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InsurTech is composed of the words “insurance” and “technology”. It is used as a collective term for the application of modern technologies in the domain of insurance services.

Digital and mobile brokers: FinTechs belonging to this category mostly act as digital insurance brokers and provide users with an overview of their insurance contracts with their respective conditions. Some FinTechs offer very short-term insurance contracts to cover specific cases which can be concluded often spontaneously via mobile devices. Oftentimes additional consulting services are offered.

Internet of things: FinTechs belonging to this category collect data by measuring for example the driving style of the customers or through wearables the customers wear to consult on, offer and/or manage the customer’s insurances.


Attitude of the country towards InsurTech-services

Although InsurTechs companies have recently enjoyed a growth in popularity, the market could still be called emerging as only a few companies would fall within this category. 

However, it can be mentioned e.g.:

  • UNIQA insurance company allows those clients who have arranged car or property insurance to use the MeteoUNIQA service in the form of warning SMS or emails, which warn of approaching extreme weather fluctuations in the client's location. The same insurer offers an assistance service under the name SafeLine, which, thanks to telematics (impact sensor), can itself proactively deal with a number of situations that a motorist may encounter. In the event of a breakdown on the road or sudden nausea, it is also possible to press an emergency button or use an app on a smartphone to call for assistance. Also, the premiums paid can be charged according to the number of kilometers driven thanks to this service;
  • Several insurance companies provide their clients with motion or water sensors for their homes; 
  • Mutumutu insurance can be arranged entirely online, and its price may also depend on the level of sports activity of the insured;

Legal affairs

Obligations and requirements to provide InsurTech-services

The insurance business is regulated in the Czech Act on Insurance (Zákon o pojištovnictví – “ZoP”) and the Act on Distribution of Insurance and Reinsurance (Zákon o distribuci pojištení a zajištení – “ZDPZ”).

InsurTechs are subject to insurance supervision if they conduct insurance business. According to Sec. 4 of the ZoP only a domestic insurance company and an insurance company from a third country that was granted a permit to carry on such business by the CNB or an insurance company from another Member State may carry on insurance business in Czechia. Insurance intermediaries or insurance consultancy services require a license not under ZoP but rather under ZDPZ.

Authorisation is granted on the basis of a fee-based application by the CNB as part of its supervisory activity, which may limit the requested scope of activity by decision if the applicant has not sufficiently demonstrated its ability to ensure the operation of the activity financially or operationally to the extent requested.

A license for conducting insurance business costs CZK 200.000. A license to operate as an insurance intermediary is approx. CZK 2.000.

Additional comments regarding the legal situation for InsurTech-services or what InsurTech’s must be aware of in this business area

Many Czech regulatory requirements are based on EU law or are influenced by EU-wide developments. Anti-money laundering and data protection regulations are also to be complied

Economic conditions

Market size for InsurTech-services and biggest companies in this business area

Unfortunately, there is no statistical data available regarding the InsurTech sector, presumably also because there are not many businesses that could be put in the InsurTech category. This sector does seem to have a great growth potential.

Additional comments regarding the economic situation for InsurTech-services or what InsurTech’s must be aware of in this business area




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