Poland Insurance Survey 2023

Capco insurance survey highlights transformation opportunity for Polish insurers as policyholders endorse data-driven product and service improvements 

79% of respondents say they would consider sharing additional personal data to obtain benefits such as cheaper premiums and more tailored offerings

Value for money, affordable premiums and trust in brand are top priorities for consumers when purchasing insurance

WARSAW, October 16, 2023 – Capco’s 2023 survey of consumer attitudes to Polish insurance and insurers finds that a clear majority (79%) will share additional personal data to improve insurance offerings, motivated by a range of benefits including cheaper premiums (41%) and more personalized services (34%). This and other findings in the survey highlight the opportunity for Poland’s insurers to deliver products and services that are more precisely tailored around customers’ individual needs and lifestyles. 

The survey confirms that, across a range of insurance types, most Polish respondents would welcome more personalized products. For example, 73% of policyholders either ‘would prefer’ (33%) or ‘strongly want’ (40%) more personalized health products. Similarly, 71% of policyholders either ‘would prefer’ (38%) or ‘strongly want’ (33%) more personalized life products.

Capco surveyed a representative sample of 1,000 Polish policyholders between the ages of 18 and 65 years to capture consumer habits and needs, including preferred purchasing channels, decision drivers, their views on the claims process and insurance apps, as well as their appetite for personalization and sharing personal data. The associated report highlights key innovation trends and offers recommended paths forward for insurers looking to capitalize on the positive attitudes towards data sharing captured by the research, including differentiated customer experiences, more tailored products and enhanced cross-selling opportunities.

Lance Levy, CEO of Capco, said: “The potential for data-oriented investments to transform distribution strategies and customer relationships could prove the most important aspect of the digital revolution in the Polish insurance market. Hyper-personalization offers insurers a unique opportunity to compete not only on price but on the ability to engage customers, understand their priorities and satisfy those needs on the customer’s own terms and via their preferred channels.”

Szymon Szmejter, Poland Insurance Lead, said: “The way that companies understand and use their data is a primary source of competitive advantage. Our survey shows that Polish policyholders want a more personalized approach and are willing to share the necessary personal data to achieve this. To leverage this opportunity, insurers need to make customer-centric data architectures a priority within data strategies that can service a range of use cases. Improved data management will also prove critical as insurance companies increasingly implement AI-driven solutions.” 

Other key findings in Capco’s Poland insurance report include:

Respondents willing to share data to gain more personalized products would consider a range of methods including smart watches (32%), smart devices in the home (28%) and fitness/health tests (28%).

• Less popular methods include putting a black box in their vehicle (18%) and sharing social media data (15%). 

A majority (61%) of respondents continue to prefer buying their insurance through representatives or agents.

• Smaller percentages prefer to buy insurance on their own (20%) or through third parties such as a non-tied agent or financial advisor (19%).

The top three priorities when purchasing insurance products are value for money (53%), affordable premiums (51%) and trust in brand (38%).

• Other commonly cited priorities are ease of doing business (35%) and the ability of the insurance offer to meet the customer’s needs (25%).

When choosing an insurance provider, speed of services is cited as an important decision factor by the largest percentage (57%) of respondents.

• Other factors include the ease of the application process (46%) and an insurer’s reputation (43%).
  
• Recommendations by family members and friends continue to play a significant role for 25% of respondents, especially in the case of women (31%).
  
• Only 9% of respondents say the sustainability and ESG credentials of an insurer are an important decision factor when choosing a provider.

Over two-thirds of policyholder respondents (68%) say they feel well-informed about the range of insurance products available.

• However, nearly a third feel either ‘uncertain’ (23%) or ‘uninformed’ (9%), highlighting an opportunity for further consumer education and guidance.

The vast majority (79%) of respondents who have made a claim are satisfied with their experience of the claims process. 

• However, most are ‘satisfied’ (57%) rather than ‘highly satisfied’ (22%) – suggesting there is further scope for improvement as insurers look to strengthen their competitive edge.
  
• Among the one in five (21%) respondents who identify as ‘less than satisfied,’ the top issues are slow insurer responses, too much paperwork and slow payouts. 

Capco’s 2023 Poland insurance survey can be downloaded below. A number of other national market reports are also available and more will be published in the coming weeks. Capco’s latest global insurance survey was conducted during February and March 2023 and collected responses from 13,750 policyholders aged 18 to 65 years across Poland, Germany, Switzerland, Belgium, Italy, the UK, the US, Canada, Brazil, Hong Kong, Greater Bay Area (ex Hong Kong), Singapore, Thailand, and Malaysia.


Media contact

Tim Steele
tim.steele@capco.com


About Capco

Capco, a Wipro company, is a global technology and management consultancy specializing in driving digital transformation in the financial services industry. Capco operates at the intersection of business and technology by combining innovative thinking with unrivalled industry knowledge to fast-track digital initiatives for banking and payments, capital markets, wealth and asset management, insurance, and the energy sector. Capco’s cutting-edge ingenuity is brought to life through its award-winning Be Yourself At Work culture and diverse talent. To learn more, visit www.capco.com or follow us on LinkedIn, Instagram, Facebook, and YouTube.