Latest news with #Vicelich
NZ Herald
6 days ago
- Business
- NZ Herald
Agribusiness and Trade: Valocity's app speeds up property valuation in India
'We had this amazing tech, and the key thing that really differentiated us, is that it is customisable and modular. It can handle complex rules. It can handle varied property types and it can handle regional nuances. All of these proved essential in India.' That's because, aside from its sheer scale and the complexity of different language and ethnic groups, India posed some unique challenges for companies working in the property sector. Not least of these is the lack of a standardised addressing system in the Western sense. Vicelich says Valocity has a role to play in that growth. Like elsewhere, Indian banks need a valuation before they can lend money on a property. That is just as important for entrepreneurs seeking finance as for people wanting to buy a house. 'Previously, valuation was very manual in India and based entirely on physical documents. It took weeks to complete a valuation — there was no technology involved. Banks were not digitally connected to valuers. She describes what she found as a 'disparate and broken-up disintermediation — a fragmented ecosystem'. India's valuers are often small one- or two-person operations, while some banks are huge. The big banks deal with tens of thousands of valuations each month. At the other end of the market are tiny banks, more like our idea of building societies. They typically lend on low-value properties and can be in remote areas. Both need better systems. Valocity Founder and CEO Carmen Vicelich was part of the New Zealand delegation to visit India on the mission led by Prime Minister Christopher Luxon in March 2025. She says: 'We realised we could make a massive difference and we also realised that we had to localise our systems. When solving the problem of no data, we looked to partner, we looked to buy. We found no one had accurate addressing data and that government records are not digitised. We also found that recorded sales prices are not necessarily what a buyer pays for a property because there can be a cash payment on top.' Valocity developed a phone app and made it free for valuers. This was preloaded with banks' templates. When a valuer visits a property, the address is geotagged and photos are timestamped. The valuer has to take a selfie to prove he or she was at the property. This can all happen off-line, because mobile network coverage doesn't reach everywhere. 'The app makes calculations on the spot. Then all the data goes back to the bank digitally within ours of the visit. Everything the bank needs to know is there. We've managed to get 20 large banks live on the platform.' While the systems were developed for valuing buildings, Indians are using it to value factory plants and machinery. In some cases they drive the software to its limits. Vicelich says one user dragged and dropped 400 fields of data into the app and complained it was working slowly — the user was valuing a hospital.
Scoop
16-06-2025
- Sport
- Scoop
Football: Auckland City 'Tried To Do Our Best Without The Ball' Against Brutal Bayern Munich
Auckland City assistant coach Ivan Vicelich said he was very proud of his players' efforts in their record loss at the FIFA Club World Cup. Bundesliga champions Bayern Munich hit double figures against Auckland City in Cincinnati to record the biggest win in the history of the Club World Cup. The 10-0 victory was never in doubt as the part-timers struggled to keep up with the six-time European champions. "We knew it was going to be a very difficult game," Vicelich said afterwards. "Obviously we're playing against one of the top teams in the world, so really proud of the efforts." The German side was on the score sheet within six minutes and were up 6-0 at half time. Jamal Musiala scored a second half hat-trick. "The result is not what we wanted obviously and [the players] suffer internally with that, but to be able to sit up here and be proud of the players is what we're after." Vicelich said the players were told at half time to keep battling. "They took it on, and it's a dream for our players coming from an amateur level to play in this environment." Vicelich doesn't think his players gave the opposition too much respect. "We talked about that, we knew Bayern Munich can play really well against any team, so we knew that was going to happen. We tried to do our best without the ball. "All we can do now is recover and the guys can learn from this experience and in a couple of days time we can lift them up again." Auckland had one shot on goal. Auckland's next game is against Benfica of Portugal on Saturday. Their final group game is against Boca Juniors of Argentina.
