The insurtech increased its premium volume by 32% compared to 2021, adopting an international group structure to support its growth.
Prima Seguros expects to reach 30 million in premiums between its Spanish and UK operations by 2023.
Prima Seguros, an insurtech that acts as an insurance agency specializing in the automotive sector, has closed 2022 with a premium volume of around €660 million, up by 32% compared to 2021, and has adopted an international group structure to accompany and consolidate its global expansion.
The enterprise, which has more than two and a half million active customers and is the automotive market leader in direct online sales in Italy with a 30% share, began its international expansion and growth process in October last year, when it landed in the United Kingdom and Spain to extend its business model based on the application of technology and innovation.
Furthermore, to enhance this process, Prima has adopted a two-tier organizational structure, global and local, and has strengthened the global team with new additions who will report directly to the Group CEO, George Ottathycal, who will be responsible for implementing in all markets a strategy to position Prima as the leading insurtech in Europe.
Spain, a key market for boosting its global growth
After landing in Spain with an investment plan of 50 million until 2027 and with the objective of transforming the paradigm of a historically traditional insurance sector, Prima Seguros expects to close its first full year in the domestic market reaching 10 million euros in premiums.
These forecasts are framed within the company's international performance objectives, where Prima expects to reach €30 million in premiums between the United Kingdom and Spain, and to continue its global growth process.
"The first few months of operations in Spain have been very satisfactory and have given us an even clearer idea of what the consumer and the market need. Now that we are more established, we can make somewhat more accurate forecasts based on the data and results obtained so far. Therefore, taking into account the complex geopolitical and economic context and market forecasts, we expect to close the year reaching ten million euros in premiums, as a milestone for this first full year of operation," says Ignacio Castilla, Prima's Country Manager.