Insurance technology company Balcia has initiated a collaboration with the Swiss company kasko2go, introducing an Artificial Intelligence (AI)-based risk calculation program. This allows for more precise risk assessment for certain automobiles and their drivers, introducing a new approach to car insurance in Latvia.

"This is an innovative data analysis and modeling technology that no existing insurer in Latvia has utilized thus far. It enables us to be pioneers, introducing ever-new innovations in the insurance industry that provide tangible benefits. The solution offered by kasko2go will allow for more efficient management of our motor product portfolio, making more informed decisions regarding policy pricing and risk assessment. We are using this technology in Latvia, Lithuania, Estonia, and Poland," emphasized Jānis Lucaus, Chairman of the Board at "Balcia."

Modern technology and artificial intelligence allow us to analyze extensive data quickly and accurately. Using the innovative kasko2go risk assessment system, we offer data-driven and forward-looking insurance services.

When assessing risks, kasko2go considers more than 800 additional parameters. These include crash test results, the characteristics of the car's safety systems, accident information, traffic conditions in the driver's neighborhood, and many other factors.

All of this, with kasko2go's innovative AI approaches, allows Balcia to create customer-centric strategies. We are focused on providing fair and honest pricing to the end consumers, i.e., policyholders. After all, none of us wants to bear the burden of risks that belong to others.

"Balcia" carefully selects its partners, and "kasko2go" has proven itself a stable technology company. The products of kasko2go have been acknowledged as valuable by the German reinsurance company "Munich RE."

"The Baltic region stands out as a unique area with the highest level of digitization. Many countries in 'old Europe' still have a long way to go to reach this level. We are delighted to work here with the forward-thinking insurance company Balcia, committed to finding its customers the best products and solutions.

Our solutions already help Balcia deliver safe and efficient growth and win drivers' trust, just as they support our other clients.

One of the key factors in choosing a partner for us was Balcia's high level of social responsibility. This company genuinely cares about its clients, informing them about the risks associated with driving," emphasized Arina Man, CEO of kasko2go."

Also available in the "Balcia" application is a new safety indicator called the "Road Risk Report."

Registered users of the "Balcia" mobile application can access safety indicators within the "Road Risk Report," providing information about road safety and black spots within a 3-kilometer radius of a specific address. By selecting an address where the user is commonly located, it's possible to explore the safety level, accident statistics, and weather conditions at the time of the accident.

This information is provided using data from the Central Statistical Bureau, State Police, Ministry of Environmental Protection and Regional Development, Latvian Motor Insurers' Bureau, weather forecasting, and information technology company Weather.com, Google, Tom-Tom, and Latvian State Roads. As the darkest time of the year approaches, "Balcia" urges heightened awareness of road safety. The Road Risk Report is a valuable tool, emphasizing the proverbial wisdom that being forewarned is being forearmed.

This new approach to car insurance in Latvia is a step towards an innovative and customer-tailored future of insurance services, where technology goes hand in hand with human needs.