Kazimierz Stańczak, senior advisor at Bain & Company confirms that a digital revolution in MTPL insurance is inevitable. ”The question is not whether a digital revolution in TPL insurance will take place, but how fast will it happen” – we can read in an article published by Stańczak on the rp.pl portal.
According to the expert, technical changes in the functioning of insurance companies offering motor insurance are the only way out of the difficult situation of the sector. What should be mentioned is the PLN 1 billion loss in financial results of insurance companies offering motor insurance. The causes of negative profits are new legal regulations increasing insurance companies’ liability and price wars. Stańczak stressed that the lack of changes in the functioning of insurance companies can contribute to a deepening of the crisis in the motor insurance sector.
The expert indicated that the Polish automobile market is slowly nearing saturation level. The statistics concerning the amount of vehicles possessed shows that we will face stagnation and a significantly lower growth pace of purchasing new vehicles, which will also affect the development of MTPL insurance.
