The insurtech company Trasti announced this week that it had secured record financing of PLN 88 million from the European Bank for Reconstruction and Development and Zavarovalnica Triglav. As declared, PLN 65 million of this amount is to be allocated to the company's development, primarily in the area of technology. I asked the company's representatives what direction they plan to take and what projects they intend to undertake.
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"We have a very long list of projects. But what I can say now is that we will be working on new systems that will allow us to serve multiple insurance brands efficiently," says Tomasz Kasprzak, one of the founders of Trasti. "We also want to invest in solutions based on no-code/low-code technology, thanks to which employees responsible for the business will be able to prepare a new product for distribution themselves in a short time. I think that this will enable us to significantly reduce the time needed to prepare products, especially since, according to our assumptions, we will have more than one insurance partner, which will also streamline the process in terms of arrangements with the risk provider," he adds. When announcing the investment, the entity stated that it intends to sign an agreement with its first new partner later this year and, in the longer term, aims to attract further insurers to cooperate. Ultimately, Trasti would like to see itself as a hub offering insurance to foreign companies in Poland.
Interestingly, the insurtech company intends to focus on multi-branding. Its portfolio will include several different brands, allowing it to reach a broader range of customers with tailored offers. Trasti aims to implement this strategy by creating new brands based on its existing cooperation with Triglav, as well as by capitalizing on opportunities arising from the establishment of the announced new partnerships.
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"Many insurers operating in Poland offer their insurance products under several brands, such as Ergo Hestia with MTU and You Can Drive, or Compensa with Beesafe, Benefia, and Wiener. Uniqa has recently joined them, announcing the launch of the Pevno brand. This allows the insurer to present offers that meet the needs of customers from different segments, and the agent selling its policies feels that they have a more comprehensive offer", points out Tomasz Kasprzak. "We want to use the same mechanism, while having the advantage of a very efficient quotation system. We only require two pieces of information and, after literally a few seconds, we can present an offer, today for one brand, but soon for several," he emphasises.
It is worth mentioning that since Trasti began operating, one of its distinguishing features has been offering customers the option of spreading their premiums over six interest-
free instalments. According to company representatives, this model works very well. Firstly, the use of credit scoring, which the insurer learns about in connection with the spreading of the premium into instalments, allows for a better assessment of the customer's potential loss ratio (practice shows that credit scoring is correlated with the level of risk of causing damage) and thus a better adjustment of the premium. Secondly, thanks to the instalments, customers can afford better products with a broader range of coverage, which has a positive impact on the insurer's profitability.
