Prima Assicurazioni, premium assortment over one billion in 2024 | EUROtoday

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The insurance coverage company has reached 3.2 million clients and goals to proceed progress with enlargement into the house and household sectors and with enlargement into new markets in Spain and the United Kingdom. No new financing rounds or itemizing in sight. Bag

A premium assortment that goals to succeed in 1.1-1.2 billion euros on the finish of the yr from 880 million final yr, after a primary quarter which closed with insurance policies subscribed for over 250 million euros and a constructive Ebitda double digits in 2023 which must also be confirmed this yr. The progress of Prima Assicurazioni continues, the insurtech which confirms its enterprise mannequin primarily based on a easy and quick service for the shopper.

«For the second our enterprise stays worthwhile, we’re capable of finance ourselves by persevering with on our personal two toes. The progress is increased than anticipated and our shareholders are glad with the outcomes, whereas remaining able to assist us within the progress path”, claims George Ottathycal, CEO of Prima, on the occasion of the presentation of the new advertising campaign featuring a well-known Hollywood star like Patrick Dempsey. A star who, however, by conscious choice, appears only in the background in the multi-channel commercial, covered and dominated by the customers who remain the focus of the insurance agency model. “Tu, Prima” is in fact the claim of the campaign which broadens the scope of the presence from the traditional car-motorcycle sector to coverage for the home and family, which today is worth only 4-5% of the turnover generated by 3.2 million of customers.

Prima Assicurazioni is therefore aiming to expand its insurance products to continue profitable growth, also leveraging the new markets in Spain and the United Kingdom where «we can consolidate our presence, without making missteps», underlines Ottathycal. As part of the expansion into new markets, last year Carlyle entered into the capital, joining the historic institutional shareholders, BlackRock and Goldman Sachs. For the moment there is no new request for capital in the pipeline, just as the IPO remains a possibility, but for the moment “not a concrete speculation”.

The brand awareness of insurtech has reached the levels of the most consolidated companies and the choice of a testimonial like Dempsey aims to identify a now established brand, focused on the customer as the protagonist. Prima's innovation model revolves around attention to the customer, not so much in the product but in terms of the service offered by the policy proposal platform which is «quick and efficient, which doesn't waste time and which identifies the truly cheapest offers as a whole”, claims the CEO. A platform that has additionally pushed for the opening of the community of brokers, which has now reached over 1,400 folks, who immediately cowl round a 3rd of the premium assortment, alongside the roughly equal volumes deriving from direct subscription from the location and from that arriving from comparability platforms. Even the selection to rework the present «profitable mannequin of Mga (managing basic company, ed.)» into an actual insurance coverage firm stays a suggestion that doesn’t appear to result in strategic modifications within the quick time period: «A attainable alternative, however not a present possibility”.