✦ mojePZU & Eight Million Digital ClientsNarrow moat

PZU's digital bet is unglamorous and measurable: move customers into mojePZU, the group's app and portal, and serve them at a fraction of the cost of an agent visit or a call. The target is 8 million clients using digital services by 2027, up from roughly 5 million today, and the leading indicator is already moving — 46,3% of medical appointments were being scheduled through remote channels by mid-2026, against 42,2% a year earlier¹.

For an insurer, this is where operating leverage actually lives. Insurance economics turn on the expense ratio as much as on claims, and a company with the largest customer base in Poland has the most to gain from serving that base more cheaply. Digital also feeds the other bets: an app that holds the policy, books the doctor and settles the claim is how health subscriptions get sold to existing motor and life customers without a new sales force.

The honest limits are two. Insurance is bought rarely and claimed on rarer still, so engagement is structurally lower than a bank's app can achieve — and PZU's agent network, one of the moat's genuine assets, has an interest in not being disintermediated. Watch the digital client count against the 8 million goal, and watch the group's administrative expense ratio: rising digital adoption that does not show up as lower costs would mean PZU is running two distribution systems instead of replacing one.