CEE Insurtech Study 2023

“Positive Partnership. Central European Insurers and Insurtechs: challenges, opportunities and trends” is a Deloitte report that summarises results of a survey carried out among insurers and insurtechs operating in Central Europe. Its purpose was to verify the quality of cooperation between the two groups, define key challenges preventing its further development and to indicate areas considered by both sides as most promising for the future.  

Topics discussed in the report:

• The existing cooperation between insurers and insurtechs: According to the survey, as many as 70 percent of insurers in the CE region have recently commenced cooperation with insurtechs. Moreover, 74 percent of insurers are satisfied with this cooperation.
• Cooperation models and innovation investments: The survey analysed attractiveness of various models of collaboration between insurance and insurtech companies.  Currently, the purchase of technology licences is the most popular cooperation form. The analysis included insurers’ investments in innovative projects, whose value has grown in recent years. 
• Key challenges concerning future: According to insurtechs (61 percent), the scarcity of funds assigned to innovation poses the biggest challenge in cooperation with insurers.  As perceived by insurers, key challenges include restrictive regulations (57 percent) and the need to adjust the offered solutions to the existing IT infrastructure (57 percent).
• Innovation areas that CE insurers are most involved in Risk assessment, tariffs, personalisation of insurance products, automation of internal processes; these are topics indicated by insurers as key areas of cooperation with insurtechs in the coming years.
• Regional specifics of cooperation between insurers and insurtechs Although all markets in the region witness the entry of many relatively simple innovations (such as automation), in case of more complex solutions, differences in priorities can be observed.