World leader in vehicle inspections invests in Swiss fintech startup

DEKRA has acquired a minority share in Zurich-based Spearhead AG. The fintech startup serves insurance companies, vehicle fleets, and fleet operators with systems for 100% digital processing of vehicle damages.

Spearhead’s business model focuses on digital processes for claims settlement, from the damage report to final claim regulation. A critical component is a telematics solution, which 100% automatically creates a first notification of loss by Spearhead after an accident and makes it available to customers.

“Acquiring part of Spearhead is the next logical step for us after the companies’ strategic partnership, which was agreed upon in 2018,” explained Wim Ter Voert, DEKRA Executive Vice President and Head of the Service Division Claims & Expertise. “We decided to take this step as part of our international digitalization strategy. This way, we can offer customers – and not only those in the insurance industry – a complete package, as they will expect us to do in the future.”

Founded in 1925 in Berlin as Deutscher Kraftfahrzeug-Überwachungs-Verein e.V., DEKRA generated turnover totaling almost EUR 3.2 billion in 2020. Its These services range from vehicle inspection and expert appraisals to claims services, industrial and building inspections, safety consultancy, testing and certification of products and systems, as well as training courses and temporary work.

The Spearhead system determines all central parameters for correctly classifying the current damage event. The basis for information to the insurance company, vehicle fleet or fleet manager is data determined in the vehicle relating to the accident; it is analyzed with artificial intelligence and linked to a giant database of real accident damage and damage appraisals. Information from the detailed vehicle identification and an up-to-date vehicle valuation is also incorporated into the analysis.

“With this service, we help customers at a point in the process where they were previously on their own – with the classification of damage,” explained Wim Ter Voert. “Customers will be in a position to select the appropriate expert service from our service portfolio.” Depending on the damage, an expert appraisal, tele expertise or the checking of a repair cost estimate can be incorporated optimally into the workflow – in the interest of quick, precise claims settlement.

(Press release / SK)
Picture: Rico Löb / Pixabay