Prima Assicurazioni’s omnichannel strategy is reaping its first significant results, with its network of brokers continuing to grow throughout Italy and registering a constant increase in volumes. Compared to December 2019, in June 2020 the insurtech company that focuses on motor insurance policies saw its sales rise by a staggering 382% thanks to its network of agents and brokers, which currently represents more than one fifth of the company’s premium income. Agents and Brokers accounted for around 20% of the new Prima Assicurazioni policies stipulated in June, up by about 5% compared to the May-related figure. The tech company kicked off a pilot project in 2019 for the activation of a physical sales channel, and since the start of the year this has grown exponentially, alongside a significant growth in the direct channel. This winning combination allowed Prima Assicurazioni to record a +90% increase in overall policies in the first half of the year (462,000) and over 700,000 active clients at the end of June.
The result recorded by the network of brokers in the first half of the year confirms Prima Assicurazioni’s determination to invest in the physical channel, with the aim of raising the share of new policies generated by brokers to 30% of the company’s premium income by the end of 2020. The Prima Assicurazioni network exceeded 200 agencies in late June.
“Brokers all around the country have shown a strong interest and an excellent response to our products and the number of policies sold continues to grow rapidly” - explained Andrea Balestrino, Commercial Director of Prima Assicurazioni. “We have chosen to boost our network of agents and brokers,” - continued Balestrino - “because we understand that our clients like to be able to develop a relationship of trust with a professional figure. As to the agents and brokers, in addition to being happy with our products’ competitiveness, they are extremely satisfied with our fast and user-friendly digital platform and with the professionalism of our dedicated team. Our network is growing continuously, and we assess new applications every day.”
The development of a qualified physical network is one of the mainstays of Prima Assicurazioni growth strategy. In May, the tech company launched Prima Black, an exclusive product, aimed at agents, that is very different to the company’s online product offering and features rate flexibility, one of the most rewarding returns on the market, and absolute protection of the clients’s portfolio. By the end of June, just one month after the product’s launch, a dedicated online platform was operational in all the agencies in the network, its performance fully meeting their expectations. The new instrument developed by Prima Assicurazioni permits the issuance of quotes in 30 seconds, the direct issuance of policies without loading documents, independent management of portfolio and after-sales operations, and constant production and commission monitoring. Moreover, the platform can easily be extended to a network of sub-agents.
Results in the first half of 2020
As recently announced, Prima Assicurazioni closed the first half of 2020 with strong growth results. The tech company sold more than 462,000 policies, up 90% compared to the nearly 243,000 policies sold between January and June 2019. Prima Assicurazioni has also reached a further milestone, exceeding 700,000 active clients in June. More specifically, at the end of the month, active clients were 737,000, 100% more compared to the 367,000 of the year before.