InsurTech covers the innovative technological solutions improving the functioning of the insurance industry. These solutions enable a better and more effective evaluation of the insurance risk or personalization of the insurance offer, i.e. the adjustment of offered products to individual features and customer needs and a wider application of the insurance distribution channels. The solutions in the area of InsurTech include, among others:
The solution can be used with reference to car insurance where the risk assessment depends on the data collected by using sensors installed in the car or via a smartphone located in the vehicle. Thanks to telematics, on the basis of the obtained data, it is possible to identify the customer's style of driving and adjust insurance premium accordingly.
- Insurance upon request
The solution relies on buying insurance protection only in situations where the client really needs it. Starting the insurance protection takes place through an application installed on your smartphone. Thanks to this formula, the client pays for truly obtained insurance protection and only in such situations in which it is necessary. In practice such solutions are most often applicable in the case of tourist insurance (e.g. the insurance for a delay or flight cancellation), real estate insurance (e.g. rental of the premises for a specified time) or voluntary motor insurance (Autocasco).
- Expert systems for the evaluation of insurance premiums
More and more insurance companies use expert systems for the evaluation of insurance premiums based on advanced algorithms that, on the basis of the information acquired from the customer and from external databases (e.g. Insurance Guarantee Fund base), estimate the risk ratio for a given customer and suggest an insurance premium adapted to the real insurance risk. Expert systems are frequently based on the analysis of large collections of data available on the Internet (BigData) with the support of artificial intelligence solutions for the purpose of profiling potential customers.
This website and information placed on it are general and are not a binding position of the Polish Financial Supervision Authority. It should be pointed out that each service related to financial innovations has its specific character and should be assessed individually in terms of legal qualification with regard to the specific actual condition. The Polish Financial Supervisory Authority does not bear responsibility for any damage resulting from the use of the information included on this page. At the same time we reserve the right to introduce alterations in part and in the whole of the page without prior notification to users.