A current trend observed on the insurance market is including various additional services in the risks cover and yet new points of contact with the customer in the mobile environment are being sought, also in view of the increasing popularity of ridesharing – Oskars Hartmanis, Deputy Chairman of the Management Board of BTA Baltic Insurance Company AAS (BTA), outlines industry development directions.

“Including insurance against additional risks in the property insurance cover has become pretty common now, a trend not so distinct previously: mobile phones, computers, household electronic gadgets, other devices – something you could but fantasize about some ten years ago. Moreover, customers may take these devices along with them on trips not limited just to the territory of Latvia,” indicates O. Hartmanis.

BTA is also looking for more points of contact with the customer in the mobile applications outside direct insurances services to help them with their daily business, also regarding health care and so called mobility – transportation of various forms. “An emerging trend in Latvia, studied from the insurances point of view also by Vienna Insurance Group, is ridesharing services, which have gained much popularity in the Western Europe and the US. Mobility encompasses not just private vehicles, but the entire transport infrastructure, chain of movement, which should also include the availability of insurance,” explains O. Hartmanis.

Speaking of competition and insurance types, O. Hartmanis concludes that it is felt now as expansion of policy covers, offering customers a wider range of options to get insurance indemnity in case of damages or theft. Motor insurance also sees incessant introduction of new types of cover to make customers suffer lesser financial losses and experience less discomfort, to name a few – replacement car, cover of taxi services, and other.

“We have spotted a tendency that clients, when about to getting insurance for larger amounts, run an online research of its kinds and options, nevertheless making the final decision during a conversation with a consultant over the phone or in person. Smaller, regular insurance premiums are paid online without hesitation, and this practice tends to grow,” sums up O. Hartmanis.

The attendance rate of BTA Customer Portal last year has increased by 35%, compared to 2018. The proportion of mobile users also keeps rising, which currently has increased to an average 40% of the total BTA customer flow. Therefore, BTA’s focus on development of pan-Baltic digital solutions in 2019, as well as further on is a logical consequence. Worth noting, at the beginning of this year, BTA launched a Health insurance application to it Health insurance customers, where browsing policy information and making insurance claims is really easy and fast – which is in turn recognized by customers and partners, as we see the app’s evaluation and popularity soaring.

About BTA

BTA Baltic Insurance Company is one of the leading insurance companies in the Baltics, offering the broadest range of non-life insurance services in Latvia, Lithuania and Estonia. BTA employs more than 1,000 employees in the Baltics. The largest shareholder of BTA is Vienna Insurance Group AG with close to 200 years of experience in the insurance business. With about 50 companies in 25 countries and more than 25,000 employees, Vienna Insurance Group is a clear market leader in its CEE markets. Vienna Insurance Group is the best-rated company of ATX, the leading index of Vienna Stock Exchange with a rating of A+ with stable outlook from Standard & Poor’s; its share is also listed on the Prague Stock Exchange.

Additional information:

Elīna Rasmane

Marketing and Public Relations Department Director

BTA Baltic Insurance Company AAS

e-mail elina.rasmane@bta.lv