Daniela Badaluta - President and Founder of RECREX

Daniela Badaluta is an entrepreneur with 13 years of experience, a licensed attorney, and has completed several training programs in business administration, leadership, communications, economics, and insurance.

As an entrepreneur, she is convinced that the challenges in the insurance sector offer unexplored opportunities and funded with her capital the creation of Recrex Romania, RECREX Bulgaria, and RECREX Antifraud Center in Romania.

She is the founder of NBIFI – the National Bureau for Insurance Fraud Investigation in Bulgaria. A non-profit association created to combine the efforts of insurers, law enforcement authorities, and representatives of society to prevent and fight against all types of insurance fraud; to conduct investigations, to organize training, to propose necessary legislative changes, and to guarantee a high degree of public awareness of current problems in the field.

What is your vision for the future?
Even if you are moving in the right direction, you will fall behind and be forgotten if you do not strive for constant self-improvement. As a leader, self-knowledge is invaluable in professional development and guides both strategic decision-making and team selection, and winning their support and loyalty. When we talk about the leadership of a group that includes professionals, firmness of character, and determination to achieve results should be leading, but at the same time, trust and a sense of safety should be built in the organization of people and businesses, including in the insurance sector. We strive to promote a business model that enforces a set of values such as professionalism, initiative, trust, and innovation.

Statistics show that in the future, by 2050, there will be more than 10 billion people and 100% more retirees. There is a trend of constant growth in consumption, which forces the business sector to develop and offer innovations to serve the needs of the growing population in big cities, the new generations - Millennials, and also to facilitate the exchange of the acquired in the process of research and learning knowledge, AI & BIG DATA.

What does RECREX do and how does it operate in the European insurance market?
RECREX has an extended team of over 500 employees and associates, with national and international coverage, structured in the following units: insurance specialists, marketing specialists, anti-fraud specialists, technical assessment of damaged motor vehicles after an event, customer legal support 

As an insurance agency, RECREX Bulgaria combines risk management with the acquisition. Introduces innovative solutions for the implementation of acquisition control using modern software solutions and process automation, guaranteeing full protection of users of insurance services and insurance companies.
Claims Management Buffering System is a unique solution developed by RECREX for fraud detection and prevention, but also an external service for claims management and adjustment.

What are the challenges of managing claims within the Green Card system?
Of the total amount of damage in the "Green Card" system in Romania, 50% are registered road accidents involving cars with Bulgarian registrations. This percentage makes Bulgarian insurers vulnerable, as they offer low prices logic to the Bulgarian market, but incur costs and pay benefits under the conditions of the European market, distinguished by a significantly higher standard.

The solution is for RECREX to reduce the loss rate by up to 60% by changing the principle of damage management from "trust and pay" to "check and pay", to support insurance companies, who in the Green Card system face a fraud rate of over 35% of the claims filed.

These strong partnerships are the result of intensive anti-fraud activities that protect our partners from unacceptable risks.

RECREX AFC Investigations has a group of experts, detectives, and technical and legal experts with many years of experience.

Which area is threatened the most by the percentage of fraud claims?
The highest rate of insurance fraud is in Italy. There are specialized groups of Romanian, Italian and Albanian citizens whose structures are well organized and daily produce baseless claims, damaging insurers with significant sums.

By working closely with insurance users and competent Italian institutions, RECREX has succeeded in uncovering these specialized groups.

At the same time, similar networks, which have a well-established mode of operation, also exist in Romania. RECREX has no doubts that its team of specialists can prevent a significant part of criminal schemes in the Romanian insurance sector.

Although organized groups reinvent and update their tricks with impressive dexterity, our experts have taken several effective preventive measures thanks to the wealth of experience at their disposal.

What are the projects you are developing during this period?
RECREX is growing dynamically through the development of innovative insurance services designed for Romanian and Bulgarian companies as well as for those from the entire European Union.

Bulgarian insurance companies have the opportunity to operate on the territory of other countries, such as Romania when exercising freedom of establishment (FOE) and freedom to provide services (FOS), based on a partnership with a company that offers an integrated package of services. The benefit of this partnership is expressed in market exposure, marketing, provision of "start-ups" resources, such as an integrated information system, management of commercial channels and support, tax representation, legal protection, legal advice, and representation.

The business execution package covers a wide range of activities to ensure the proper development of the business within the legal constraints and with maximum efficiency to protect the interest of the insurance company that wishes to operate outside the borders of its country of origin.

Unfortunately, in Eastern Europe, such "outsourcing" activity is not so well developed compared to other EU countries. For insurance companies, this model can lead to a significant advantage to strengthen market position, controlling the extent of claims, improving performance indicators, increasing profitability, and obtaining the highest rating in the European market