Moscow, October 25, 2019
The decision to expand was made at the very moment of Mains Lab establishment, and it seemed logical for the company that specializes in machine learning solutions for the insurance industry and adjacent industries related to claim settlement and healthcare. The foreign market is significantly higher in volume than the Russian market, and it has a much more stable demand for machine learning in insurance.
Mains Lab is entering Central and Eastern Europe with its core products, namely, search for overcharges in invoices drawn by clinics for insurance companies, and car accident damage assessment on the basis of photos. The company plans to enter TOP-5 and TOP-3 in these segments respectively already within 2-3 years.
Yury Kuvshinov, Mains Lab CEO, says, "In our niche, we are competing with global IT players successfully. Pilots on foreign markets have shown that our products are easy to integrate, and marginality in health insurance and motor insurance can be doubled. Our future plans include gradually going to new markets with all of Mains Lab products, including automatic document recognition and an underwriting support system."
Sergei Khudyakov, Mains Group CEO, says, "Our country is selling more IT services than it is buying. This trend first emerged in 2018. Russian IT solutions are a worthy alternative on foreign markets, which makes it possible to reverse the geopolitical situation in several countries. I am convinced that a strong reputation among business partners, a qualified team, and possibilities to invest in development of own competencies in machine learning will enable Mains Lab to strengthen its positions on new markets."