Abstract
The impact of information technology innovation on development of financial markets is one of the most important trends observed in recent years. Enterprises offering such innovative solutions in finances are called FinTech (financial technology), and the branch of FinTech which focuses on insurance only is called InsurTech. Some of the most important activities that InsurTech try to improve are risk detection and risk prevention, insurance distribution or claims management process, personalization and development of on-demand insurance. The largest investments in InsurTechs are borne by countries like the USA, China, the United Kingdom or Germany, but we can observe activity in this field on smaller insurance markets too, especially in Central and Eastern European (CEE Region) countries such as Poland. The aim of this article is to review InsurTechs observed on the Polish insurance market and indicate the areas in which new technologies affect the shape of this market. The paper describes what Polish InsurTech market looks like in comparison to worldwide tendencies in this field. The conditions for InsurTech development in Poland in the face of the legal framework and act of the supervisor authority are presented. The paper describes the most important characteristics of Polish insurance markets, level of its digitization and outlines how insurance companies deal with new technologies, what solutions they introduce in their own structures and how the cooperation between InsurTech and insurance companies looks. The observed applications of new technologies on the Polish insurance market are described and the chosen InsurTech companies are briefly characterized. In the summary, the main trends in new technologies used by InsurTech are presented. The authors portray the potential future of InsurTech in Poland and compare it to technological development levels observed in other markets. The research methods adopted in the article include literature studies, analysis of information from online sources and inference.
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