Insurtech company Prima Seguros, which specialises in the automotive industry, will strengthen its commitment to Spain in 2025 after tripling its size last year, according to the provisional results it has made public. In 2024, the actual value of policies taken out with this company was 20 million euros, compared to 7 million euros in 2023. This year's target is 44 million.

First established in 2015 in Italy, Prima Seguros expanded to Spain and the UK in 2022. To achieve the results it has set for this year, the company has announced that it will continue to invest in talent. In Spain, it plans to hire 50 people and reach a workforce of 130 employees, around 10% of the 1,400 employees it has in the three countries where it operates.

Potential for international scalability
Prima Seguros CEO George Ottathycal explains, “We have surpassed four million customers and are approaching our tenth anniversary with record results. This milestone allows us to celebrate the transformation that Prima has driven in the insurance industry through the use of technology and data analytics.”

Furthermore, over the past ten years “we have consolidated a successful business model, demonstrating that customer-centric digitalisation generates benefits for both the insurance industry and consumers, increasing efficiency and competitiveness,” highlights Ottathycal.

The company's Country Manager in Spain, Ignacio Castilla, points out, “While the figures in Italy confirm our ability to continue to grow, the developments in the UK and Spain reflect our potential for international scalability”. 

He emphasises that the firm is consolidating itself as “a solid benchmark in the industry and, during 2024, in addition to the growth achieved, we have taken a giant leap in consolidating our internal capacities, bringing the claims ratio in line with that at the industry's benchmark companies, which are much more mature and consolidated, in just two years. Our success is due to technology, innovation and our team's commitment to speed and technical excellence.”

With its main market in Italy, where it has an online market share of over 40% and a total market share of close to 10%, the company grew by 47% in 2024 to reach four million customers and 1.3 billion euros in premiums.

^{Photo: Prima Seguros}