Name
Global FinTech Guide
Country _ Name
Poland
SectionTitle
InsurTech
Body
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.

Introduction 

Attitude of the country towards InsurTech-services

The social and political climate towards InsurTech is quite neutral. Many entities on the market are trying to attract clients to InsurTech solutions e.g., apps used in loss adjustment or vehicle telemetric for motor insurance. However, clients are still quite reluctant towards such solutions.

The Financial Supervisory Authority (Komisja Nadzoru Finansoweego) officially promotes InsurTech solutions. However, the regulatory environment is not well prepared for InsurTech services. InsurTech Start-ups are bound by the same regulatory framework as typical insurance intermediaries.

Legal affairs

Obligations and requirements to provide InsurTech-services

InsurTech services in Poland must be divided into to main groups: (1) insurance distribution and (2) outsourcing services supporting insurance undertakings:

(1) Insurance distributon
 
Insurance brokers in Poland typically do not offer InsurTech services as their activity is usually focused on mediation regarding sophisticated insurance programmes for corporate clients. Insurance brokers on the Polish market practically do not act for typical consumers.

InsurTech entities typically offer client comparison websites or apps. If such a website or app offers the possibility to conclude an insurance contract the entity should be registered as an insurance agent. Comparison websites are usually insurance agents acting for multiple insurance undertaking: so-called multi-agents. Insurance agents are regulated entities which should be registered in the register kept by the Financial Supervisory Authority.

The registration is possible after executing agency agreement with insurance undertaking.

There are no requirements regarding running costs and financial reserves.

There are also some statutory fit and proper requirements which should be met by board members of the insurance agency company and every physical person performing agency activities

  1. having full legal capacity – that requirement is usually confirmed by written declarations of individuals;

  2. having a clean criminal record regarding wilful commission of:

      3. a) an offence against life and health,
      b) an offence against a system of justice,
      c) an offence against protection of information,
      d) an offence against credibility of documents,
      e) an offence against property,
      f) an offence against economic trading,
      g) an offence against trading in money and securities,
      h) a fiscal offence,

    - those criteria are confirmed by the criminal record certificate issued by the Ministry of Justice (cost around EUR 10 per person);

  3. giving a guarantee o

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