Prima, the Italian-founded insurtech, has closed 2022 with a gross written premium of around €660 million, up 32% on 2021. It follows a decision to restructure the company as an international group, now operating in the UK, Spain and Italy, with the support of top-tier investors. These include Goldman Sachs, The Blackstone Group and Carlyle.
After launching in Italy in 2015, Prima quickly found success in the motor insurance market. Today it’s Italy’s leading online player, with a 30% market share and over 2.5 million active customers.In the fourth quarter of 2022, Prima began pursuing growth beyond Italy. It launched in the UK and Spain, with a continued focus on tech and innovation. In just five months, Prima sold 19,000 policies in the UK. It’s expected that, in 2023, more than two thirds of total premiums collected outside of Italy will come from the UK.
This expansion has led to the adoption of an organisational structure with two levels: global and local. What’s more, the structure has been strengthened by two new direct reports to Prima CEO, George Ottathycal.
Peter Caron, Prima’s Chief Technology Officer, will oversee the global development of Prima’s technology. Former Senior Vice President of Engineering at HelloFresh, Caron has more than 25 years’ experience building, developing and leading software development teams. He will help Prima’s developers, engineers and data scientists redefine insurance industry standards, by improving algorithms and proprietary software.
Nichole Viviani has been appointed Prima’s Chief People & Culture Officer. Viviani will foster a global culture which allows Prima talent to reach their full potential. Viviani previously held the role of Chief People & Marketing Officer at Xplor Technologies.
On the local level, Nick Ielpo will lead as the UK Country Manager. Ielpo has a strong commercial, strategy and product management background, having previously led the launch and scale-up of Zopa’s car finance business. Meanwhile, Ignacio Castilla Salas will act as the Spain Country Manager. Andrea Balestrino will take on the role of Italy Country Manager.
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