After the first year of operating in Spain, Prima is already transforming the insurance landscape with its customer-centric approach and disruptive model.
When looking at plans for 2024, Prima's Spain Country Manager, Ignacio Castilla has said: "We face the upcoming year with a strong team to meet our objectives, to satisfy the needs of our customers and improve the user experience when choosing their insurance, while continuing to strengthen our capabilities".
Prima Seguros, an insurtech that acts as an insurance agency specialized in the automotive sector, aims to reach 100,000 active customers by 2024, doubling its premiums up to 20 million euros. This objective follows a successful first year of operations in the country, during which the company has strengthened its presence with headquarters in Madrid and a local workforce of more than 50 employees.
After launching in the Spanish market in October 2022, backed by three of the world's leading investment groups, Blackstone, Goldman Sachs and Carlyle, the Italian insurtech is revolutionising the way users access insurance policies, leveraging analytics and latest-generation algorithms developed in-house. Prima has thus maintained a rapid, solid and sustainable growth, reaffirming its commitment of putting the customer at the centre of its business model.
Ignacio Castilla, Prima’s Country Manager in Spain,has commented: “2023 is proving to be a very positive year for Prima. We are on track to meet our growth targets, while achieving our short-term profitability objectives. When we started operating in Spain, there was a lot of uncertainty and many challenges to face. The first year of operations is always one of the most complex, but despite the tough market scenario, we consider this first year a success.We are aware that we still have many areas in which we can and must improve, and we are entirely focused on this, to further expanding our distribution strategy and our capabilities. In this sense, we face the year ahead with a strong team to meet our objectives, to be able to satisfy our customers' needs and to improve the user experience when choosing their insurance”.
International expansion and organisational strengthening
At the end of 2022, Prima announced a five-year investment plan in Spain to introduce its disruptive business model in the local market. In addition to Spain, Prima started operating in the UK. The insurtech has continued to strengthen its presence in Spain in 2023 by signing agreements with Rastreator and Acierto.com and, with the aim of boosting its international growth, Prima has strengthened its organisational structure with top-level executives through a series of new appointments.
Based on technology and data at a group level, Prima is closing a solid 2023 with premiums increasing by more than 30% year-on-year, thus reaching 850 million euros, and meeting its annual target.
Moreover, the company expects to continue to achieve its targets also in 2024, even in a market context marked by inflation, where customers are looking for better alternatives and greater ease, both in their online shopping and in accessing personal assistance when needed. The proof that these characteristics are crucial for customers is the company's track record in Italy and Spain, where the insurance sector has been highly traditional and Prima has proven to be an equally solid alternative, growing with the objective of reaching up to thirty million euros in premiums abroad by the end of 2023, of which one third correspond to Spain.