Icatu, recognized as the largest independent insurer in Brazil, specializing in Life Insurance, Private Pensions, and Capitalization, has emerged as a frontrunner in the Group Life Insurance segment. This specific offering caters to companies engaging in collective contracting. Recent accolades highlight Icatu's phenomenal 20% growth, a testament to its prowess in the industry.
As per the latest statistics from the National Federation of Private Pensions and Life Insurance (FenaPrevi), Icatu has amassed over BRL 1.3 billion in direct premiums from January to August 2023. This remarkable achievement signifies a substantial 20% growth compared to the corresponding period in the preceding year. Icatu's success exemplifies its dedication to excellence and reinforces its position as a key player in the insurance market.
According to the Director of Life Products at Icatu, Luciana Bastos, the positive numbers reflect the effectiveness of the development of products and services that are increasingly aligned with the constant evolutions and needs of the market. “Our business model is B2B2C in nature. Over the last 30 years, we have built a solid reputation and expertise in relationships with brokers and partners from different sectors of the economy, creating better journeys and unique products adapted to the reality of each of our clients. Our purpose is to offer quality, flexible solutions that help companies protect their greatest capital: people,” says the Luciana.
To stand out in this market, which currently represents 58% of life insurance taken out in Brazil (ref: SUSEP), the company has invested in technologies to streamline processes. Among the highlights is the reduction in the average timescale for issuing Group Life policies by around 75%, through automation and review of processes, documents, journeys, and systems.
“We are always on the lookout for new technologies that can accelerate and improve the journey of companies and brokers. We implemented the digital hiring journey and the flow for sending insurance invoices by email. These initiatives are already generating important results: from January to August this year, Icatu Vida SME recorded growth of 32%,” says Luciana.
Over the last five years, Icatu has recorded a total growth of 90% across its entire Life Insurance portfolio, becoming the leader among independent insurers in premiums earned. In 2023, the insurer plans to further accelerate its evolution with the investment of more than BRL 400 million in technology, innovation, and digital transformation initiatives.
Learn more about Icatu at: Network Members - Insurope - Market leading insurers in group employee benefits across the globe