Term life, whole life, variable life, universal life, protection policies, investment policies – the range of life insurance products is broad. Choosing the right type of life insurance depends on individual circumstances and financial goals.
Eurovita Assicurazione has gathered fundamental expertise when it comes to life insurance products. The company was founded in 1991 and is well-respected for its professional expertise, knowledge and not least of all its independence.
Eurovita was founded as a result of an initiative by Italian savings banks. In the past, life insurance policies were sold exclusively through savings banks.
“Until 1999, Italian savings banks were Eurovita’s only distributor,” sums up Carlo Motta, Business Development and Commercial Manager. “It was in 2000, when some banks were absorbed by other banking institutes, that we shifted our focus. Eurovita realized that it was important to broaden its business. Not only savings banks but also the Banco Popolare and several regional and local banks became Eurovita’s distributors.”
Today, Eurovita puts great emphasis on operating as a completely independent company. The majority of its shares are held by a private equity fund. “Until June 2014, 80% of our shares were held by a joint venture of Banco Popolare,” states Mr. Motta. “Then, Banco Popolare agreed to sell its entire stake to JC Flowers, a New York-based private equity firm specialized in insurance products.”
Today, Eurovita is synonymous with a unique independent platform for life insurance products distributed through a network of 2,000 locations throughout Italy encompassing local and regional Italian banks, financial promotion networks and private banks.
“We rely on different distributors,” says Mr. Motta. “Among them are both banks and brokers and agencies. 90% of our products are sold through banks, 10% through brokers and agencies – 42 so far, but that number is growing constantly.”
Eurovita has 85 employees today and manages total assets of five billion EUR. Annual sales rose from 600 million EUR in 2014 to 1.2 billion in 2015. “We specialize in life insurance products,” stresses Mr. Motta. “There are three different phases of a client’s life, and Eurovita covers all of them. Therefore we focus strictly on the individual client and his special needs to work out perfect insurance solutions. First, we have the accumulation phase, where emphasis is placed on growing wealth, dedicated to clients from 18 to 44. Then, we have the consolidating phase for clients from 45 to 60 years of age, which is a balance between growing and protecting one’s investments. This phase generally begins during the middle of a client’s life. Preserving and transforming assets comes as the third and probably most important phase. Here, clients are generally 65 or even older.”
Thanks to partners such as BlackRock, a reference point in the Italian asset management industry, Eurovita offers innovative products in the segment of protection or pensions guaranteeing fiscal benefits and satisfying the most diverse needs.
“Eurovita is known for an outstanding professional attitude,” emphasizes Mr. Motta. “We are completely independent, which makes us stand out from the market. Eurovita is not linked to the capital of any insurance company or any Italian or European bank group. This way we guarantee maximum impartiality to our customers, who know that we are not dependent on any bank but offer the best independent solutions. This is one of our most important characteristics and trademarks.”
Bank customers and banks themselves appreciate being able to rely on a competent insurance partner. “Eurovita is a well-known brand in Italy,” points out Mr. Motta. “More than 12% of Italians know the brand. We work with smaller banks and institutions that are not part of a huge network. Here, we are the number one in the market. Now, we aim to strengthen and broaden our network to become a prominent reference point for private insurance solutions in Italy.”
To continue enhancing its popularity, Eurovita sponsors the Italian Football Referees Association – and continues stressing the importance of independence and impartiality.