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Business Model Canvas: Insurer roadmap for underwriting, bancassurance & digital growth
Unlock the strategic mechanics of Unipol Gruppo with a concise Business Model Canvas that maps customer segments, core activities, and revenue levers. This snapshot reveals how the insurer balances underwriting, bancassurance, and digital channels to grow. Ideal for investors and strategists seeking actionable insight. Purchase the full Canvas for a downloadable, editable roadmap.
Partnerships
Reinsurance providers
Global reinsurers share catastrophic and large-loss risk with Unipol, stabilizing underwriting results and enabling higher capacity across property-casualty and life portfolios; the global reinsurance market exceeded $300 billion in premiums in 2023, offering pricing insights and catastrophe-modeling expertise. Structured treaties and facultative covers enhance capital efficiency and support solvency management.
Banks and financial intermediaries
Alliances with banks expand Unipol's distribution for life, savings and P&C policies, leveraging banks' branch networks and digital channels. Bancassurance agreements improve cross-selling and customer acquisition; in Italy bancassurance accounted for over 60% of life premium distribution in 2023. Financial intermediaries support premium collection and placement of investment-linked products. Co-designed products ensure regulatory compliance and fit client segments.
Auto, health, and affinity partners
OEMs, dealerships and mobility platforms enable embedded motor insurance and telematics integration, supporting Unipol Gruppo’s distribution across retail channels and connected-vehicle services. Healthcare networks secure access, cost control and preventative programs for policyholders, aligning with Unipol’s bancassurance and health initiatives as of 2024. Employer groups and associations facilitate affinity schemes with tailored pricing and group underwriting. Data-sharing across partners enhances risk scoring and service quality, leveraging Italy’s ~59.5 million population pool for scale.
Technology and data vendors
Technology and data vendors — insurtechs, core-system providers and analytics firms — boost Unipol Gruppo’s digital underwriting and claims with telematics, AI fraud detection and omnichannel capabilities, supporting its position as a top‑3 Italian insurer by GWP in 2024.
- Telematics and AI
- Cloud & cybersecurity
- APIs for fast integration
Real estate, asset managers, and advisors
Specialist asset managers deploy Unipol Gruppo’s technical reserves across multi-asset portfolios to optimize yield and duration, while real estate developers and operators actively enhance property income and value through asset-light development and refurbishment programs. ESG advisors steer sustainable investing and reporting aligned with EU Taxonomy and SFDR requirements, and capital markets partners provide hedging, liquidity and structured solutions for liability-driven investment needs.
- asset-management
- real-estate-ops
- esg-advisory
- capital-markets
Reinsurers > 300bn USD; bancassurance > 60% life in Italy
Global reinsurers share catastrophic risk, market >300bn USD premiums in 2023; treaties improve solvency. Bancassurance (over 60% of Italy life distribution in 2023) expands sales. Telematics, OEMs and healthcare networks scale motor/health offerings across Italy's ~59.5M population; Unipol top‑3 by GWP in 2024.
| Partner | 2023/24 stat |
|---|---|
| Reinsurers | >300bn USD |
| Bancassurance | >60% life |
What is included in the product
Detailed Word Document
Comprehensive Business Model Canvas for Unipol Gruppo mapping customer segments, omnichannel distribution (agents, bancassurance, digital), core value propositions (insurance, prevention, wealth management), key partners, risk and capital management, revenue streams and cost structure—includes SWOT-linked insights and competitive strengths for investor presentations and strategic planning.
Customizable Excel Spreadsheet
High-level view of Unipol Gruppo’s business model with editable cells—quickly pinpoint insurance value drivers, partner networks, and cost levers to resolve strategic pain points and save hours of restructuring your analysis.
Activities
Underwriting and pricing
Underwriting and pricing at Unipol steer profitability by rigorous risk selection and tariffing across P&C, life and health, with actuarial models and telematics segmentation improving loss-trend accuracy and yielding pilot cohorts with up to 10% lower loss ratios; continuous monitoring adapts appetite to market and regulatory shifts, while optimized reinsurance structures balance capital consumption and return on equity.
Claims management
Efficient FNOL, advanced fraud detection (cutting leakage by an estimated 10–20%) and streamlined settlement processes reduce loss ratios and claims cycle times. Vendor networks for auto repair, medical care and property restoration improve repair quality and lower costs through negotiated rates and KPIs. Digital claims platforms and straight-through processing (STP can cut handling costs by up to 30%) boost customer satisfaction, while robust catastrophe response capabilities protect service continuity during major events.
Distribution and sales
Distribution and sales leverage multi-channel acquisition via over 5,000 agents, brokers, bancassurance partners and growing digital platforms to broaden reach.
Cross-selling integrated insurance and savings products boosts customer lifetime value and supports portfolio diversification.
CRM-driven campaigns target retention and upsell through behavioural segmentation and automated journeys.
Continuous training and incentive schemes align field productivity with strategic KPIs.
Asset-liability management
Asset-liability management invests premiums and reserve balances to optimize yield, liquidity and duration while matching liabilities across life and non-life lines. Hedging and dynamic capital management support solvency and stability under market stress and regulatory frameworks. A diversified portfolio across fixed income, equities, real assets and alternatives plus ESG integration reduces long-term risk and aligns with sustainability targets.
- Portfolio: fixed income, equities, real assets, alternatives
- Objectives: yield, liquidity, duration matching
- Risk tools: hedging, capital management, solvency focus
- ESG: integrated into selection and risk assessment
Product development and compliance
Product development targets insurance, savings and protection solutions tailored to retail, SME and corporate segments, with continuous refinement driven by customer feedback and analytics and integration of telematics and health programs to differentiate offerings.
- Compliance: Solvency II, conduct rules, GDPR
- Data-driven product updates
- Telematics & health integration
Telematics pricing, FNOL/STP claims and ALM to cut loss ratios and steady ROE in 2024
Underwriting, claims, distribution and ALM drive Unipol’s profitability via telematics-led pricing, FNOL/STP claims efficiency and diversified investments; initiatives in 2024 target loss-ratio reductions and ROE stability.
| Metric | Value | Note |
|---|---|---|
| Agents (2024) | >5,000 | multi-channel |
| Loss ratio cut | up to 10% | telematics cohorts |
| Fraud reduction | 10–20% | advanced detection |
| STP cost cut | up to 30% | digital claims |
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Resources
Insurance licenses and brand
Authorizations across life, non-life and bancassurance channels enable Unipol Gruppo to operate nationwide and in select EU markets, underpinning its distribution scale. A recognized Italian brand with over 10 million customers drives trust and distribution leverage and supports premium positioning. Reputation strengthens partnerships and pricing power, while the customer base generates rich behavioral data and cross-sell potential.
Actuarial and risk expertise
Skilled actuaries, underwriters and risk managers at Unipol craft resilient portfolios by integrating mortality, morbidity and catastrophe models into underwriting and capital planning. Robust governance and Solvency II-aligned frameworks enforce capital adequacy and reporting discipline. Advanced analytics support granular pricing, scenario testing and more accurate reserving across lines.
Distribution network
Unipol Gruppo leverages a nationwide distribution mix—about 3,100 agents and brokers, 12 bancassurance partners and expanding digital channels (≈20% of new policies in 2024)—backed by CRM and partner integrations for consistent service. Telematics and health platforms (≈1.2m connected devices/users) deepen engagement, while long-standing field force relationships sustain policyholder retention and cross-sell.
Technology platforms and data
Core policy, claims and billing platforms support Unipol Gruppo’s scale, processing over 10 million policies and enabling integrated underwriting and settlement workflows.
Data lakes, AI tools and APIs power automation and real-time insights; in 2024 the group expanded cloud-based analytics to accelerate fraud detection and pricing.
Robust cybersecurity and cloud infrastructure ensure operational resilience and regulatory compliance, while telematics and aggregated health data materially refine risk assessment and pricing.
- policies: over 10 million
- 2024: expanded cloud analytics
- security: cybersecurity + cloud resilience
- data: telematics & health for risk
Investment portfolio
Unipol Gruppo's investment portfolio in 2024 exceeds €110bn, a large, diversified asset base that backs liabilities and generates recurring income across insurance and banking businesses.
Fixed-income holdings remain core for stability, while strategic allocations to real estate and alternatives lift portfolio yield; ALM processes actively optimize duration and liquidity to match technical reserves.
An ESG tilt — increasing green bond and sustainable real-estate exposure in 2024 — underpins long-term value, risk mitigation and regulatory compliance.
- Portfolio size: >€110bn (2024)
- Core: fixed income — stability
- Yield: real estate + alternatives
- ALM: duration & liquidity optimization
- ESG: growing green/sustainable allocation
Insurer with 10m+ policies, €110bn portfolio, 20% digital and real-time analytics
Unipol Gruppo rests on national authorizations, a 10m+ policy base and a €110bn investment portfolio that back liabilities and revenue. Distribution comprises ~3,100 agents, 12 bancassurance partners and ~20% digital new business (2024), with ~1.2m telematics/health users. Core IT, cloud analytics and cybersecurity enable real-time pricing, claims and fraud detection under Solvency II governance.
| Metric | 2024 |
|---|---|
| Policies | 10m+ |
| Investments | €110bn+ |
| Agents | ~3,100 |
| Digital new business | ~20% |
| Telematics/users | ~1.2m |
Value Propositions
Comprehensive coverage suite
Unipol Gruppo offers one-stop solutions across auto, property, casualty, life and health, reducing customer complexity and supporting cross-sell to its reported 10.5 million customers and €14.5 billion gross written premiums in 2023. Bundling across lines simplifies administration and pricing, lowering servicing costs and improving retention. Tailored riders allow specific risk coverages for niche needs, increasing average premium per customer. Consistent service across lines builds trust and drives lifetime value.
Integrated insurance and banking
Integrated insurance and banking at Unipol Gruppo bundles protection, savings and transactions to boost convenience and retention, serving over 10 million customers. Customers can align risk coverage with investment goals through linked life and unit-linked solutions. Cross-product benefits and bundled pricing enhance rewards, while holistic advisory services improve overall financial wellbeing.
Data-driven pricing and prevention
Telematics and wellness programs at Unipol reward safe driving and healthy lifestyles, with usage-based policies showing up to 30% fewer claims in European pilots (2024). Personalized tariffs align premiums to measured risk behavior, improving pricing accuracy and loss ratios. Preventative services like real-time alerts and health coaching lower claim frequency and severity. Customers receive transparent discounts and dashboards demonstrating value for engagement.
Fast, fair claims experience
Fast, fair claims experience through digital FNOL and tracked settlements reduces friction and speeds resolution; preferred repair and medical networks guarantee quality and rapid service; clear, proactive communication builds customer confidence; robust anti-fraud safeguards protect honest policyholders and limit loss ratios.
- Digital FNOL: frictionless, tracked settlements
- Preferred networks: quality repairs and faster care
- Clear communication: higher trust and retention
- Anti-fraud: protects honest policyholders
Financial strength and stability
Unipol's financial strength rests on a Solvency II ratio near 220% in 2024 and comprehensive reinsurance programmes that secure claims-paying ability, while professional ALM of its multi-decade investment book smooths earnings volatility and supports liabilities. A long-term market presence and conservative risk governance preserve customer outcomes through prudent reserving and capital buffers.
- Solvency II ~220% (2024)
- Reinsurance cover: extensive treaty protections
- ALM-driven volatility reduction
- Long-term market presence, prudent risk governance
One-stop insurance+banking: 10.5M customers, €14.5bn GWP
Unipol Gruppo delivers integrated insurance+banking one-stop solutions to 10.5M customers with €14.5bn GWP (2023), boosting cross-sell and retention. Usage-based telematics and wellness cut claims up to 30% in pilots (2024). Strong balance sheet: Solvency II ~220% (2024) and broad reinsurance ensure claims-paying ability; fast digital FNOL speeds settlements.
| Metric | Value |
|---|---|
| Customers | 10.5M |
| GWP 2023 | €14.5bn |
| Solvency II 2024 | ~220% |
| Telematics impact | ≤30% fewer claims |
Customer Relationships
Advisory-led engagement
Agents and financial advisors deliver needs-based recommendations through Unipol's agency network, combining insurance and savings solutions tailored to client profiles.
Periodic annual reviews and quarterly check-ins adjust coverage and savings plans, supporting retention and goal alignment.
Relationship managers drive multi-product adoption, targeting roughly 30% cross-sell penetration, and build trust through expert guidance and documented advice.
Digital self-service
Apps and portals enable quotes, policy changes and claims tracking, with personalized dashboards showing coverage and rewards and automation supporting quicker resolutions; McKinsey (2023–24) finds customer-service automation can cut service costs by ~30% and digital self-service can halve average claims handling time, while 24/7 access measurably raises satisfaction and retention for insurers.
Loyalty and rewards programs
Telematics discounts (up to 20% for safe driving) and wellness incentives drive measurable behavior change, reducing claims frequency and costs; multi-policy bundles deliver average savings around 10% per household and additional benefits. Tiered status recognizes tenure and engagement, unlocking escalating rewards. These programs have been shown to boost retention and lift customer lifetime value by roughly 8–12% in comparable markets in 2024.
Proactive risk and life-stage outreach
Event-driven communications align offers to customer milestones and exposures, triggering preventative alerts and checkups that reduce losses and claims frequency while education content raises financial literacy; timely touchpoints sustain engagement and improve retention.
- Event-aligned offers
- Preventative alerts & checkups
- Financial education content
- Timely engagement touchpoints
Claims support and care
Human support during critical events provides reassurance; Unipol Gruppo served over 10 million customers in 2024 and maintains staffed contact centers for high-stress claims. Dedicated case managers handle complex claims end-to-end, while transparent timelines set expectations and post-claim follow-up restores confidence and loyalty.
- Dedicated case managers
- Transparent timelines
- Post-claim follow-up
- Over 10 million customers (2024)
Agents, apps and telematics boost cross-sell, cut costs and lift CLV
Agents and advisors deliver needs-based solutions across Unipol's 10+ million customers (2024), targeting ~30% cross-sell penetration.
Digital apps and automation reduce service costs ~30% and halve claims handling time (McKinsey 2023–24), supporting 24/7 self-service and higher retention.
Telematics discounts up to 20% and multi-policy bundles (~10% avg saving) lift CLV by ~8–12% in comparable markets (2024).
| Metric | Value (2023–24/2024) |
|---|---|
| Customers | 10+ million |
| Cross-sell rate | ~30% |
| Retention/CLV lift | 8–12% |
| Telematics discount | Up to 20% |
| Bundle savings | ~10% |
| Service cost cut | ~30% |
| Claims time reduction | ~50% |
Channels
Tied agents and branches
Physical presence via tied agents and around 3,000 branches and agency points in Italy (2024) underpins advisory-led sales and ongoing service. Local relationships built through these outlets strengthen trust and improve retention, with branch-managed clients showing higher engagement. Branches coordinate regional marketing campaigns and channel resources, while face-to-face meetings allow tailored solutions for complex protection and pension needs.
Brokers and corporate intermediaries
Brokers and corporate intermediaries give Unipol targeted access to Italy's SMEs and large enterprises via specialized broker networks, crucial given that SMEs account for 99.9% of Italian firms and employ about 78% of the workforce (Eurostat/ISTAT 2023). Competitive tenders and program design demand technical underwriting and risk-engineering expertise from brokers to win corporate business. Broker portals streamline submissions and endorsements, reducing turnaround and compliance friction. Co-branded solutions align incentives by sharing revenues and marketing with intermediary partners.
Bancassurance
Bank branches and digital banking apps distribute Unipol protection and savings products, leveraging Italy’s bancassurance channel which accounted for roughly 50% of life premiums in 2024. Financial planning moments in-branch and via advisors create high-conversion cross-sell opportunities. Embedded digital journeys reduce onboarding friction and time-to-policy. Joint bank-insurer campaigns expand reach and lift uptake across retail segments.
Digital and mobile platforms
- Digital quotes and bind: instant policy issuance
- Marketing automation: higher lead conversion
- Chat/video: hybrid advisory
- APIs: partner distribution
Affinity and partner channels
Auto dealers, employers and associations distribute embedded or group Unipol products, with affinity channels in 2024 serving over 6 million customers and accounting for roughly 25% of P&C new business.
Propositions are tailored to partner member needs; data integration from dealers and payroll systems improves underwriting accuracy and pricing.
Scale across partners lowers acquisition costs and boosts cross-sell, supporting higher retention and margin expansion.
- partners: auto dealers, employers, associations
- scale: >6M customers (2024)
- share: ~25% P&C new business (2024)
- benefits: tailored offers, better underwriting, lower acquisition cost
Omnichannel: 3k, digital 20%, aff. 6M
Omnichannel reach: ~3,000 branches and tied agents (2024) plus brokers and bancassurance (life ~50% of premiums 2024) drive advisory sales and SME/corporate access. Digital/apps enable instant quotes (digital ~20% new retail policies 2024) and APIs/extensive affinity partnerships (>6M customers; ~25% P&C new business 2024).
| Channel | 2024 Metric |
|---|---|
| Branches/agents | ~3,000 |
| Bancassurance | Life ~50% premiums |
| Digital | ~20% new retail policies |
| Affinity | >6M customers; ~25% P&C new business |
Customer Segments
Retail individuals
Retail individuals seek motor, home, life and health protection with savings features; Unipol targets over 11 million retail customers across Italy and holds about 14% share in the motor market. They are price-sensitive yet value service and simplicity, with ~60% preferring digital channels for routine needs while many still use face-to-face for complex products. High cross-sell potential exists across lines, boosting lifetime value and retention.
SMEs and professionals
SMEs and professionals demand property, liability, fleet and employee benefits packages with tailored underwriting and rapid claims/service turnaround. They highly value risk management advice to reduce loss frequency and premium volatility. EU SMEs represent 99.8% of non-financial businesses and 66.6% of employment (Eurostat 2022), and are often engaged via brokers and agents as primary distribution partners.
Mid-market and corporate clients
Mid-market and corporate clients require bespoke programs and reinsurance to cover complex, multisite property, casualty and specialty exposures, with tailored aggregate limits and catastrophe covers. Procurement-driven buying cycles lengthen negotiation and place emphasis on competitive benchmarking and panel tendering. Data and loss-prevention services—risk engineering, IoT monitoring and claims analytics—are essential to reduce frequency and severity and to justify pricing and capacity.
Bancassurance customers
Bancassurance customers buy protection and savings as part of bank-led financial planning, favoring convenience and bundled offers; risk appetite aligns with clear investment goals and products are often triggered by lifecycle events such as mortgage, retirement or child education. In Italy in 2024 bancassurance accounted for roughly one-third of life-premium flows, driving significant cross-sell opportunities for Unipol Gruppo.
- segment: bank clients
- preference: convenience & bundles
- drivers: lifecycle triggers (mortgage, retirement)
- 2024 stat: ~1/3 of life premiums via bancassurance
Affinity groups and public sector
Affinity groups and public sector clients—employees, associations, and municipal entities—seek Unipol Gruppo group insurance with competitive pricing and strict SLAs; payroll or membership integration simplifies enrollment and administration, boosting retention and long-term loyalty. Unipol reported serving over 10 million customers and posted €1.2bn net profit in 2023, underpinning capacity for institutional deals.
- Employees: payroll integration
- Associations: volume pricing
- Municipalities: SLA demands
- Retention: long-term loyalty
Integrated Insurance Growth: Digital Retail, SME Risk-Engineering, Bancassurance Scale
Retail (≈11M customers; ~14% motor share) seek motor/home/life/health with savings; ~60% use digital for routine service and cross-sell boosts LTV. SMEs (Eurostat 2022: 99.8% of firms) need tailored property/liability/fleet and risk-engineering. Bancassurance ≈33% of life premiums (2024) drives bundled offers; affinity/public sector demand volume pricing and strict SLAs.
| Segment | Key stats | Channels | Primary needs |
|---|---|---|---|
| Retail | ≈11M customers; 14% motor | Digital 60% / agents | Protection+savings, simplicity |
| SMEs | Eurostat 2022: 99.8% firms | Brokers/agents | Tailored packages, risk mgmt |
| Bancassurance | ≈33% life premiums (2024) | Banks | Bundles, lifecycle triggers |
| Affinity/Public | 10M+ served; €1.2bn net profit 2023 | Payroll/membership | Volume pricing, SLAs |
Cost Structure
Claims and loss costs
Indemnities, medical expenses and repair costs drive Unipol Gruppo’s claims outlays, with motor and health lines particularly material. Loss ratios in 2024 continued to fluctuate with claim frequency and severity, pushing reserve monitoring higher. Catastrophic events force maintenance of reinsurance buffers and capital stress testing. Active network management and provider contracting reduce unit costs and claim inflation pressure.
Acquisition and distribution
Unipol’s acquisition and distribution costs are dominated by commissions to agents and brokers (commonly 12–18% of gross written premiums), with partner fees adding ~1–3% and marketing spend roughly 2–4% of premiums in 2024; channel mix drives a blended CAC that can range 20–60% per new policy. Incentive programs are increasingly tied to quality and persistency metrics to lower lapse rates; digital channels, at scale, can cut marginal acquisition costs by 30–50%.
Operating and IT expenses
Operating and IT expenses cover core system maintenance, cloud, cybersecurity, licenses, plus staff, facilities and vendor services; investments in automation (RPA/AI) are prioritized to drive future savings. Compliance and reporting — notably NIS2 transposition deadlines (member states by 17 October 2024) — add fixed overhead and steady CAPEX/OPEX pressure on Unipol Gruppo.
Reinsurance and capital costs
Ceded premiums and brokerage for treaty and facultative covers represent a material cost for Unipol, typically amounting to roughly 10–20% of gross written premium; brokerage commonly sits around 5–8% of ceded premiums. Costs shift with the reinsurance market cycle—prices rose about 10–25% after major 2023 catastrophe losses—while Solvency II capital charges compress returns. Hedging and financing layers add another 1–3% to overall expense ratios.
- ceded_pct: 10–20%
- brokerage: ~5–8% of ceded
- reins_price_change: +10–25% post‑2023
- hedging_financing: +1–3% expense
Regulatory and compliance
Regulatory and compliance drive recurring costs for supervisory fees, external audits and strengthened risk management functions, including ongoing IVASS engagement and annual audit cycles. Product governance and GDPR-driven data privacy obligations require IT controls and legal reviews. Continuous staff training and conduct controls raise HR and operational expenses. CSRD from 2024 expands ESG reporting obligations across ~50,000 EU firms, increasing compliance burdens.
- supervisory fees
- audits & risk mgmt
- product governance & GDPR
- training & conduct controls
- CSRD-driven ESG reporting
Claims & reserves drive costs; commissions 12–18%, reins +10–25%
Claims (motor, health) and reserves drive largest costs; 2024 loss ratios remained volatile, raising reserve monitoring. Acquisition costs: commissions 12–18%, partner fees 1–3%, marketing 2–4%; digital reduces marginal CAC 30–50%. Reinsurance ceded 10–20% of GWP, brokerage ~5–8% of ceded; reinsurance pricing rose ~10–25% post‑2023.
| Item | 2024 Metric |
|---|---|
| Commissions | 12–18% |
| Ceded premium | 10–20% GWP |
| Reins price change | +10–25% |
Revenue Streams
Property and casualty premiums
Property and casualty premiums—driven by motor, home, liability and commercial lines—generate recurring income for Unipol Gruppo; in 2024 the group reported gross written premiums of €12.8 billion, with P&C forming the majority of portfolio revenue. Pricing reflects assessed risk, expense loads and target margin, supporting combined ratios management. Diversification across lines and regions smooths volatility, while add-ons and riders increased ARPU by mid-single digits in 2024.
Life and health premiums
Life and health premiums—part of Unipol Gruppo’s €20.3bn gross written premiums in 2024—are driven by risk, savings and unit-linked products that bolster top-line growth; persistency (around 82% in 2024) and lapse rates materially shape recurring earnings; health plans provide steady protection revenue streams; attached riders (waivers, critical illness) raise per-customer lifetime value and cross-sell potential.
Investment income
Investment income derives from yields on bonds, equities, real estate and alternatives deployed across reserves and shareholder capital; Unipol's investment portfolio (over €70bn in 2023) targets ALM alignment to preserve a stable spread versus liabilities. Market conditions—Italian 10‑yr ~4% in 2024—drive variability, while realized capital gains and dividends materially supplement coupon and yield returns.
Fee and commission income
Fee and commission income, led by asset management, bancassurance and banking services, contributed c.€1.2bn in 2023, adding non-risk revenue and improving earnings diversification for Unipol Gruppo.
Commissions from bancassurance and partners broaden the mix, while advisory and administration fees—stable recurring streams—reduce earnings volatility and lower capital intensity, lifting ROE.
- Asset management: recurring fees
- Bancassurance: diversified commissions
- Advisory/admin: stability
- Lower capital intensity → higher ROE
Ancillary and partnership revenues
Ancillary revenues from telematics services, roadside assistance and extended warranties drive incremental income, with Unipol reporting over 1 million telematics policies by 2024 and rising service attach rates that lift margins. Affinity deals and co-branded programs share economics with partners, while data-enabled services monetize engagement through usage analytics and personalized offers; cross-sell into banking, home and protection lines increases customer lifetime value.
- telematics: over 1 million policies (2024)
- assistance & warranties: higher attach rates, incremental margin
- affinity/co-branding: shared economics, partner revenue
- data services: monetized engagement, targeted offers
- cross-sell: boosts average customer value
Recurring premiums and >€70bn investments fuel resilient earnings amid yield volatility
Recurring premiums drive revenue: P&C GWP €12.8bn (2024) and Life/Health within total GWP €20.3bn (2024); persistency ~82% supports earnings. Investment income from a >€70bn portfolio (2023) and market yields (Italian 10y ~4% in 2024) add volatility but boost returns. Fees/commissions (~€1.2bn 2023) plus telematics (>1m policies 2024) and assistance upsell lift ARPU and diversify earnings.
| Metric | Value |
|---|---|
| P&C GWP (2024) | €12.8bn |
| Total GWP (2024) | €20.3bn |
| Investment AUM (2023) | >€70bn |
| Fees & Commissions (2023) | ~€1.2bn |
| Telematics (2024) | >1m policies |