Members' Spotlight: LifeStar- Leading the way in insurance innovation
Leading the way in insurance innovation
Opening up in Italy and the launch of an innovative life protection product: LifeStar’s Paolo Catalfamo has much to be proud of.
For those who don’t know your company, can you provide some background?
I acquired the firm, which has a legacy of 60 years in the insurance industry, in 2015 and I’ve spent the past decade transforming LifeStar Holding Group and readying it for our exciting chapter ahead.
Today, the Group incorporates LifeStar Insurance, a trusted name in life protection products, and LifeStar Health, which has been representing Bupa in Malta since 1971. This long-standing partnership connects us to a global network of over 43 million customers.
As a listed company on the Malta Stock Exchange, we’re all about creating long-term value for our shareholders through sustainable growth, solid profitability and continuous innovation.
In 2023, LifeStar achieved remarkable growth, reporting €23 million in gross premium income – a 30 per cent increase over the past five years. The Group’s subsidiary, LifeStar Insurance, continues to thrive with a balance sheet profit of €142 million and a loyal customer base of more than 40,000. This puts us in a prime position to scale our operations internationally.
Can you share a little-known fact about your company?
Maybe few are aware that our team is made up of approximately 110 employees, representing a rich diversity of nationalities. Additionally, we collaborate with over 200 agents across Italy who actively promote and sell our Italian product.
What are you currently working on and what are your company’s plans and strategic priorities for the coming years?
We have had some exciting developments recently, with our debut in Italy just some months ago, which is particularly exciting for me as an Italian. We’re now in the process of expanding our insurance services through an innovative life protection product.
The Master Broker Bright Life we are offering in Italy is a life insurance product that allows clients to tailor the different levels of protection to their needs. It’s already exceeding our projections and gaining popularity in Italy, a testament to the growing demand for life insurance products.
This expansion comes at a time when average life expectancy is increasing, and our aim is to offer targeted solutions to provide security and peace of mind to our clients.
Additionally, we’ve forged a commercial distribution agreement with Cassa di Risparmio di San Marino, which adds to our momentum.
At the core of our strategic objectives is a commitment to maintaining the highest standards of corporate governance. We’re also focused on continuously improving operational efficiency through cutting-edge technologies and AI solutions to enhance our customer experience.
Our ultimate goal? To keep growing.
Are there any projects/achievements of your company that you are exceptionally proud of?
One of my proudest achievements was when we took over GlobalCapital in 2015, which was on the verge on bankruptcy. We worked tirelessly to rebrand and rebuild trust, so looking back on the past decade, I’m filled with pride at how, together with my team, we’ve managed to overcome numerous obstacles. We transformed the company into a dynamic, agile and innovative player in the insurance market.
A key milestone for us this year was the initiation of a 10-year digitalisation partnership with Vermeg Ltd, the creators of the life insurance policy management system, Solife. This collaboration aims to modernise our operations, streamline our processes, and improve our service delivery.
Simultaneously, we conducted a thorough review of our product portfolio, launched new insurance solutions, and revamped existing offerings to better align with our customers’ evolving needs. We’re committed to staying ahead of the curve, and I’m excited about the direction we’re heading towards.
What in your opinion makes Malta an effective jurisdiction to set up a business?
There are many compelling reasons that make Malta an attractive destination for business. Its strategic location, multilingual workforce, favourable tax regime and business-friendly policies all contribute to its appeal.
When I first arrived to Malta, I was impressed by the way the financial institutions actively sought to understand the needs of business and continuously improved their systems to make Malta even more attractive. For a while this risked being tarnished when Malta was greylisted, but it has since regained its standing and is thriving.
As an EU member state, Malta also offers access to the European Single Market, boosting trade opportunities while ensuring regulatory consistency. And, let’s not forget the weather and quality of life, which have all played a key role in convincing my family to settle on this beautiful island.
What kind of people/companies in the financial services community would you want to connect with?
We welcome any opportunity to become more actively involved in the financial services industry within the country. We are committed to exploring and establishing potential collaborations that contribute to the growth and innovation of the sector.
BIO
Paolo Catalfamo is an economist and an adjunct professor at theVillanova School of Business in Philadelphia.
Based in Malta with his wife and three daughters, Paolo is an Italian who has lived and worked across Europe and the US,bringing with him a unique insight to the business.
He has a solid international expertise in the economic-financial fieldand is always on the lookout for a challenge. He has held the position of vicepresident and managing director for Italy and southern Europe at FranklinTempleton, one of the largest asset management groups in the world, between1994 and 2000, and is the founder of Investar, with offices based in Malta,Luxembourg, Switzerland and the US.
Outside of his professional endeavours, Paolo is passionate abouttravelling and hanging out with his family.