Ken Research’s Governance, Risk and Compliance-The Czech Insurance Industry provides an overview of the insurance regulatory framework in Czech. It gives the latest key changes and changes expected in the country’s insurance regulatory framework. The report provides key regulations and market practices related to different types of the insurance product in the country and rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Czech. The key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations and details of the tax and legal systems in the country are detailed in the report.
In Czech, the insurance industry will show dominant trends like digitalization, improved customer experience and optimization of distribution channels. Technology is not only going to revolutionize the internal working of the industry but also how they interact with their customers and enhance their experience. With the use of data analytics, all the data available to the insurers will help in personalization and innovation. Among the many problems and trends in the industry, digitalization and automation are expected to have maximum impact in the industry over the next few years. However, many insurers are struggling with IT systems, which have the potential to make or break the companies. There is a vast amount of data available with the insurers with a very small part of it utilized to give desired results. The respondents do expect increasing sophistication of underwriting and pricing.
On one side, there is increasing awareness of the impact of technology but the doubt remains on how these policies will be sold. There isn’t going to be many changes in how tied agents, financial advisers or branch staff work and are expected to remain dominant. Many insurers feel that strengthening customer experience is important after digitalization. Trends show that majority of the policyholders do not understand the type of product they are buying. A fair share of insurers also focuses on retaining old customers. Many insurers also expect both local and international level regulation with regards to Solvency II. However, more than regulation it is viewed as a burden in the sense it increases their compliance costs. Many insurers face to problems talent retaining and skill gaps. More than half the insurers in the country lack skilled talent and are worried about the risks they pose. Trends also show how there are more growth opportunities in non- life than in life insurances in Czech.
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Ankur Gupta, Head Marketing & Communications