Prima Seguros, an Insurtech that acts as an insurance agency specialized in the automotive sector, aims to “reach 100,000 active clients in 2024, more than doubling its premiums to 20 million euros.”
This update comes after a successful first year of operations in the country, during which the company has reinforced its presence “with a headquarters in Madrid and a local workforce of more than 50 employees.”
After landing in the Spanish market in October 2022, backed by three of the most important investment groups in the world, Blackstone, Goldman Sachs and Carlyle, the Italian insurtech is improving the way in which users “access insurance policies , leveraging state-of-the-art analytics and algorithms developed in-house.”
Thus, Prima says that has “maintained rapid, solid and sustainable growth, reaffirming its commitment to placing the customer at the center of its business model.”
Ignacio Castilla, Country Manager of Prima in Spain, said:
“2023 is being a very positive year for Prima. We are on track to meet our growth objectives, while achieving our short-term profitability objectives. When we started operating in Spain, there was a lot of uncertainty and many challenges to face. The first year of operations is always one of the most complex, but, despite the tough market context, we value this first year as a complete success. We are aware that we still have many areas in which we can and should improve, but we are completely focused on this, to continue expanding our distribution strategy and our capabilities. In this sense, we face next year with a powerful team to meet our objectives, be able to satisfy the needs of our clients and improve the user experience when choosing their insurance.”
At the end of 2022, Prima announced “a five-year investment plan in Spain to introduce its disruptive business model to the local market. In addition to Spain, Prima began operating in the United Kingdom.”
The insurtech has continued “to strengthen its presence in Spain in 2023 through agreements with Rastreator and Aceso.com and with the aim of promoting its growth internationally, Prima has strengthened its organizational structure with top-level managers, through successive appointments.”
Based on technology and data, at the group level, Prima is “closing a solid 2023 with an increase in premiums by more than 30%, thus reaching 850 million euros and meeting its annual objective.”
Furthermore, the company is confident of “continuing to achieve its objectives also in 2024, even in a market context marked by inflation, where customers are looking for better alternatives and greater ease both in their online purchases and in accessing personal assistance when necessary.”
Proof that these characteristics are crucial for clients is the company’s history in Italy and Spain, “where the insurance sector has been highly traditional and Prima has proven to be an equally solid alternative, growing with the objective of reaching up to thirty million. of euros in premiums abroad at the end of 2023, of which a third correspond to Spain.”