Restoring trust to accelerate life insurance momentum across a cooperative network

The business report highlights the actions and initiatives led by BNP Paribas Cardif’s teams to make insurance always more accessible around the globe.

In June 2024, BCC Banca Iccrea, parent company of the BCC Iccrea Group, and the insurer BNP Paribas Cardif have signed a strategic bancassurance partnership in life insurance, alongside an exclusive distribution agreement across its network. The partnership, with a total shareholding to 70%, designed as a long-term alliance, was set up to transform the product offering and experience for the cooperative network and its clients. Armando Ponzini, General Manager of BCC Vita, takes us back through the journey that led to a very successful turnaround, starting with a trust reset across 111 local banks, and moving toward a synergic model, taking advantage of scale.

Looking back at the starting point, what was the biggest challenge to solve, both for BCC Vita and for the BCC network?

Armando Ponzini: The biggest challenge was restoring trust and momentum in a mature and highly competitive market dominated by large bancassurance players. On top of that, the BCC network is structurally heterogeneous: before BNP Paribas Cardif’s acquisition, its 111 banks were managing several distribution agreements with more than 20 insurance companies and with a diversified strategy for life insurance. In that context, some banks were asking for better products, service, and level of relationship.

What did you do first to reset the relationship with the banks?

Armando Ponzini: We focused on three very tangible proof points that banks and clients could experience immediately: product quality, policy issuance journey, and after-sales support. That meant moving fast on what was most visible. We accelerated new life insurance launches and worked to improve the sales experience, because if it takes too long to issue a policy, confidence drops instantly. We also made after-sales trustworthy again: a bank needs to know that when a client has an issue, there is a reliable team behind it.

Before the joint-venture, each bank had its own habits. How did you move from “111 ways of doing things” to a synergic model?

Armando Ponzini: The foundation is simple: one system and one product set create one model, supported by change management and communication. This requires a local presence: we spent a lot of time visiting banks, listening and explaining, because in a cooperative network human relationships are essential, especially in smaller towns. At first people listen to words; trust comes when they start seeing results.

What did you prioritize in the offer to help banks grow sustainably?

Armando Ponzini: We prioritized what helps banks in two ways: value for clients of the insurance products and confidence for advisors. That starts with product quality and clarity, because advisors need to feel proud of what they recommend, and clients need to understand what they buy. And we paired it with the strengths of BNP Paribas Cardif as a long-term partner: customized life insurance products, technological capability, and international insurance know-how, so the network could compete with the best bancassurers in Italy, while staying aligned with the cooperative values.

What results best demonstrate the turnaround?

Armando Ponzini: The most telling indicators are commercial traction and customer outcomes. In the first 5 months of 2024 the company reported 300 million euros in gross written premiums with 70 million euros net new cash. At the end of the year, the company reached around 1 billion euros, with a net new cash of 630 million euros. The acceleration continued in 2025 which ended with gross written premiums of more than 1.9 billion euros and a net new cash of 1.5 billion euros. In 2026 acceleration continues. Service is also a strong signal. By September 2025, we had a new assistance setup that answers 98% of calls within 10 seconds, and that changes daily reality for the banks.

How was the plan phased?

Armando Ponzini: Phase 1 was about stabilizing and proving reliability, bringing back the basics: core offer range, product quality, operational performance, tools for the advisors and strong service. Phase 2 is all about improving the customer journey further and making growth sustainable across the whole network. Structurally, the partnership itself is designed to support that long-term ambition: it can be extended to 15 years, and BNP Paribas Cardif has already announced increasing its stake in BCC Vita to 70% and extends its partnership with BCC Iccrea Group for life insurance in Italy to 2039. For the banks, the broader objective remains the same: diversify revenue sources, unify the market approach while maintaining local proximity, and unlock scale, so that life insurance becomes a stronger, more consistent growth driver over time.

 If you had to sum up one key lesson from this first year, what would it be?

Armando Ponzini: Don’t underestimate the basics: trust is operational. You earn it by delivering, day after day, on products, tools, and service. And in networks like ours, where relationships matter, you also earn it by being present, listening, and building the model together.