The Polish insurance market should be prepared for digitalization
“Digitalization will improve cost management in insurance companies but the first step is expensive much” said Adam Czerniak, a lecturer at the Warsaw School of Economics and a publisher at Polityka Insight.
He also stated that the insurance market in Poland is not as digital as the banking market. According to him insurance entities should prepare for an e-revolution. Czerniak predicts that as banking has changed due to internet development, so insurance will undergo a similar transformation.
“We can order some insurance products on internet but we still cannot conclude a life insurance agreement online in Poland” – the specialist explained.
He mentioned that the reasons for the low digitalization index in the insurance sector are legal regulations and database security. Also Poles are not aware of insurance and they do not use insurance products as often as banking products. Poles associate insurance with MTPL, obligatory insurance and life policies. However, as he said, knowledge about insurance products will extend mainly due to digitalization. It will cause an increase in product sales.