The tech company exceeds 700,000 active clients in June. Ottathycal: “Results in line with goals despite lockdown”
Prima Assicurazioni ends the first half of 2020 with strong growth results, in line with expectations, despite the lockdown that affected Italy’s economy in spring. The insurtech company that focuses on motor insurance policies has recorded a premium income in the first six months of the year worth €115.1 million, + 94% compared to the €59.3 million registered in 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. This result consolidates the tech company’s omnichannel strategy, which develops both online and through an ever-growing network of agents and brokers. In the first six months of 2020, Prima Assicurazioni sold more than 462,000 policies, up 90% compared to the nearly 243,000 policies sold between January and June 2019.
“These results” - commented George Otthathycal, Prima Assicurazioni General Manager - “continue to show strong growth in line with our target. A slight slowdown during lockdown was more than offset by the renewed and sustained acceleration registered as business resumed. The drive to save, even more so at such a difficult time for the economy, has led many people to seek new options in terms of motor vehicle third-party liability insurance, and our company, with its tech and data-driven nature, has risen to the challenge, generating significant benefits in terms of rates and quality of service.”
Second quarter results
Prima Assicurazioni second quarter results show a further acceleration, recording a premium income worth €70.6 million, up 111% compared to the €33.4 million registered in the April-June quarter in 2019. Only in the second quarter, the new clients were over 207,000, against 92,000 in the same period last year, with an increase of 125%. The policies sold in April-June 2020 were over 290,000, up 108% compared to the second quarter of 2019.
“Prima Assicurazioni” - stated Mauro Piccinini, Chief Financial Officer - “has chosen to continue investing despite the Italian economy being hard hit by the health emergency. In the second quarter, we launched a product dedicated to agents, Prima Black, and opened a new office in Rome to continue attracting the best talent on the market. These decisions have enabled us to accelerate growth yet further, especially since mid-May, a trend that allows us to confirm our 2020 goal of doubling our 2019 premium income by the end of the year”.
At the end of the first half of 2020, Prima Assicurazioni boasted 240 employees, with a 98% increase compared to the 121 collaborators employed in June 2019. The average age of the staff is 31 years old.