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Business Model The value creation process at Poste Italiane.

With 35 million customers, Poste Italiane has by far the largest client base in Italy, with 11 million daily interactions, 4.7 million of which, via digital channels.
Italians trust us with their savings, rely on our insurance products, use our cards and phones and, of course, come to us to deliver their mail and parcels.
We have 27 million postal savings clients, and retail net inflows reached a record of more than €15 billion in 2020.
Insurance investment products lapse-rate is only 2.5% versus a market average of 5.5%.
We earn the loyalty of our customers through our commitment to quality and social responsibility, in all our businesses.

Poste is an important engine of innovation and digitalization of italy, connecting the country in a new hybrid world. Now, we aim to become the single point of entry for all Italians daily needs.
Poste is the only company able to link Italian SMEs, Public Administration and citizens.
We play a primary role in transforming the e-commerce landscape.
In 2020, 37% of overall B2C deliveries went through our network, with 210 million parcels delivered and almost 400 million e-commerce transactions via our payments tools.
We are also committed to reinforce the relationship between individuals and Public Administrations, with over 15 million public digital identities – SPID – with a national market share of above 80%.
Even in the very competitive telco market, our clients bear with us: in a standard year, our churn-rate is indeed 13%, compared to an industry average of 20%.

Poste Italiane’s business activities, in addition to generating direct impacts (i.e. closely linked to the Company’s economic activity), requires the purchase of goods and services produced by other companies (generating indirect impacts) and allows families who have received income thanks to the work done for the Group and its suppliers to purchase new goods and services (generating induced impacts). Poste Italiane also provides an overview of the economic value generated and distributed by the Company to its stakeholders such as suppliers, employees, lenders, the community, public administration and shareholders.

Poste Italiane is the distribution platform of choice in Italy, and we have a track record of successfully expanding our offer and reach. Over time we have progressed from distributing Poste products exclusively through our post office network, to expanding the marketplace for these products via our proprietary digital channel, to selling third party products across our channels and then leveraging on third party networks and diversified partners for distribution.
We have improved our proximity to customers beyond our network via a diversified third-party distribution network, which includes our PuntoPoste points, as well as FIT, Lottomatica, Edenred and ENI locations.

94% of Italians live within 5 minutes distance from a Poste Italiane touchpoint with circa 13,000 post offices open 6 days a week as well as circa 37,000 PuntoPoste points where citizens can undertake all their needs 7 days a week 24 hours a day.
Digitally 39% of customers with at least one access to Poste digital properties in 2020, out of a total customer base of 41 million digital users of digital channels. 
This in turn drives us at Poste to continually innovate in our physical and digital offer and deliver a seamless experience to our customers, wherever and however they interact with us.
Our 35 million customers and their relationship with us is at the heart of everything we do in all segments, at the strategic and operating level.
Poste aims to become the single point of entry for all Italians daily needs. Poste Italiane is in fact the only company able to link Italian SMEs, Public Administration and citizens, through the 12.2m Poste Italiane’s National Digital ID solution for citizens (leader in Italy).
 
Poste Italiane’s unique business model
The digital era has consecrated platform companies as disruptive and winning business models, characterised by critical success factors such as the combined use of exponential technologies, customer centricity, open and easily integrated platforms, guarantee of reliability and security, factors capable of sustaining markets during the pandemic.
In this scenario, Poste Italiane has the opportunity to become the Italian System’s Distribution Platform of Choice, supporting citizens in their daily needs, fostering the growth of the productive fabric and promoting the simplification of Public Administration.
The Distribution Platform of Choice must address the emerging needs of the Country System, satisfying needs and connecting citizens, businesses and Public Administration,
through a Tech Ops Liquid Engine capable of enabling business evolution.

The diagram illustrates the interaction between the strategy, the value creation process and forms of financial and non-financial capital that characterise Poste Italiane's business model.


The main forms of capital Poste Italiane uses to create value over time
Poste Italiane’s business is based on capital characterised by heterogeneity that has its own identity and certain qualities. This makes it possible both to specifically describe them and to measure them through performance indicators: the table below shows the peculiarities of each capital by referring to the paragraphs of this document where a more detailed description is provided.
 
CAPITAL      KEY INPUT    OUTCOMES 
Financial
  • Business continuity plan resources
  •  Equity and liabilities
  • GRI 201-1 Economic value generated, distributed and retained
  • FS11 Percentage of assets subject to positive and negative environmental or social screening regarding social/environmental aspects
Physical-structural
  • Corporate fleet data
  • Air transport fleet data
  • GRI 102-7 Widespread presence
 
  • Number of digital services offered y Number of contacts handled
  • GRI 305 Emissions
  • GRI 306 Waste
  • GRI 305-4 Intensity of GHG emissions related to real estate facilities
  • Wastewater reporting
  • Dematerialisation of procedures and corresponding transactions
Intellectual
  • Business continuity plan resources
  • GRI 205-1 Companies assessed for risks related to corruption and percentage of operations audited for risks related to corruption
  • Specific training on procedures and policies of anti-corruption
  • 207-1 Approach to tax
  • GRI 205-3 Reports managed by the Whistleblowing Committee
  • GRI 418 Customer Privacy 
  • IT security and cyber security breaches
  • Number of customers involved in IT security breaches
  • Cases of bribery and corruption and corrective actions y Anti-competitive practices
  • GRI 415-1 Political contributions
Human
  • GRI 102-8 Number of personnel by contract type and gender
  • GRI 401 Employment
  • GRI 403-5 Worker training on occupational health and safety
  • GRI 404 Training and Education
  • GRI 405 Diversity and Equal Opportunity
  • GRI 412 Human rights assessment
  • Number of participants in development programmes
  • Average hours of training for employees by gender and category
  • Training programmes and career development
 
  • Workforce trends (employee turnover y GRI 403-9 Occupational accidents y Diversity
  • Number of cases of non-compliance with labour standards
  • Disputes
Social-relational
  • Suppliers with an ISO 14001 or EMAS certified environmental management system
  • GRI 402 Labor/Management Relations
  • GRI 203-1 Corporate giving and/or corporate citizenship initiatives
  • Existing tenders which incorporate specific social criteria
  • Number of contacts handled
  • Customer satisfaction
  • GRI 203 Indirect economic impacts
  • The quality of the Universal Postal Service
  • Customer experience in Post Offices y Customer complaints by type
  • Monthly complaints
  • Settlements
  • New customers in the categories most at risk of financial exclusion as a percentage of total new acquisitions
  • FS14 ATMs for inclusion
  • FS14 Post Offices for cultural integration
Natural
  • GRI 301 Materials
  • GRI 302 Energy
  • GRI 303 Water and Effluents
  • Total cost of energy purchased for real estate facilities
  • Existing tenders which incorporate specific environmental criteria
  • GRI 305 Emissions
  • GRI 306 Waste
  • GRI 305-4 Intensity of GHG emissions related to real estate facilities
  • Wastewater reporting
  • Weight of electricity consumption relating to real estate facilities by type of business