DriveX, the leading remote vehicle verification software company, announced its newest partnership with BALTA, from the PZU Group. In cooperation, BALTA launches their self-service, AI-powered vehicle pre-inspections in motor insurance sales, saving costs and reducing fraud risks. Furthermore, the cooperation marks DriveX achieving market majority in Latvia, the second market following Estonia.
Rauno Sigur, DriveX CEO, noted, “I am thrilled that BALTA is investing into customer experience, speed and precision. This partnership is an example of how innovative the insurance sector really is. Furthermore, from DriveX’s perspective we have demonstrated that our solutions are scalable, since inefficient inspections are a global issue. We look forward to expanding in the entire CEE region.”
BALTA WEB Development manager Kristaps Ermansons commented that the customers’ and employees’ first response to the solution has been positive. “We are currently measuring the time saved by underwriters, claim managers and sales employees. As the next step, we are curious to see how our motor insurance portfolio’s profitability will be affected and how our claim sizes will be reduced, if pre-inspections are done more accurately.”
When buying full comprehensive motor insurance, pre-inspection images are required in order to assess and preserve the data of the vehicle condition. In case of an accident and a claim reported, the insurer can easily compare the original pre-accident condition and post-accident damages. As a result, claims are solved faster and false claims can be avoided.
BALTA (part of PZU group) is the leader of Latvian non-life insurance market, founded in 1992. BALTA has more than 300 000 private and 35 000 corporate customers. Company employs 600 people in 43 branches across all Latvia. BALTA has been recognised as the best employer in Baltics (Kincentric Best Employers) and most loved insurer in Latvia (Baltic best brands). It has been named as the most honest insurer in Latvia for 18 years and is the only insurer in Latvia awarded with the Platinum category in Sustainability Index for Latvian businesses.
PZU Group is one of the leaders in the Central and Eastern European insurance market. PZU is a company with 200 years of experience in insurance and boasts the trust of more than 22 million customers in five countries. In 2020, the amount of premiums written by the PZU Group reached 5.33 billion euros.