Prima Assicurazioni ends the first nine months of 2020 with strong results. Despite the lockdown that affected Italy’s economy in spring, the company aims to exceed 1 million active clients by the end of the year. The insurtech company that focuses on motor insurance policies has recorded a premium income in the first nine months of 2020 worth €195.2 million, + 107% compared to the 94.4 million registered in 2019.
Moreover, Prima Assicurazioni has achieved another milestone by reaching 900,000 active clients in September. In particular, at the end of the first quarter, active clients were 897,000, 97% more compared to the figure of 456,000 registered in September 2019. In the first nine months of 2020, Prima Assicurazioni sold 766,000 policies, 232,000 of which were renewals and over 534,000 were new contracts, +114% compared to the new business policies sold between January and September 2019.
“The results of the past 9 months,” - commented George Ottathycal Kuruvilla, General Manager of Prima Assicurazioni - “reflect a situation that is more solid and has what it takes to pursue a more than exponential growth. This trend even exceeded our expectations in this third quarter. Despite the slight slowdown during the lockdown, once activities were resumed, business recorded a strong acceleration. Today, we aim to exceed the target of 1 million active clients by the end of the year and double the 2019 premium income. As a tech company, we were able to restart business thanks to a team of professionals and a data-driven approach that makes us stand out from the crowd. But we also have to be grateful to our ever-growing network of agents and brokers.”
The results consolidate Prima Assicurazioni omnichannel strategy, which develops both online and through an ever-growing network of agents and brokers. Compared to December 2019, in September 2020 the volumes of policies stipulated by intermediaries increased by 407%, representing a new business share equal to over 20%.
Third quarter 2020 results
The results of the third quarter highlight the exponential growth of Prima Assicurazioni, showing a significant acceleration with € 80.1 million of premium income, +129% compared to the € 35 million recorded in the July-September quarter in 2019. Only in the third quarter, the new clients were over 215,000, against 95,000 in the same period last year, with an increase of 126%. The policies sold in July-September 2020 were over 300,000, +115% compared to the third quarter of 2019.
“Prima Assicurazioni,” - added Mauro Piccinini, Chief Financial Officer - “has become a major player in Italy’s insurance market in just a few years. We’ve become a game changer, providing a top-quality subscription experience at competitive prices. Our commitment is to keep the level high, applying our proprietary technology and consolidating our offering thanks to our ongoing partnerships with major international players, such as Munich Re (our long-standing ally) and Swiss Rem with which we entered into a strategic agreement in late summer.”
At the end of the third quarter of 2020, Prima Assicurazioni boasted 259 employees, with an 80% increase compared to the 144 collaborators employed in September 2019. The average age of the staff is 31 years old.