2023 has come to a close and it's the ideal time to look back at what's been done. We're happy to share that it has been a year for the books!
A top choice for the consumer
Numbers don't lie and the Balcia team has managed to demonstrate outstanding success in terms of business growth!
In 2023, Balcia experienced a 48% increase in business growth at the group level, while business results in Latvia quadrupled compared to 2022. The total amount of signed premiums globally reached 120 million euros, with 72 million euros paid out in compensation, a significant increase compared to the previous year's figure of 42 million euros. Meanwhile, the amount of premiums signed in Latvia last year reached 25 million euros and 13 million euros were paid out in compensations, reflecting the growing trust among customers.
"Thanks to our investments in brand growth, technology innovation, employees, and new sales channels and markets, Balcia has achieved higher growth rates than market averages,” says Janis Lucaus (Jānis Lucaus), the Chairman of the Board at Balcia.
He further shares that the company's growth is based on optimising company processes, i.e. abandoning redundant bureaucratic processes, the attraction of professional employees and the overall change in society's behaviour towards regular insurance services.
The true heroes – Balcia employees
Our team expanded by 35% throughout the year, with a commendable 49 employees receiving well-deserved promotions during 2023. This milestone is notable for a company with a horizontal structure prioritising trust, productivity, and employee empowerment.
“Our company values a competitive work environment, offers career development opportunities, and celebrates the professional achievements of our employees," says J. Lucaus.
“Last year, the number of employees at Balcia increased by 1/3, and this year, attracting knowledgeable specialists from various industries remains a priority. As part of our efforts to make the hiring process smoother, we have launched a global career page that provides insights into our company culture and introduces our employees,” he continues.
Ever since its launch, we've noticed an increase in the diversity of job applications. It's no longer just people with prior experience in the insurance industry, but also people with experience in the digital, start-up, and fin-tech sectors. These specialists often show the desire and motivation we seek and it just goes to show that you don't have to be a seasoned industry expert to work in insurance.
Highlights of 2023
Numbers aren't the only way to measure success. Our team has worked hard and been a part of multiple exciting events throughout the year! By combining the efforts of our branches in Latvia, Lithuania, Poland we've managed to:
→ Develop a user-friendly mobile app that simplifies insurance. Launched it in Latvia, followed by Lithuania and Estonia. We reached 1,000 downloads within the first day and now have nearly 15,000 happy users.
→ Dive headfirst into the Estonian scene, going from zero to hero in just 90 days! This spring we're coming back even stronger, introducing motor product fireworks!
→ Team up with kasko2go and inject some serious smarts into a risk calculation worth 800 factors. Our commitment to elevating the insurance game is written in the AI code.
→ Stand our ground against 'Latvijas Transportlīdzekļu apdrošinātāju birojs' (LTAB) and snagged a legal victory. Fairness won, and we stood firm against piling financial burdens on vehicle owners.
→ Introduce a new look. Our updated visuals scream rebellion, urban vibes, and international flair. And guess what? We snagged the title of the bravest insurance brand from Brand Capital Research!
→ Sponsor the prestigious DAKAR rally in Lithuania. This incredible journey culminated in Rokas Bačiuška's two-time FIA World Rally-Raid Champion triumph.
→ Be a part of something epic. We not only attended Brainstorm's concert in Liepāja, but made sure that it was the event of the summer with other music lovers. Fan bus? Check. Two-wheel haven? Double check. Chill and thrill zone? Triple check. Moment game for 20,000 people? Done and dusted.
It's safe to say that 2023 has been one of our best years thus far and we hope to make 2024 even more memorable! Want to work in insurance and be part of our success next year? Find out more about jobs in insurance in our vacancy page.
