C-Level Insights

C-Level Insights

Thomas Sieber
Head of the Corporate Centre Division

Thomas Sieber, Head of the Corporate Centre Division

I’m currently enjoying one of the most exciting times in my career at Baloise. Not just because the Corporate Centre is a key interface for initiatives connected to our new Simply Safe strategy, but also because I can see that so much is already being done. We have entered into highly promising partnerships focused on start-up scouting and insurtech investments. I would particularly like to highlight our work with Anthemis, Go Beyond and F10. All three companies cover a specific range of needs that have opened up in today’s fast-changing world.

This rapid launch was only possible because ideas and information were shared across the Group in a spirit of enthusiasm, and without inhibition, and because people were able to make decisions, try things out and let go instead of just endlessly talking.

The search for start-ups that are of interest to our business can be viewed as a life cycle in which the three aforementioned partnerships perform the following roles: F10 is a kind of incubator. As an F10 member, we try to share our expertise with start-ups to help them accelerate their growth – for example, by explaining how to find the optimal prices for their products. And, of course, we want to be on board with them at an early stage when the seed develops into a beautiful flower. Thanks to the regular dialogue facilitated by F10, we are closely involved during these development stages. Go Beyond helps us at a slightly more advanced stage, namely when we are scouting for start-ups that have outgrown the incubator and are taking their first steps. Anthemis works for us and with us in our search for the investment opportunities that are at the furthest stage of development. The most recent example is our investment in Trov, a provider of on-demand digital insurance for personal items, which was made possible thanks to Anthemis. These partnerships have one defining feature over and above their advisory role: they are front and centre in the new digital world. Staying with the life cycle analogy, a further project that gives me great pleasure is Baloise’s own ‘baby’ FRIDAY. In less than a year, our team in Berlin has successfully brought to market a digital motor vehicle insurance offering with a game-changing approach. Since August, it has been looking to attract customers with a pay-per-kilometre product that offers maximum flexibility and a simple way to manage policies. This rapid launch was only possible because ideas and information were shared across the Group in a spirit of enthusiasm, and without inhibition, and because people were able to make decisions, try things out and let go instead of just endlessly talking. For the safety-first insurance industry this was by no means a given!

Following on from the previous point, there is a further trend that we would like to drive forward at Baloise. To continue to be successful in future, we need to learn to be more open and tolerant with each other. We need to let go a little, not always be so tightly controlled and allow ourselves to look at things from different perspectives. And we don’t just need to be more open internally, we also need to open up more to the outside world. The acquisition of Movu is a fine example of where we have succeeded in doing so.