Veriflot, one of the newest and most innovative companies in Albania, has been transforming the software platform market since its founding in 2018. By developing advanced technological products such as Easyflot, a GPS Tracking and Fleet Management software, Veriflot has successfully competed in major markets like Albania, the USA, and Italy. To learn more about the latest developments and future plans of the company, we interviewed Ditmar Zhegun, Operations Manager at Veriflot, who shared insights about the new innovative platform, Veriflot Assist, which aims to revolutionize how citizens and companies interact with insurance.
1. Tell us a bit about the history of your startup. How did the idea come about, and what were the initial steps you took to create this business?
Veriflot is a company founded in 2018, focusing on developing software platforms. We are among the few Albanian companies that develop 100% of the product and resell it ourselves. The most successful platform we have developed is Easyflot, a GPS Tracking and Fleet Management software, the only platform of its kind fully developed by an Albanian team. The Easyflot platform is currently being sold in Albania, the USA, and Italy.
The idea for Veriflot Assist emerged from our experience with our clients in the GPS Tracking field. Around 90% of minor damages (scratches, broken headlights, etc.) are resolved privately between parties without completing the European Accident Report. Even when the European report is completed, due to a lack of documentation, parties are not compensated by insurance companies. For example, accident photos and sketches are essential, but due to a lack of information from the parties, photos are not taken at the scene, and as a result, compensation is not provided. By developing a platform that follows the entire process digitally, parties do not lose anything. Our ultimate goal is to make API integrations with insurance companies so that systems can communicate automatically and in real-time, the insurance company receives the completed form.
2. What are your startup’s biggest achievements so far?
Veriflot Assist will develop very quickly. This grant will give a new dimension to the entire concept, as we will have enough budget for marketing. Thus, the end consumer will be informed more quickly about the platform’s existence.
3. How do you see your startup’s development in the next 3-5 years?
The idea for Veriflot Assist came from market demand, and I am confident that within a year, its usage will be widespread, not only for documenting accidents but also for informing about the insurance market in general and the rights every citizen has for compensation by insurance companies. In the next 3-5 years, I see the platform as the only channel where every citizen will find solutions regarding insurance policies, not only those mandated by law but also voluntary ones.
4. How do you assess the support from the government and other institutions for startups in our country?
Every idea needs promotion, and grants are naturally the right form. After all, no idea can come to life without funds. I highly appreciate the government’s support as it stimulates new ideas, but I also believe that more effort is needed. I would love for technology businesses to be treated differently in terms of taxation. I want to mention Estonia, where the tax rate for reinvested profits is 0%. This policy is particularly beneficial for startups and software companies that often need to reinvest their profits in product development and expanding their operations.
5. Do you have any partnerships or collaborations that have been crucial for your startup’s development?
Veriflot’s current clients are companies with considerable vehicle fleets, and I think the experience with these companies has been decisive in creating the concept as a result of their needs. But not only companies, the experience of many individuals also strengthens the idea of developing this product.
6. What is your vision for your startup’s future, and how do you want your startup to be remembered in the industry you operate in?
As I mentioned earlier, in a 3-year perspective, I see Veriflot Assist as the only channel where everyone has the opportunity not only to report accidents but also to be informed about every product in the insurance field, whether they are legally mandated or voluntary. It would be very interesting for foreign insurance companies to have the opportunity to sell voluntary insurance. The law allows the purchase of voluntary policies from foreign operators, but surprisingly, the market does not have enough access so far.
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