Since the launch of the individual pension plan, the company’s goal has been to develop a culture of supplementary pension plans
February 11, 2015: Poste Vita, the life insurance company of Gruppo Poste Italiane, has stood out in the Italian scenario thanks to its quick development and growth. Today, Poste Vita is the indisputable leader in the Italian life insurance market and the number one supplementary pension provider.
Founded in 1999, Poste Vita became the number one Italian insurance company in terms of gross written premium in 2010. The gross written premium in 2013 was €13.2 billion. Poste Vita manages more than €72 billion in technical provisions, it has 3.4 million clients and it has sold 5.7 million insurance covers (as on June 2014).
In the first half of 2014, with more than 670,000 subscribers to the individual pension plan, Poste Vita beat all its competitors becoming the absolute Italian leader in retirement plans. In the past few years, the company has even overtaken large and well-known pension funds that have been in the Italian market for many years. These results were achieved thanks to the great attention paid to the client, not only during the sale transaction, but especially after the underwriting of the product. Clients benefit from constant updates at www.postevita.it, through which it is possible to monitor one’s own policy, update one’s data, to perform customised simulations and also add funds to increase one’s investment.
Today, Poste Vita is the first life insurance company with a 15% market share in Italy. This success story is the result of Poste Vita offering insurance and welfare solutions tailored to fulfil the “real needs” of Italian families and companies.
All of the above is achieved in full compliance with the company’s values and the values portrayed by the Group Poste Vita belongs to, as an answer to new needs that are even more critical because of the economic crisis and cuts in government expenditure. The economic crisis has forced Italians to change their frame of mind on welfare because the public sector will not be able to meet their needs in terms of pensions and welfare. Poste Vita is ready for the challenge that Italian insurance companies will progressively meet over the years: make the population aware of supplementary pension options, given a large share of Italian families do not have a clear understanding of these matters.
Besides, Poste Vita is strongly committed to offering protection products: the proof being its long term care and temporary life insurance solutions have ranked in the top tier in the Italian market. Very soon, the company will also offer its customers a critical illness policy.
Poste Vita’s individual pension plan — Postaprevidenza Valore — was launched in 2005 when the company decided to get into the welfare sector. Poste Vita was aware it was entering a tough market because of:
– a widespread poor knowledge on financial services and individual pension plans
– frequent changes to the compulsory State pension scheme
Since the launch, the company’s goal was to develop a culture of supplementary pension plans and promote them by focusing on the following features:
- Ease of access: every person, regardless of their work status, even if financially dependable, has the opportunity to “build” his/her own integrated pension scheme also with a minimum payment of €50 per month.
- Safety: investments are mainly in State securities and bonds, and the company, regardless of the market’s volatility, ensures a minimum yearly yield of 1.50%.
- Reliability: Poste Italiane brand stands throughout Italy for trust, safety, experience and closeness to people’s needs. Over time, it served many citizens’ interests by adding life and non-life insurance products.
- Accessibility: Product can be accessed at 13,000 post offices in 20 regions.
In order to fulfil different personal needs, Postaprevidenza Valore is either marketed over the counters and through specialists. When with a product specialist, our clients can receive detailed answers to their questions on how Postaprevidenza Valore works, what amount to put aside on a monthly basis, when it is possible to redeem the investment yield and what the best plan is to choose according to one’s specific choices.
A unique feature of Postaprevidenza Valore is that its policy-holders can benefit from business deals that Bancoposta, Poste Italiane banking group, have entered into with 30,000 stores all over Italy. The way this deal works is that those clients owning a bank account with Poste Italiane can use their Bancoposta card in shops that offer a discount on purchases paid with Bancoposta. The amount of the discount goes automatically to increase his/her Postaprevidenza Valore asset value.
The strategy followed by Poste Vita, to create a product that can meet people’s needs of any age, including the youngest generations (average underwriting age is 36) who need extra economic support for their future, has proven to be a winning one.