Estonian deep technology company DriveX has expanded into the Nigerian market with its vehicle imaging software. They are working with the local technology company FastClaim to build a new generation platform for vehicle inspection before purchasing insurance, handling claims, and organising repair work.

The Nigerian Insurers Association has approved the new platform as the market standard, and it is expected to be adopted by all 40 insurance companies in Nigeria within the following year.

The CEO of DriveX, Rauno Sigur, stated that less than 25% of vehicles in Nigeria are insured, but this number is expected to rise as the standard of living improves.

“However, the market´s concern is that regular consumers lack trust in insurance companies’ sales and claims handling processes and find them cumbersome. Estonia has already experienced similar development to what Nigeria is going through, and DriveX, drawing from this experience, aims to contribute to Nigeria’s growth,” said Sigur.

“Along with FastClaim, DriveX has launched a platform that aims to build trust among Nigerian insurers and policyholders, making processes faster and more reliable,” noted Sigur.

DriveX AI solution makes car owners’ and insurers´ life easier

The company´s AI-based application has been integrated with the FastClaim platform. This allows Nigerian car owners and insurance companies to report on the condition of vehicles when purchasing insurance and in the event of a claim. Insurers can receive reliable information about the loss event immediately, enabling them to manage repair work more efficiently and avoid fraud.

With the DriveX solution, it is not possible to upload old or processed images when reporting a damage incident. Artificial intelligence also understands the severity of the damage, reducing the average damage due to fraud prevention and effective repair methods. Additionally, the focus is on user comfort, as policyholders can report the necessary information remotely in just a few minutes without leaving home or work.

Car purchases are growing three times faster in developing countries than in developed markets. By 2027, there will be 900 million cars in developing countries, surpassing the number in developed countries. However, there are currently no reliable processes to manage this growth sustainably and profitably. DriveX aims to become a market leader in developing regions and plans to expand to the following African countries.

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