Pillow insurance company has reason to celebrate big time! Exactly on June 6, 2024 it exceeded the size of one billion Czech crowns. Just a few days earlier (on 21 May), the aggregate volume of claims paid out to clients reached the same billion-value mark.
Billion-crown proof of clients’ trust
The size of each insurance company is measured by the value of its policy base. The meaning of this indicator is explained by Jakub Strnad, founder of Pillow and CEO of Pillow company. “The insurance company calculates the value of the annual premium on all valid contracts on a given day, and the total sum is the value of the policy base.”
When Pillow company started offering its insurance in 2020, the value of the policy base was close to zero. “Over the course of 4.5 years, we gained the trust of 200,000 clients and grew by one billion. In addition to the speed of growth, there is another uniqueness here,” points out Jakub Strnad. “Pillow company was able to do all this with only three products: vehicle, property and personal insurance. With the simplicity of the product portfolio and the extreme efficiency of the entire operation, we stand out from the competition not only in the Czechia, but also in Europe.”
Billion-crown proof of company fairness
In May, the Pillow claim settlement system also hit its second billion-crown milestone. The total amount paid to clients for incurred claims has exceeded one billion since 2020. Marcel Beno, co-founder of Pillow and process architect revealed which damage contained the billionth crown paid out: “It was property damage in a privately owned apartment caused by a water leak. So, it’s no surprise, water damage is the most common damage covered in apartment and house insurance.”
The billion in the policy base and in paid claims complemented last year’s success, when Pillow achieved a balanced financial position for the first time and ended the financial year in the black. Jakub Strnad evaluated all three successes achieved in a short period of time: “This is a unique result compared to the whole world and especially to fintech and insurtech areas. Pillow’s strategy and principles have shown that fair insurance can be long-term and sustainable for customers, bringing value to both clients and shareholders.”