Prima, an insurtech that acts as an insurance agency specializing in the automotive sector, lands in Spain with an investment of more than 50 million euros for the development of its activity in the country.
Leader in the Italian market, it arrives with the aim of transforming the way users access insurance policies. The digital native agency raised more than €100 million in its last funding round in 2018, being this the largest venture capital investment made in a technology company up to that point in Italy.
In this regard, Prima arrives backed by three of the most important investment groups in the world, Blackstone, Goldman Sachs and Carlyle, a sign of the strength of its proposal and services. Thus, the insurtech, which has approved the investment plan until 2027, aims to revolutionize the paradigm of the Spanish insurance sector, historically traditional and not very prone to innovation, through a business model focused on simplicity and efficiency with highly competitive prices.
In this context, the landing in the Spanish market, accompanied by the recent arrival in the United Kingdom, is part of the first stage of the agency's global expansion plan, after its rapid growth in Italy, with the aim of establishing itself as one of the leaders in the European market.
More than 300 developers, engineers and scientists
In Italy, Prima has already surpassed two and a half million active customers by June 2022, representing year-on-year growth of 70%, has a 6% market share in the automotive sector and is the market leader in direct online sales, with a 25% share. Leveraging analytics, artificial intelligence and state-of-the-art algorithms developed in-house, Prima has reversed the perspective of the insurance industry, putting the customer at the center and has transformed the way users access insurance policies. All tools are produced by its R&D team, which includes more than 300 developers, engineers and data scientists globally, who design and refine all Prima's systems and algorithms on a daily basis.
Ignacio Castilla, appointed Country Manager of Prima in Spain
The insurtech has appointed Ignacio Castilla as Prima's Country Manager in Spain, who will lead the team and develop the strategy in the national market, bringing his twelve years of experience in the corporate world, consulting, and the insurance sector. "Prima is here to transform the way Spanish policyholders think about their car insurance. We are convinced that our value proposition, based on simplicity and transparency through technology, fits the needs of the Spanish market, like the Italian one. We are sure that the landing in Spain will be a success, providing great value for users and giving a very important boost to Prima's global growth," says Ignacio Castilla, Prima's Country Manager. Prima, which has a collaboration agreement with IptiQ (SwissRe Group), already has a head office in Madrid and a local staff of more than 30 employees. In addition, they expect to close the year 2023 reaching 50 employees and they consider that one of their main priorities and challenges for the coming months will be precisely the attraction of talent. IptiQ is a digital platform that acts as a "white label" insurance provider, owned by the Swiss Re group, whose aim is to make the experience of buying insurance policies as innovative and accessible as possible, through the application of state-of-the-art technology. Thus, the company, which operates in ten countries and on three continents, can offer fully customized digital insurance policies.