Balkan Business Brief

Serbia's innovative CarCheck mobile app revolutionizes vehicle transactions

Udru?enje osigurava?a Srbije (The Association of Insurers of Serbia) has unveiled the groundbreaking CarCheck mobile application, transforming the landscape of buying and selling used vehicles. With a mission to empower both buyers and sellers, CarCheck offers a comprehensive database to authenticate vehicle information. Unlike existing Serbian market applications, CarCheck provides a free inquiry per vehicle, offering crucial details such as manufacturing year, date of first registration, registration history, category changes, and more. Potential buyers can seamlessly request additional information via SMS, including accident history, bodywork color changes, ownership details, and whether the vehicle was utilized for taxi services.

While the Association opted for a nominal fee of EUR 7.6 for extended data, basic information remains free. Available for Android users on Google Play, the app anticipates soon entering the Apple Store for iPhone users. The Association ensures privacy by allowing vehicle exclusion from searches, although this limits reciprocal searches to 30 days. To prevent misuse, daily inspections are capped at four for registered users and two for others. CarCheck is set to streamline and secure the vehicle transaction experience in Serbia.

Do venture capital funds, banks, and companies compete in financing startups in Serbia?

According to estimates, approximately 600 companies are active in the startup scene in Serbia, with the overall value of the startup ecosystem estimated at 1.1 billion dollars. While it may appear initially that startup companies face challenges in securing financial support, latest trends indicate a potentially smoother process. In addition to state and international programs, support from venture capital (VC) funds, business angels, companies and banks has become integral to fostering the startup ecosystem. The question arises as to whether the multitude of available startup programs leaves ample room for everyone in the relatively small market.

Despite being perceived as conservative institutions, certain banks in Serbia have initiated collaboration programs with startups. Notably, OTP Bank has launched its OTP Connect program which enables direct communication and collaboration, allowing startups to test solutions within the bank's system and access its client base. Similarly, Erste Bank introduced its "Step by Step" program, providing loans and 230 hours of mentoring workshops to 98 startups. Beyond the banking sector, various companies have active programs, such as Tetra Pak and Bosch. Startup support can also be sought in the Katapult accelerator, which is supported by the Innovation Fund, or through the Raising Starts initiative launched by the Belgrade Science and Technology Park. Venture capital funds view the proliferation of such programs positively, asserting that the initiatives of banks and companies offer unique forms of assistance and do not directly compete with them. They assess that the emergence of new opportunities enhances the global startup ecosystem, compelling all participants to elevate their standards and work with greater excellence.

The largest insurer in Croatia is introducing car damage assessment in 3 min

Croatia osiguranje d.d. , the largest insurance company in Croatia, recently unveiled its innovation in car damage assessment. Specifically, the company has introduced an automated damage estimate system for motor vehicles based on artificial intelligence, capable of providing estimates in less than three minutes. The investment in this damage assessment center, equipped with three cameras, a rotary platform for a 360-degree view of the vehicle, and IT solutions for calculations, amounts to 400,000 euros.

The company clarified that the primary objective of adopting this innovative method is to deliver high-quality service to clients promptly, eliminating the human factor in assessments. They emphasized that the implementation of this solution will not lead to a reduction in the number of damage assessors in their company. Additionally, they stressed that the solution is not going to impact the amount of settled damages, it will expedite and simplify the overall process.

Bosnia's Federation Insurers achieve impressive 10.3% growth in GWP

In a robust display of performance, insurance companies in Bosnia and Herzegovina's Federation recorded a significant 10.3% year-on-year increase in gross written premiums (GWPs) during the first ten months of the year. Official data revealed a total of 563.7 million BAM in GWPs. Non-life insurance premiums surged by 11.3% to 445.9 million BAM, while life insurance premiums experienced a commendable 6.7% growth, reaching 117.8 million BAM. Leading the non-life segment was ASA Central Osiguranje, while Vienna Osiguranje secured the top position in the life insurance sector. With a total of 19 insurance companies operating in Bosnia's Federation by the end of October, the region showcases a dynamic and expanding insurance landscape.

SELECTIO Group launched Equal Pay Champion - key step towards gender equality

SELECTIO Group, a prominent human resources consulting organization with a track record of over 20,000 HR system evaluations in Croatia, has unveiled the Equal Pay Champion certification. This initiative marks a crucial stride toward fostering workplace equality across the country. Open to companies of all sizes and industries, the certificate aims to commend trailblazing organizations in gender equality and inspire positive changes in internal policies. Aligned with the EU's April 24, 2023 directive on salary transparency, the certification process involves sharing salary data to confirm a commitment to equality. The Equal Pay Champion certification is anticipated to catalyze substantial progress towards a more equitable business environment.