History and development > Developments
From the very start, Company’s primary orientation was to serve large and medium-size Baltic businesses in relation to insurance and reinsurance purchase, loss regulation, and risk management outsource.
In 2012, BALTO LINK became an insurance advisor to the potentially largest pan-Baltic co-operation project of a new to-be-built nuclear power plant in Lithuania. A new office was opened in Tallinn to accommodate the increasing needs of the clients in Estonia. BALTO LINK's insurance internet sales platform draudimas.lt won award as "Best E-commerce Project in Lithuania in 2012" in the annual Lithuanian Internet Awards conference LOGIN.
2011 was a remarkable year for BALTO LINK due to several reasons consolidated sales reached the record level of EUR2.2 million; three losses in excess of EUR250.000 each were successfully settled for the clients; a decision to establish a permanent client service office in Tallinn (Estonia) was investigated and made; the office in Riga (Latvia) was relocated to the new modern premises in Building 8b, G. Astras Street. Furthermore, in Lithuania, BALTO LINK sponsored the free download of a new album Elektroninis dievas by Andrius Mamontovas, the most prominent modern Lithuanian musician, song-writer, composer whose album was downloaded over 80 thousand times.
In 2010, BALTO LINK marked its 10-year anniversary and continued expanding its offerings to the private client segment by launching employee insurance affinity programs in Latvia and Lithuania. BALTO LINK premium-wise became one of top 10 insurance brokers in Latvia. A new office was open in Siauliai (Lithuania), making BALTO LINK the largest insurance broker company that offers its services in all five largest Lithuania’s cities.
In 2009, in Lithuania, BALTO LINK initiated two projects; one in the field of employee competence development and the other - in the area of client service process efficiency development and IT automation. The company applied for an EU grant for the implementation of the projects and obtained EUR114.777 and EUR86.886, respectively.
In 2008, BALTO LINK started offering its services to the clients in Kaunas and Klaipeda (Lithuania) and Ventspils (Latvia) by opening branch offices in corresponding cities. Merger talks started with the largest Estonian broker to form the biggest insurance broker company in the Baltics, which was called off in 2009 due to changes in the economies.
In 2007, BALTO LINK became a network member for WILLIS, the world's 3rd largest insurance broker group, in Latvia and Lithuania. The company also decided to expand to Internet-based insurance sales for small and mid-size clientele in Motor TPL business by establishing a wholly-owned insurance broker company SOLIDUS LT (which in 2010 was merged to BALTO LINK).
In 2006, BALTO LINK strengthened client services outside the Baltics by offering alternative services through some world-wide broker networks. The same year, first truly pan-Baltic solutions were made for the clients operating in all three Baltic countries. Largest ever insured sales credit loss in the Baltics of EUR1.35 million was successfully settled for the large industrial client. In 2006, the company continued developing its mid-size client base and opened an office in Panevezys (Lithuania).
In 2005, the specialists of the company developed the most sophisticated and up-to-date long-term employee benefit/pension scheme for MAZEIKIU NAFTA, the largest company in the Baltics. Furthermore, the company continued enhancing its services and introduced new techniques (web-based technologies) and solutions for the mid-size segment clients. Operations for the clients outside the Baltic were started to be serviced in cooperation with a well-established international broker network.
In 2004, BALTO LINK launched operations in Latvia launching new standards of service quality and client risk management solutions to the market. Some of the major industrial and service corporations experienced sizeable gains through enhanced risk protection and significant reduction in expenditure on insurance.
In 2003, BALTO LINK team successfully applied their insurance knowledge and negotiation skills in settling the largest-ever insured fire loss in the Baltics (in EKRANAS factory), involving property damage, business interruption, and general liability insurance lines. The total negotiated insurance compensation exceeded EUR18 million.
In 2002-2003, the company actively participated in reforms initiated by the government of Lithuania by advising clients on taxation changes in life insurance and introduction of the second pension pillar. Our group developed an alternative pension website and an advanced calculator to promote and enhance the pension reforms. These initiatives were very positively welcomed by the national TV and print media.
By 2001 the company attracted substantial investments and professional know-how through a private Danish equity firm STRANDFELT CONSULTING ENTERPRISE. At the same time, cooperation was established with several leading specialised insurance and reinsurance brokers from the U.S. and the UK in order to better service complex insurance issues of the clients. Through the established access to the international insurance and reinsurance markets, BALTO LINK brought some of the world’s best insurance solutions, widened selection of possible insurance suppliers, and enhanced price competition to the Baltics. Besides, in 2001, BALTO LINK was the first in the Baltic region to launch www.draudimas.lt, an exclusively insurance-related portal awarded as the best one-topic website in Lithuania by the largest IT magazine KOMPIUTERIJA/PC WORLD.