Sollers Consulting Comments on Changes in the Polish Insurance Market

There were many new restrictions introduced at the beginning of 2016, but it seems that this sector still needs more regulations than it was expected.

WARSAW, Poland--(BUSINESS WIRE)-- During the IV Congress held by the Polish Insurance Association, numerous topics regarding the insurance sector were discussed.

The main issues raised were e.g. new regulations, changes in customer needs, generation Y needs and the attractiveness of new products. It seems that insurers are aware of these issues but a lot depends on the government and its decisions.

The audience was keen to hear speeches prepared by politicians. Many of them emphasized the importance of the industry’s overall image, profitability, price war and consumerism.

The big surprise was a statement from senator Grzegorz Bierecki (head of the Senate Finance Committee, a strong figure in the ruling party, and founder of SKOK–a financial institution that gathers 2,6 million households), who pointed out that Insurance Market requires urgent changes in regulations to protect the industry, yet a question how to do it without enabling abuse and misselling remains open.

The senator’s joke “Some of the COEs here don’t have ties, as they are afraid those missold unit-links will drag them by their ties, isn’t it so?” was met with strong disapproval, but also made it clear, that the government is aware that it is important to regulate personal damages issues.

It is certain that the insurance sector needs changes, but regulations that are on the government’s side and internal changes made by insurance companies should be set simultaneously. On one hand the government needs to introduce their changes and help the financial market with its image, on the other hand Insurance companies should think about adjusting their standards to new generation’s needs and get prepared for upcoming trends. “Everything depends on correct understanding and skillful adaptation to the needs of this growing group of fresh customers” – says Grzegorz Podleśny, Senior Manager at Sollers Consulting.

More Sollers’ articles about insurance market can be found at: sollers.eu

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Source: Sollers Consulting