RUSSIA: Expert RA: GWP in electronic insurance, excluding MTPL, will reach RUB 19-20 billion in 2019
The agency noted "expected removal of the ban on sales of e-policies by intermediaries, emerging financial marketplaces and introduction of new high-tech solutions by insurers" as factors accelerating the development of e-insurance.
A survey of insurance market participants, conducted by Expert RA based on 2018 results, showed that the share of companies using IT solutions to sell insurance products is close to 100%. According to Alexey YANIN, the insurance and investment ratings managing director of Expert RA, about one fifth of insurers sell only MTPL online, while 83% of insurers using online sales offer a wide range of products.
Based on the rating agency's estimation, the largest insurance types in terms of GWP in electronic insurance segment in 2018 were Motor Hull (37.1%), travel insurance (23%) and other insurance types (18.5%), a significant part of which consists of life and mortgage insurance.
The review of e-technologies on the Russian insurance market, prepared by Expert RA, can be found here (in Russian only).