Andrew Quirke: Automation, digitalisation and innovations are the keys to success
The automotive insurance market, like many other industries, has been complicated this past year due to rising inflation, interest rates, energy prices, and the war in Ukraine, which have brought even more uncertainty into our lives than the fading COVID-19 pandemic. In the first half of 2022, the demand for new and used vehicles was high, however, there will be a significant slowdown in the second half, which will be felt due to the economic and geopolitical situation in 2023 as well.
Nevertheless, DEFEND INSURANCE GROUP did well in terms of business results in 2022 and we again achieved
year-on-year growth. We have been able to do this thanks to continued technological innovation and the
automation of our processes. In all our European markets, we switched to the new version of our iDEFEND
online system in 2022, along with a system upgrade we also launched several improvements to our products
– e.g., our unique DEFEND Technical Control insurance now also includes emissions measurement, we also
launched an extended warranty, purely for electric cars and increased the limits of insurance coverage
for extended warranties overall to make them suitable for premium cars as well.
We will continue to expand
The new insurance administration system also helps us expand to other European markets. Last year we started operating in Lithuania and Germany and this year we will expand to Romania, Austria and Latvia.
I see a big opportunity in 2023 with the recent change in goods claims legislation and the increasing pressure on security, car inspections and warranties. The need to protect yourself with an extended warranty is increasing, both on the part of vehicle sellers and their buyers.
We will also continue with product innovations and focus on the B2C market and online sales of our insurance, which we launched last year. Our portfolio of products for online sales will soon expand the excess insurance of rented vehicles. Thus, clients will no longer have to take out insurance directly with car rental companies in foreign countries but can arrange everything before the trip in the comfort of their own home and in their native language.
2023 will not be easy and we will probably face an economic recession, however, I believe that at DEFEND
INSURANCE GROUP we are ready for any situation and will continue to grow further thanks to our great team,
which has grown significantly in recent years. I see the key to success and overcoming challenges in continued
automation, digitalisation and other product innovations that will respond to the rapidly changing needs
of our clients and our partners.
Published on online insurance magazine oPojištění.cz.