BICM

What BICM does

BICM is a Latvian-incorporated private professional services firm providing independent insurance claims handling, loss adjustment, risk assessment, and consultancy across the Baltic States. Founded in 2011 by personnel with over 15 years of sector experience dating back to 1996, the company operates through three registered offices located in Latvia (headquarters, Babītes pag.), Estonia (Maardu), and Lithuania (Vilnius), with multilingual service delivery in Estonian, Latvian, Lithuanian, Russian, and English. The firm positions itself as an independent third-party adjuster, mitigating conflicts of interest inherent to captive or in-house claims operations, and specializes in complex cross-border matters including EU 4th Directive / Green Card System MTPL claims.

The service portfolio spans nine insurance lines: motor (CASCO and MTPL), marine and transportation (MAT, including P&I, H&M, CMR), property, liability, health, accident, travel, and purchase insurance, plus recoveries. Delivery modalities include both on-site attendance at incident locations and desk-based claim handling. As an adjunct offering, BICM provides Third-Party Administration (TPA) services in cooperation with Broadspire, extending into structured claims outsourcing with management information and indemnity expenditure management components. No proprietary technology platform is disclosed; operations are grounded in professional expertise, regional market knowledge, and partner-provided IT platforms.

BICM's revenue model is fee-based professional services, with customized quote-based pricing that varies by claim type and complexity; no pricing is publicly disclosed. Customer acquisition relies almost exclusively on partner channels rather than direct marketing: BICM has been the official Crawford & Company correspondent in the Baltics since 2012, offers TPA services via Broadspire, and historically served as the major claims administration service provider for PZU in Latvia and Estonia (2012 onward) and for Gjensidige Baltic following Gjensidige's acquisition of PZU Lietuva. The customer base is concentrated among international and local insurance companies, self-insured entities, and brokers operating in or with exposure to the Baltic market.

Name

BICM

Legal name

SIA BICM

Website

https://bicm.eu

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

1–10 employees

Short description

BICM is a Latvian-based independent insurance claims handling and loss management firm serving insurance companies, self-insured entities, and brokers across the Baltic States through offices in Latvia, Estonia, and Lithuania, with multilingual service across nine insurance lines.

Ownership category

akta.pro rank

Product category

Insurance Claims Management Services

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242)

SIC

Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Claims Administration & TPA Services (FNOL, Subrogation, Litigation Mgmt) (TLABANAH)

akta.pro secondary industry

Cargo Insurance Placement & Policy Administration (All-Risk, ICC A/B/C) (TLACAHAG)

Keywords

• Independent claims handling
• Insurance loss adjustment
• Third party administration
• Marine claims management
• Motor claims handling

Headquarters

HQ city

Babītes pag.

HQ country

Latvia

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Claims Handling Services: BICM generates revenue through professional services fees for independent claims handling across various insurance areas including motor, marine, property, liability, health, accident, and travel insurance. Services include both on-site attendance and desktop claim handling.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

BICM provides independent claims handling, loss management, risk assessment and insurance consultancy services across the Baltic States. The offering covers motor (CASCO, MTPL, EU 4th Directive/Green Card), marine & transportation, property, liability, health, accident, travel and purchase insurance claims, delivered through on-site attendance, desktop handling, and Third-Party Administration (TPA) outsourcing. Services are targeted at insurance companies, self-insured entities and brokers operating in or with exposure to Latvia, Lithuania and Estonia.

Product overview

BICM provides independent claims handling services and loss management as a unified service offering rather than a software product platform. The core offering consists of independent claims handling across multiple insurance areas including motor/auto, marine & transportation, property, liability, health, accident, travel, and purchase insurance claims. The company offers both on-site attendance services and desktop claim handling. As an add-on service, BICM provides Third Party Administration (TPA) outsourcing solutions for mass insurance claims and individual claims. The service is delivered through a network of offices across the Baltic States with multilingual capabilities.

Differentiator

Problem solved

Functional benefit

Products and services

• Motor & Auto Insurance Claims Handling Independent handling of motor insurance claims including Motor Hull (CASCO), Compulsory Motor Third Party Liability (MTPL), and EU Fourth Directive/Green Card System claims, for insurance companies and self-insured entities operating in the Baltic States.
• Marine & Transportation (MAT) Claims Handling of marine and cargo insurance claims including marine inspections, Protection and Indemnity (P&I) matters, Hull & Machinery (H&M) matters, and Road Hauliers Liability (CMR Insurance) claims.
• Property Insurance Claims Handling of commercial and private property insurance claims.
• Liability Insurance Claims Handling of general and products liability insurance claims.
• Health, Accident & Travel Insurance Claims Handling of health insurance claims, accident insurance claims, and travel insurance claims.
• Purchase Insurance Claims & Recoveries Handling of purchase insurance claims and recoveries related to insurance claims.
• Third Party Administration (TPA) Services Professional outsourcing of claims handling providing Third Party Administration services for both mass insurance claims and individual claims to reduce handling time frames and costs, offered in cooperation with Broadspire for businesses, insurers and brokers.
• On-Site Attendance Services On-site attendance services for claims handling at the location of incidents.
• Desktop Claim Handling Desk-based claims handling services for remote processing.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and major.

• Crawford & CompanycoreStrategic or Co-development Partner · 1 January 2012Crawford & Company is the largest global independent provider of claims management solutions serving risk management and insurance businesses as well as self-insured entities, with operations in more than 70 countries. Since 2012, BICM has been the official correspondent of Crawford & Company in the Baltic States — Latvia, Lithuania, Estonia. Through this cooperation, BICM handles various types of claims including Motor Claims, Marine and Transportation (MAT), Product Liability (PL), Business Interruption (BI), Construction/Erection All Risks (CAR/EAR), and Catastrophic Response (CAT). BICM also has access to Crawford Global Technical Services (GTS) worldwide network of experts.
• BroadspirecoreChannel Partner/ Reseller/ DistributorBroadspire is a leading global Third-Party Administration (TPA) service provider and a division of Crawford & Company. The company specializes in servicing claims needs of businesses, insurers and brokers who wish to take extended control over the claims process, indemnity expenditure, data capture and access valuable management information. BICM offers TPA services in cooperation with Broadspire for both mass insurance claims and individual claims. Broadspire services are available in 25 European countries and more than 85 locations worldwide.
• PZU GroupmajorStrategic or Co-development PartnerPZU Group is a trusted name in insurance with over 200 years of experience, operating in Estonia, Latvia and Lithuania. In 2013, PZU entered Latvian and Estonian markets and in 2015, after acquiring RSA Group's insurance portfolio, became the market leader in the Baltics. From 2012 until market mergers, BICM Latvian and Estonian branch offices were the major Claims Administration Service Providers for various types of PZU claims.
• GjensidigemajorStrategic or Co-development PartnerGjensidige is a leading Nordic insurance company listed on the Oslo Stock Exchange with operations in Norway, Denmark, Sweden and the Baltic countries. The company acquired PZU Lietuva (PZU Lithuania), and BICM continues to provide claims handling services for Gjensidige Baltic following the succession of the partnership with PZU Lietuva. The partnership with PZU and rendering of services in Latvia and Estonia extends back from 2013 to present day.

Scale indicators1 record

Recent moves5 records

Expansion highlights3 records

Direct peers

• McLarens: Independent global loss adjusting and claims management firm with deep marine, transportation and specialty expertise. Highly comparable to BICM as an independent adjuster handling complex motor, marine and transportation claims for insurers and brokers worldwide.
• QuestGates: UK-headquartered loss adjusting and claims management firm handling property, casualty, marine and specialty losses. Comparable as an independent multi-line adjuster providing outsourced claims solutions to insurers and brokers, with a similar regional-execution, multi-jurisdiction model.
• GAB Robins: International loss adjusting and claims management company with European operations. Comparable to BICM as an independent multi-line claims handler delivering motor, marine and casualty adjusting services to insurers on a correspondent basis.
• Charles Taylor: Global provider of claims management, TPA and insurance services across multiple lines including marine, aviation and property. Directly comparable as a multi-line independent claims handler serving international insurers with regional execution hubs.
• Davies Group: UK-based claims solutions and TPA provider serving major insurers and self-insureds across property, casualty and specialty lines. Comparable to BICM as an independent claims handling and TPA partner for large insurers, with similar professional-services economics.
• Broadspire: Global TPA division of Crawford & Company, focused on outsourced claims handling, indemnity management and management information. Direct peer because BICM delivers TPA services in cooperation with Broadspire in the Baltics, sharing the same TPA business model and client type.
• Cunningham Lindsey: Global independent loss adjusting and claims management network (now part of Sedgwick). Comparable to BICM as an independent adjuster handling motor, marine, property and liability claims for international insurers through regional correspondents.

Others

• PZU Group: Central & Eastern European insurance group and Baltic market leader that was a major BICM client through 2015. Comparable as an ecosystem participant — a regional insurer whose claims BICM has historically administered, and which shapes TPA demand in the Baltics.

Broad incumbents

• Crawford & Company: The world's largest independent claims management and TPA solutions provider operating in 70+ countries. Direct strategic partner of BICM (since 2012) and the natural global incumbent comparison, providing international reach and standards that BICM executes locally in the Baltics.
• Sedgwick: Global leader in claims management, loss adjusting and TPA services across property, casualty and specialty lines. Comparable as a large-scale incumbent offering the same independent third-party claims administration value proposition that BICM targets, with established European and Nordic presence.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BICM