The Insurance Guarantee Fund of Poland (UFG) published its 8th annual review of data quality provided by insurance companies. According to UFG’s ratings, PZU, TUW TUW, Link4, Compensa and Allianz were the top 5 insurers in 2018.
One of the UFG’s tasks is to fulfill the function of an information center. The UFG provides online access so any insured person can check their insurance policy’s validity, as well as their claims history (date of accident, insurer’s name etc.).
Insurance companies are required to report, of any insurance undertaking, payment or refusal of compensation made to the UFG within a few days of the event. Since 2004, the UFG has been collecting data from insurance companies about MTPL policies in Poland.
The UFG ranking included a preliminary list of 20 insurance societies, whose activities included motor insurance. The ranking methodology was based on 8 indicators. The completeness of the data is the most important. It is calculated as an average of the previous indicators. The condition for the 20 motor insurance companies to be included in this ranking was for the last indicator to exceed 80%. If this indicator exceeded 80%, the company’s quality of data was considered satisfactory by UFG.
In 2018, 12 insurers were eligible for the ranking, compared to 10 insurers in 2017. Ordered by the previously mentioned indicator, the first 5 companies were PZU (89.5%), TUW TUW (85.6%), Link4 (85.6%), Compensa (84.3%) and Allianz (83.9%).
„We observed a systematic increase in the quality of data that insurers supply to the national database of transport insurance policies. Most companies have achieved higher data quality indicators in the past year compared to the year before. This is the result of the combined effort of both insurance companies and the Fund,” said Małgorzata Ślepowrońska, member of the UFG board.
At the end of 2018, the UFG database contained around 24.6 million vehicles with an active MTPL insurance contract. In 2018, UFG counted 2.7 million payments made by insurers. The insurers requested 359.4 million queries about vehicle owner/driver history and 364.4 million requests about vehicle damage history.
