on people reliable insurer that guarantees impeccable standards of who are ready and able to tackle the current complexity and service at all times. Ludovic Bayard, chief commercial officer, come up with effective solutions gives us a clear and winning offers some tangible examples of how GEB is coping with competitive advantage. these troubled times. Finally our strong geographical presence, with over 13 regional The first question that clients ask us today is: what does offices distributed throughout the world, allows us to offer tomorrow hold? How does GEB see the future? immediate, in situ assistance to our clients, who enjoy the For about six months we have been closely examining our reassurance of a direct and locally based service. business model and considering possible future developments in the economic sphere (increasing globalisation or a return How does Generali Group come into all this? to local or regional protectionism) and in competition (new Belonging to Generali Group not only presents a strong image of players with new strategies). stability, integrity and reliability, but also ensures an extensive We are trying to identify and strengthen the skills that and sound reputation in the international insurance market. distinguish us from our competitors and that will be decisive We are also one of the few global networks that are based on in our battle to retain global leadership. We have used effective reinsurance of local contracts and own most of the internal workshops, involving the entire organisation (100 insurance companies through which they operate. people from 13 countries), and the services of a consultant In practice, how are you planning for the future? Will it be to analyse the market, our competitors, our strengths and index possible areas of improvement, as we prepare ourselves for positive, negative or neutral for GEB? the challenges to come. Our market reputation is no accident; it springs from our

37 fromthegroup

commitment to prepare for the future. We are working to maintain leadership, reviewing distribution strategies, updating the product range, strengthening both local and central teams, adopting a clear customer relationship management strategy and, above all, continuing to improve client service, which is regularly monitored through customer satisfaction surveys.

GEB instinctively takes a positive view. A few years ago we were in third place in the employee benefits market; now, thanks to the commitment of all the companies in our network and their employees, and the support of Generali Group, which has enabled us to invest recently in resources and infrastructure, we are the leading company by premium income. We shall continue to work hard and move forward so as to hold on to this position.

“we are flexible, agile and genuinely client- centric, and we are able to adapt rapidly to changes in the market” Ludovic Bayard

In my view one of GEB’s key attributes is its ability to work with, and for, its clients. We are flexible, agile and genuinely client-centric, and we are able to adapt rapidly to changes in the market, where we occupy the front line alongside the great multinationals that are our clients.

We have set sail on this new voyage buffeted by market storms and the winds of change, but we like to think that in essence Proust was right: “The real voyage of discovery consists not in seeking new landscapes, but in having new eyes”. index Ludovic Bayard, chief commercial officer of GEB

38 fromthegroup

A valuable heritage a new editorial initiative regarding nineteenth-century documents held in the Company’s Historical Archive

by Annamaria Miot and Roberto Rosasco

The introductory section concludes with two further The editorial initiatives by Group Internal Communication in contributions summarising the Company’s activities in the recent years, covering historical and cultural aspects of Assicurazioni nineteenth century and the evolution of its logo. The first of Generali’s long journey, are now complemented by a new volume these texts in effect resumes the story begun in Il tempo del of particular scientific interest compiled from nineteenth-century Leone (The Years of the Lion), the book published in 2007 documents held in the Company’s Historical Archive. to mark Generali’s 175th anniversary, everything in the book having been carefully verified for this new publication against The book opens with a section in which the organisation, activities documents held in the Historical Archive. The second illustrates and objectives of the Historical Archive are presented in an interview changes to the Company trademark during the second half of with the Archive’s head, Marzio Lipari, and a technical account, the nineteenth century, from the original Habsburg eagle to the written by Archive staff, describing its functions, particularly in winged lion of St. Mark, and the various modifications made to regard to relevant legislation, and listing the principal collections the latter. and types of documents held. index

39 The main body of the book consists of a series of monographic Giuseppe Lazzaro Morpurgo, the chairmen Giovanni Cristoforo studies divided into three subject categories: documents of Ritter de Zahony and Marco Besso, and great technocrats the Historical Archive, men of the Group and “moments in such as Masino Levi, Vitale Laudi and others. The section is history”. There are 24 entries dealing with nineteenth-century completed by seven entries on defining historical moments documents, either particularly significant individual ones such of the period, such as the events of 1848 and the birth of the as the Social Contract of 1831 and the new Statute approved Kingdom of Italy, enabling the reader to set the Company’s by the General Congress in 1864 (and by the competent progress in the political and social context that so decisively authorities in 1868, the year of the printed version), or entire influenced its development. correspondence charting the Company’s business development over time and describing, for instance, Generali’s initiatives in The book concludes with a comprehensive index section providing insurance against hail damage, investment schemes containing valuable entries on the people and businesses cited known as tontine and its expansion in the various states that in the work and on all the published images and their sources. then made up the Italian peninsula. The eleven entries on men The historical Company documents reproduced in these of the Group contain brief biographical notes on the principal pages were digitally recorded in this exercise to further enrich figures of the Society’s birth and growth, including the founder Generali Group’s iconographic archive. index

1837 1860 1862 1864 1868

40 This volume differs in appreciated not only by obtained from the Historical On page 39: style and structure from historical researchers, but Archive or from Group Internal some of the Company’s share a specialist archivist tool, also by Group employees in Communication; the Italian registers (1837-1894) although it maintains an general and other readers version will be available in late On page 40: essential scientific rigour, with an interest in the April, and the English version Feige Gottlieb’s life insurance and will therefore be subject. The book can be is already being prepared. policy (Lviv, 31 January 1861)

Above: notification issued by the particularly significant individual documents Congregazione Municipale in Venice and addressed to the as well as entire correspondence, charting director Samuele Della Vida the Company’s business development (30 May 1833, Venice) over time

After 1848, the Habsburg eagle, original emblem of the

Company, was still used at the index Central Head Office in Trieste, whereas the winged lion of St. Mark was selected as the logo for the Italian territory 1879 1880 1903 1912

41 culture&society

Flying higher and further Alleanza Toro and its distinguishing social commitment

by Annamaria Auteri

Corporate Social Responsibility (CSR) can be thought of as It is a commitment that deserves wider recognition: Alleanza the integration of ethical concerns into a company’s strategic and Toro, in fact, always viewed social responsibility as a vision: it is the manifestation of the willingness of an enterprise, strategic matter, pursuing their business activities with respect whatever its size, to effectively manage the impact of social and for individual and community interests, and adhering to a broad ethical issues, both internally and in its operating areas. system of rules and values without which they would have been unable to operate responsibly and transparently in their various It means that a business fully recognises the environmental and internal and external activities. social effects of its activities and in this respect carefully manages its relations with employees, clients, suppliers and partners, as well as the community and institutions. CSR thus goes beyond respect for legal requirements; it is the voluntary adoption of particular attitudes and practices in the belief that they will bring benefit and advantage to the business and public alike. index

42 Following their young people escape from amalgamation, Alleanza Toro emergency or crisis situations formalised a procedure for or social difficulties. alleviating social ills in a more structured manner; its The number of projects website now hosts an annual submitted rose from 110 “competition” in which in 2009 to 262 in 2010, funding is allocated with demonstrating not only that the aim of helping to relieve associations are increasingly hardship related to illness, aware of corporate support

corporate social responsibility goes beyond respect for legal requirements; it is the voluntary adoption of particular attitudes and practices

marginalisation and social for social initiatives, but also distress in general. of the fact that in some cases and in some regions private This initiative, restricted to contributions are the sole non-profit organisations, source of finance for generous is expanding. In the last and voluntary initiatives of two years funds have this kind. been allocated to 40 projects that were put The rules state that each forward by organisations association must include and associations based in its Articles of Association, Italy, and which focused Memorandum of Association, on providing training and curriculum and latest careers guidance for young accounts when submitting a people of all nationalities project. throughout Italy. These projects aim to encourage The projects, which must be integration and help received by 31 December, are

The handmade paper production workshop set up by ANGSA Umbria Onlus (Associazione nazionale genitori soggetti autistici

– National Association of index Parents of Autistic Children – Umbria branch)

43 culture&society

compiled, catalogued and read efforts on a younger and more early in the following year, vulnerable target group. There with selections being made will be backing this year for according to the following projects that help and support criteria: families with children affected Validity:priority is given by ill health or other problems, to practical and effective as well as those promoting projects that offer genuine integration, training and assistance to young people employment opportunities of all nationalities in the aimed at helping young people form of courses aimed at escape from crisis situations acquiring relevant skills easily or marginalisation. transferable to the world of work or opportunities for paid Small drops in an ocean of internships. need! National coverage: the aim is to achieve an equal distribution of aid between northern, southern and central Italy. Beneficiary categories: beneficiaries are classified as Italian or foreign, and male or female; in this regard, the number of projects aimed exclusively at foreigners and females reflects the extent to which these two groups are still the most disadvantaged. Type of applicant: religious associations, cultural bodies, non-profit organisations, non- governmental organisations (NGOs), etc.

The commitment to this initiative is being renewed in 2012, with Alleanza Toro further concentrating its

index Two pictures of La Semente day centre managed by ANGSA Umbria Onlus

44 culture&society

From snow to sand Generali Poland sponsors former world champion ski jumper Adam Małysz’s participation in the Dakar rally

by Rafał Kałęcki

For some months Generali Group in Poland has been “Generali has supported Małysz for some time with sponsoring the RMF Caroline Team, one of the nation’s leading sponsorship and insurance cover: we were at his side groups competing in off-road rallies. The team boasts highly when he was winning the most important medals of his experienced sporting champions who have made their mark at career, and also when he was experiencing physical world level - Łukasz Łaskawiec for example, winner of a podium problems that resulted in less satisfactory results. We place in the 2011 Dakar Rally and current European Champion - were very happy to be able to support him over the years and recently welcomed the former World Champion ski jumper through good times and bad, and will continue to back him and Olympic medal winner Adam Małysz, who competed in the in his new career as a rally driver,” states Artur Olech, CEO 2012 Dakar Rally. of Generali Poland. index culture&society

By afternoon, the top drivers Important media Effective strategy The Dakar: an have completed a day’s drive cover The initial involvement with extreme rally raid of hundreds of kilometres professional rallying has worth of stages and The cooperation with Adam Małysz attempted one justified hopes that the RMF competitive special sections. Adam Małysz and the RMF of the world’s most testing Caroline Team and Adam Others arrive at night, and Caroline Team represents rallies: the Dakar (originally Małysz were capable of some not at all. Fewer than a continuation of Generali the Paris-Dakar) was success at the highest levels. half of the several hundred Poland’s sponsorship established in 1979 and was In his official debut at the participants each year manage policy, in line with which it cancelled only once, in 2008, is participating in leading HunGarian Baja event, only a to make it to the finishing following terrorist activity in sporting events. “Working mechanical failure denied the line of the final special stage. Mauritania. It was transferred closely with top professional ex-champion first place. In a There is just one rest day from Africa to Latin America in sportsmen,” continues further event in September during the two weeks of the the following year. Olech, “allows us to display at the Żagań military training event, which takes drivers the Generali trademark in ground, Adam exceeded over the Andes and across the very promising marketing 180 km/h to break the off- The drivers start off early in Atacama Desert. situations that attract high road speed record, clear the morning, guided only by levels of media interest”. evidence of his energy and their sense of direction and by determination, and of the roadbooks containing basic effectiveness of his training. route information.

Biographical note Adam Małysz (b. Wisła, 3 December 1977) was the world’s leading ski jumper from 2001 to 2010, attracting large numbers of followers to the sport in Poland. He won four Olympic medals, four individual World Championships and four World Cups (including three from 2001 to 2003), and is a past winner of the prestigious Four Hills Tournament. He was decorated by the President of the Republic of Poland for his sporting achievements, and was adjudged the nation’s top sportsman index on four separate occasions.

46 Adam, you have been Is it as thrilling as ski What was your personal goal including the expert driver concentrating on motor sport jumping? in the 2012 Dakar? Rafal Marton. The whole team for some time. Have you The jumps don’t last as The most important thing was supported me, and that’s why managed to adapt to this new long. When you drive at high to finish. The competition’s I’m able to celebrate getting to the finishing line. discipline? speed, every bend gets the really strong and I’m a Professional rallying has adrenaline flowing. After all, beginner, so I needed to keep How long have you been nothing in common with it’s not easy to jump in a two- focused. I’m very ambitious wearing the Generali logo in amateur off-road pursuits; ton vehicle. But I’m well and where sport is concerned, but I sporting events? there’s no comparison. The truly hooked. As soon as I get have to keep working at it. You For seven years. I’m happy experience I’ve gained driving out of the car, I can’t wait to can’t get anywhere without to continue the partnership, thousands of kilometres has get back behind the wheel. making sacrifices. definitely helped me, but I’m even if the circumstances have working on my self-confidence changed slightly. I would like What was the most difficult You ended up in 38th place, and trying to master the to thank you for your support… thing you had to cope with? with a few escapades along techniques of the sport. There and for keeping your fingers the way… are many new things to think There are so many. crossed for me! about. The cars are extremely Everything seems total It was a very difficult fast and difficult to drive confusion in the race car, and demanding rally. My safely, and I’ve had to start at with the engine running at colleagues warned me that it the bottom. I’m also into go- full throttle. You have to was going to be tough, and carting as well as competing react very quickly and take they weren’t exaggerating. in off-road, and do my training the bends early. I’m always Luckily I’ve had some good on a rally circuit. learning. teachers in the last year,

“when you drive at high speed, every bend gets the adrenaline flowing; after all, it’s not easy to jump in a two-ton vehicle” Adam Małysz index

47 culture&society

Ippolito Caffi the exotic taste of the artist-reporter

by Roberto Rosasco of artistic and historical heritage in Venice, wrote in her 1999 book Il paesaggio nella pittura veneziana (The Landscape in The Group’s artistic heritage in Italy and abroad includes Venetian Painting), Caffi’svedute (views) “are characterised some significant works, in particular three frescoes on canvas by new expanses of space, and an intense but warm light. His by Ippolito Caffi. Among the most highly prized items in knowledge of other cultures and places, acquired during his Assicurazioni Generali’s collection, they are now kept at the frequent travels, brings great variety of expression to his art, Procuratie Vecchie, the Company’s historical Headquarters in St which often reveals a marked taste for the exotic”. Mark’s Square, Venice. Having been banished from Venice because of his support to While inspired by the traditions of eighteenth-century Venetian the Risorgimento movement in 1848, Caffi returned at the end of

index art, Ippolito Caffi (b. 1809 in Belluno, d. 1866 in Lissa) helped the following decade and set up home on Calle del Selvadego, to modernise the artistic vocabulary of landscape painting as a where he painted the three frescoes now owned by Generali: two genre. As Adriana Augusti, then Vice Director of the Department views of Egypt and one of a Roman forum. These are among the

48 Above: Carovana ai piedi della Sfinge 134 x 25 cm

Below: Tramonto sulla pianura di Tebe 258 x 133 cm

On the previous page: Il Foro imperiale romano 258 x 134 cm

Belluno painter’s most mature del Mediterraneo. This was works, completed a few years the third venue, after Belluno before his death in the sinking three vedute on canvas are located in and Rome, for this important of the battleship Re d’Italia, the Company’s main boardrooms at the retrospective dedicated to the which he had boarded in order Procuratie Vecchie “artist-reporter”, as he was to view and paint events from known for his constant quest close quarters, at the Battle of for new subjects and original Lissa during the Third Italian vantage points, who was War of Independence. left to right, the Temple Company’s main boardrooms appreciated while alive and of Vespasian, the Arch of at the Procuratie Vecchie. has won even greater esteem The two scenes of Egypt, Septimius Severus, and the The triptych, often referred to in recent times. visited by Caffi in 1843-1844, Temple of Saturn. in monographs on Caffi and show a caravan at rest near in accounts of nineteenth- the Pyramids and the Sphinx After acquiring the apartment century landscape painting, of Giza, and a view of the of Caffi’s widow in the 1920s, was displayed at the famous Theban landscape at sunset, Generali decided to transfer State Hermitage Museum in index while the foreground of the the three vedute from their St. Petersburg in the 2006 Roman fresco shows, from original location to the exhibition Ippolito Caffi. Luci

49 column

Alberto Beneduce a dominant figure of Italy’s economic history in the inter-war period

by Elena Bico

One of the dominant figures of Italy’s economic history in the inter-war period was Alberto Beneduce, financial expert, international negotiator, senior civil servant to Mussolini (although not a Fascist), and architect of the mixed economy system that operated in Italy for many years.

Born in Caserta in 1877 to a family of modest means, in 1902 he graduated in mathematics from Naples, where he met Francesco Saverio Nitti, and in 1910 was engaged as a freelance lecturer in statistics and demographics, obtaining a professorship at Genoa. Following Nitti’s appointment as Minister of agriculture, industry and commerce in 1911, Beneduce worked with him on the project to set up INA (Istituto Nazionale delle Assicurazioni), index photo : © B ank for I nternational S ettlements , asel

50 men and history

Catholics of Don Sturzo, and became Minister of labour and social security in 1921. After a long spell combining technical and political careers, he abandoned the latter when Mussolini came to power; however, Beneduce saw collaboration with the Fascists as an opportunity to serve the national interest with a technical-financial programme based on the Nitti model. He set up the Istituto di credito per le imprese di pubblica utilità (Credit institute for public utilities) with support from Stringher, and subsequently became president of Bastogi, the salotto buono (the elite clutch of established power the monopoly state-run brokers) of Italian finance. In life insurance institution. the early Thirties he was very Archive documents and worked with Nitti to set up INA (Istituto active in events leading to bibliographic sources reveal Nazionale delle Assicurazioni), the monopoly the formation of the Bank for that he “developed the International Settlements, and technical documentation state-run life insurance institution also took a leading internal supporting Nitti’s bill; helped role in resolving the crisis of to prepare Nitti’s responses the large mixed banks with to Parliamentary questions the “Beneduce system”, and to criticism of the project INA Historical archive, which families of those who had died which cut links between banks from various quarters, and assembled and collated and 1,000 lire to survivors, and industrial enterprises also helped Giolitti to counter this material as the Alberto and worked alongside Nitti and put them under State ambassadorial protests on Beneduce Collection. to set up the organisation control. In 1933 he created the behalf of foreign insurance In 1913 Beneduce joined the Opera nazionale combattenti Istituto per la Ricostruzione companies operating in Italy; socialist-reformist electoral (National combatants Industriale (Institute for and performed valuable committee that supported foundation), which would industrial reconstruction) work on the preparation of Bissolati and had affiliations later help to rebuild the and assumed its presidency. memoranda, speeches and to Freemasonry. A convinced nation’s economic and social This new body helped major articles, and on the drafting of interventionist, he worked framework with support for industries to recover and the legislation itself”. with Bonaldo Stringher veterans and initiatives for changed Italian monetary (Chairman of INA and future land reclamation. policy, completing its work Having joined INA’s Board of Governor of the Bank of in 1936 with banking reforms Directors on 12 September Italy) during the First World Following his election to that restored stability to the 1912, Beneduce was appointed War on the creation of the Parliament, in 1919 he became entire sector. its Managing director in 1917 Consorzio per sovvenzioni su president of the Consorzio with the powers of Director- valori industriali (Consortium di credito per le opere Beneduce, the man who was general, remaining in the for industrial security finance). pubbliche (Credit consortium never kept waiting at Palazzo post until 1919. In 1965 the In 1917, after the Battle of for public works), which was Venezia, died in Rome in 1944. documents that he issued, Caporetto, he introduced set up to finance construction the “free INA policy for without imposing a burden on received and consulted index while working at INA were combatants” which made the Treasury. He supported released by his family to the payments of 500 lire to collaboration with the

51 published by Assicurazioni Generali S.p.A. Piazza Duca degli Abruzzi, 2 34132 Trieste, Italy VAT No. 00079760328 editorial directors Francesco Garello Elena Cannataro editor in chief Roberto Rosasco 040 671.121 [email protected] editorial office Group Internal Communication [email protected] editorial staff Paolo Baldassi 040 671.860 [email protected] Paola Cabas 040 671.552 [email protected] Elisabetta Delfabro 040 671.122 [email protected] Alessandra Gambino 040 671.149 [email protected] Alessandra Podestà 040 6799.153 [email protected] editorial assistant Cinzia Ortolan graphics and page layout 040 671.542 Giotto Enterprise - Trieste [email protected] printing shipping management Grafiche Antiga - Treviso Rossana Flegar 040 671.103 english version [email protected] Eurologos - Trieste

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