  A dispersion relation formalism for the virtual Compton scattering (VCS)
reaction on the proton is presented, which for the first time allows a
dispersive evaluation of 4 generalized polarizabilities at a four-momentum
transfer $Q^2 \leq$ 0.5 GeV$^2$. The dispersive integrals are calculated using
a state-of-the-art pion photo- and electroproduction analysis. The dispersion
formalism provides a new tool to analyze VCS experiments above pion threshold,
thus increasing the sensitivity to the generalized polarizabilities of the
nucleon.
