As an insurtech, Yolo has always set out not only as a digital intermediary but also as a technology enabler, thus forming partnerships with banks, companies, retailers, agents and brokers.
It is the first Italian Insurtech player to provide fully digital microinsurances and on-demand insurance, with a proprietary web and mobile channel for direct and indirect distribution through partners and a catalogue of on-demand policies, which can be activated in real time by smartphones and currently cover travel, goods, people and health with micro, pay-per-use and traditional solutions. In 2019 Yolo counted revenues of approximately 2 million euros and the issuance of 100,000 policies thanks to the support of different partnerships.
A model and technology also ready for international expansion. Planned as early as last year, with a fundraising plan between 15 and 20 million (announced in the business plan) that unfortunately the pandemic has in part blown up, or at least postponed.
Now, in fact, that plan is beginning to be implemented: the Intesa Sanpaolo Group, following on from what started in 2019, is increasing its shares in the company, with Neva Finventures (the Corporate Venture Capital that is part of Intesa Sanpaolo Innovation Center and already a Yolo shareholder since 2019) and with Intesa Sanpaolo Vita, a new shareholder. Overall, the Group should hold 22.5% of insurtech.
The capital increase, equal to three million euros, was also subscribed by Primomiglio SGR, already a shareholder, and allowed to increase Yolo’s shareholding structure with further new investors, active in different sectors. In addition to Intesa Sanpaolo Vita, in fact, Banca di Piacenza, Be Shaping the Future and CRIF have joined the capital.
Nicola Maria Fioravanti, CEO of Intesa Sanpaolo Vita, Head of the Insurance Division of the Intesa Sanpaolo Group, said: “The partnership with Yolo has a strategic value for the entire Insurance Division, aiming to exploit the potential of Insurtech to strengthen its offer, increasing the use of digital contracts and channels, and forms of instant insurance. At the same time, a permanent research center for digital innovation will be created with the same purpose”.
“The confidence placed in us by investors confirms our interest in the growth potential of insurtech and is an incentive to continue on the path of development,” said Gianluca De Cobelli, Co-founder and CEO of Yolo Group. “The insurtech market is currently growing in Italy and Europe. In view of this trend, further capital increases will be considered to support Yolo’s development path, accelerating the internationalization process. Our business model, based on new consumption habits and access to online services, can be even more productive in the current situation, characterized by the greater sensitivity of people and companies to risk protection and the need of insurance market players to develop the digital offer”.All rights reserved