Verona, 5/17/2023
REVO Insurance obtains regulatory authorisation for legal protection insurance
The company launches new guarantees designed for SMEs and professionals that cover expenses for criminal or civil litigation.
REVO Insurance SpA, the only Italian operator focused on specialty lines and parametric risks business for SMEs, has been authorised by IVASS, the Italian Insurance Companies Supervisory Authority,to operate in the “legal protection” class. The Company is now broadening its offer with insurance solutions designed for professionals and small and medium-sized enterprises.
The new line follows REVO’s usual approach to product development: an insurance proposal that is transparent and easily accessible, while at the same time of high a quality standard, designed and implemented using a modular structure that highly customisable. This is made possible by OverX, REVO's proprietary technology platform, which assists the broker in filling out the data collection form by providing and cross-referencing multiple pieces of information from internal and external databases. This makes the policy quotation and issuing process easier and faster than average.
“According to 2022 data from ANIA – the Italian National Association of Insurance Companies – legal protection business also grew by 6.5% this year, with total premium income of around €600 million. Over the past four years, premium revenue has grown by more than €100 million: a figure that steadily improves from year to year”. - commented Pierpaolo Mezzanini, Head of Legal Protection and Assistance at REVO - “The potential of this multifaceted market is manifold, and OverX may be the key to supporting brokers in assessing the risk involved and formulating the insurance solutions most suited to clients' needs.”
The new legal protection policies further extend the range of innovative products dedicated to professionals and SMEs. So far, corporate liability, professional indemnity and D&O policies have been launched in 2022.
REVO Insurance is now authorised to operate in 16 insurance classes which, in addition to legal protection, include health insurance, land vehicles, railway rolling stock, aircraft, sea, lake, river and canal vessels, goods in transit, aircraftliability, sea, lake, river and canal vessel liability (carrier’s liability only), credit and financial losses.