DriveX Technologies is an Estonian based tech company that was founded in 2020 by Rauno Sigur (CEO), Kentti Koppel (CTO) and Valter Läll (CPO).
DriveX offers the most comprehensive, intuitive and flexible vehicle inspection solution on the market. The AI-powered self-serviced process helps users take high-quality photos of their cars. Their software also detects damages on the car body. The photo-taking process is made easy with built-in instructions and instant feedback and guidance. After car inspection is completed, car visual assessment and damage report is generated.
Easy Engineering: What are the main areas of activity of the company?
DriveX is currently operating in 11 countries across Europe and Africa. DriveX’s clients are mostly insurance companies. For example, our portfolio includes several VIG companies, ERGO, Gjensidige and BALTA. We also work with insurance brokers. In addition to insurance, we have clients from the automotive sector, for example Carglass Estonia, SIXT’s franchise in the Baltics, Cardino and different dealerships and car financing companies.
E.E: What’s the news about new products/services?
With new product updates, we can start supporting companies with car part repair or replace decisions.
E.E: What are the ranges of products/services?
DriveX’s vehicle inspection software is highly customisable, so every client can opt for the exact features that match their needs.
DriveX offers automated damage detection and manual damage marking. With the automated option, AI recognises damages on the car body and asks to take close up photos. With the manual marking option, users can easily mark the damages on the photos themselves. Our newest features include the repair/replace decision for certain car parts.
DriveX inspection software has fraud detection capabilities, to make sure that the right vehicle is captured at all the right angles. The software doesn’t allow users to upload old photos, all photos need to be taken in real time.
For insurance companies DriveX saves claim processing costs & CO2. This is achieved, because:
- Remote image capturing AI prevents fraud in fabricated damages & reduces needless driving (CO2)
- Damage detection AI (pre & post accident) prevents inflated claims payouts
- Damage repairability AI reduces unnecessary replacements (CO2)
E.E: What is the state of the market where you are currently active?
Fraud in the motor insurance market is increasing at a rate of 5% CAGR, reaching 102 billion in 2026. The increasing cost of living and tough economic times are definitely contributing to this. This means that companies are searching for ways to prevent these frauds and mitigate their risks.
In addition, the mass adoption phase of inspection AI has begun, with 85% of companies seeking a solution in the next 5 years. The industry has moved beyond early adopters, and now inspection AI is considered on a larger scale. The reason for this is that computer vision has significantly improved in recent years, and success stories from early adopters are driving interest across the industry.
E.E: What can you tell us about market trends?
SMART repairs
SMART stands for Small (to) Medium Area Repair Technology and it is a way of repairing defects on vehicle bodies in a more environmentally friendly and efficient way. For example, if your car’s paintwork has been damaged and dented in a small area, then it can be fixed with filler and respray. No need to remove or repaint the entire panel of the car.
Because SMART repairs are limited to smaller areas of damage, they use less materials and energy. Less waste is generated as well, because SMART often involves repairing damaged panels rather than replacing them.
SMART repairs can reduce CO2 emissions by up to 85% compared to traditional methods. This is quite an impressive number. With the damage detection software, DriveX aims to support companies with SMART repairs and through that encourage them to be economical with their resources.
Optimising with AI and different automation tools
The costs in insurance are increasing (operating costs, salary costs, repair costs), and the direct expenses of damages are on an upward trend. Everyone is raising insurance premiums, and it is necessary to streamline business models with various automation solutions.
E.E: What are the most innovative products/services marketed?
In addition to DriveX, we would like to highlight Kasko2go and Scrive. We have worked with both of these companies, and they are unquestionably the market leaders in their respective fields.
Kasko2go is a Swiss-based company that specialises in providing AI tools to expand market share and increase insurer profitability. Among other things, they offer an advanced risk prediction solution for motor insurance.
Scrive is a leading electronic signature and identification solution provider. Their software is incredibly easy to integrate into existing processes and is very intuitive for end-users.
E.E: What estimations do you have for the beginning of 2024?
Rauno Sigur, the CEO of DriveX comments: “Motor insurance total market continues to expand. It is very exciting to keep a close eye on developing countries whose motor insurance is in quick acceleration currently. The gross written premiums in total are not as big, but double digit growth means that they will need to create a whole new ecosystem of technologies. There is a unique opportunity to create winning solutions from scratch for the decade to come, and we want to be an integral part of that. Old legacy systems are not in the way, which means that adoption can happen much faster.”