Innovation is a core part of our Simply Safe mission. “The nominations for this year’s Efma Awards highlight once again that our efforts are paying off. I am very proud that we have managed to secure three nominations,” says CEO Gert De Winter.
And the nominees are:
Connected Insurance & Ecosystems category
Baloise Switzerland’s ‘Insharetech’
Sharing models are becoming increasingly popular in all kinds of sectors, for example for cars and camper vans. The idea is very simple: A platform provider wants to encourage owners of certain goods to rent out these goods to others for short periods of time while they are not using them for their own purposes.
Managing risk is part of Baloise’s DNA. So we have put our heads together and have developed and launched a modular range of insurance solutions that cover these shared risks. The key to this concept was a fully digital solution with low premiums and a real-time interface to our claims department. This solution helped several sharing platforms to build their business on a modern foundation. Successful case studies include mycamper, myoldtimer, 2em.ch share that wear, drivemycar and edrive carsharing – to name just a few. The first platform to adopt our solution was mycamper. Baloise definitely regards these platforms as a market opportunity, but our engagement in this area also reflects our firm commitment to sustainability. Profitability is certainly not the sole driver for our involvement with these sharing solutions.
This category targets innovative projects that bring forward new business models and scalable end-to-end service offerings that harness the power of partnerships, platforms and the Internet of Things. Innovations in this category go beyond the traditional insurance remit.
Product Service & Innovation category
Baloise Luxembourg’s ‘Drive Electric’
These days, electric and hybrid vehicles are being touted by every car manufacturer and every newspaper on the shelf. Many consumers are also keen to reduce their carbon footprint. The electric transport boom is already in full swing. But switching to an electric car is not as easy as it may seem and raises a lot of questions:
- How can I charge my car at home?
- Where and how can I charge it when travelling abroad?
The aim of the Drive Electric insurance concept is, naturally, to provide insurance cover for electric vehicles, but also to offer important value-adding services:
- helping customers install a charging point at home
- providing a card that enables customers to use 180,000 charging points across Europe
All of this is intended to make life easier for customers when they switch to electric.
Drive Electric is the first insurance product that is specifically tailored to electric vehicles and makes the transition to this new type of transport easier for customers.
This category is all about innovations that either replace or significantly improve or expand traditional insurance offers. The objective is to create new profit pools by tapping into new customer segments, serving existing segments in new ways, or exploring new markets that were previously considered beyond the reach of insurance companies.
Global Innovator Award category
In addition, Baloise Belgium – on behalf of Baloise as a whole – has been nominated for the Global Innovator Award. Innovation is a core element of the strategy of the Baloise Group. As part of its innovation strategy, Baloise pursues different types of innovation, ranging from process innovation (e.g. the use of robotics) to product and service innovation, and business model innovations that go beyond the mere provision of insurance. The start-ups Mobly and B-Tonic are good examples of the latter.
Moreover, Baloise is also developing its Mobility and Home ecosystems. To this end, Baloise constantly looks out for opportunities to invest in start-ups that operate in these segments. This approach is geared towards building a global service offering.
Vote for Baloise’s nominees now!
You can help our projects finish on the podium by casting your vote now!
1. Get registered at www.efma.com/account. If you already have an Efma account, go straight to step 2.
You have to register with a corporate email address. Addresses from providers such as gmail, hotmail, yahoo, etc. have been blocked.
Don’t forget to confirm your registration via the link that will be sent to you by email.
2. Registered and logged in? Then go to https://innovationininsurance.efma.com/award-contest-2021 to cast your vote. Scroll through the categories and vote for our nominees. In order to cast a valid vote, you need to select the top three for each category.
Voting is open until Monday, 3 May 2021. Thank you for taking the time to support us!
What is Efma?
Efma is the biggest international non-profit banking and insurance association. It brings together financial services experts in a global network and helps decision-makers in the sector to connect and share ideas in relation to a wide range of services.
The objective of Efma is to support 120 financial services groups in 133 countries by creating a strong community based on the provision of up-to-date information. In doing so, it wants to enable its members to optimise their performance, to innovate and to transform by sharing best practices among members.