TTÜ Innovation and business centre Mektory and ERGO Insurance SE starting cooperation in insurance field

June 16, 2015

On 16th of June, Tallinn Technology University (TTÜ) and one of the leading insurance groups in the Baltic States ERGO Insurance SE signed a Strategic Cooperation Memorandum to mark the start of their cooperation to develop innovative solutions and options in insurance field.

Contract was signed by Vice-Rector for Innovation and Internationalization Mr. Tea Varrak and Chairman of the Management Board of ERGO insurance companies Dr. Kęstutis Bagdonavičius and Member of the Management Board Mr. Tarmo Koll.

„I am very pleased to start partnership with the leading insurance company. It is a good base for mutually useful research and development”, said Vice-Rector Tea Varrak. "University competence can be used for the product and service development and the company can turn innovative solutions and ideas in to life”, said Mr. Varrak. 

Dr. Kestutis Bagdonavičius: "The nature of insurance companies is to be conservative with undertaking the risk assessments, including usage of various digital opportunities and solutions. We have been competing in quality and prices; however, the need to continuously offer innovative solutions to customers is no longer a prerogative of IT business alone. Working with our ERGO Group colleagues in various European countries, we are well aware of the fact that the insurance business must be dynamic and keep up with the accelerating pace of life and the latest technology trends, to focus on individualized services and be ahead of customer needs. We are pleased that Mektory can support us to find new approaches and still unused possibilities, which will be implemented in the market”. Dr. Bagdonavičius said, that one significant sign how environment is changing is the fact that he can with Estonia's e-residency card sign the contract from the Lithuanian office and be part of this event just by using a digital signature to approve the contract.

"For ERGO it is very important to keep the prevention and the assessment of insurance risks in mind. We believe that the University's science base with the support of the students is able to find innovative solutions in the field of prevention”, said Mr. Tarmo Koll.

ERGO in the Baltic States is as the only and first insurance company in the market with an innovation focus. ERGO is fully on track regarding cooperation with partners, working on innovation area, in all Baltic countries. ERGO in Lithuania is the first insurance player what started an innovation project in the insurance market together with the Venture Capital Fund Nextury Ventures. Start of the acceleration program in Latvia with an innovation partner would be in autumn 2015.