Investments in insurtechs
The Baloise Group entered into an investment partnership with the investment and consulting firm Anthemis Group in 2017. Baloise is making CHF 50 million available for participation in European, UK and US-based start-ups with the potential to advance Baloise’s digital development. Examples of such start-ups are Trōv, Insurdata and omni:us.
Baloise is investing in the Californian insurtech company Trov, which offers on-demand single-item insurance. Trōv is already active in Australia, the UK and the US. Founded in 2012, the start-up offers the world’s first on-demand insurance platform for single items.
The insurtech company Insurdata uses augmented reality and 3D modelling to enable a more accurate, simpler and more efficient assessment of insurance risks for real estate. The US-based start-up intelligently combines possible risks for a property to be insured by collecting construction data of the property as well as data about the surroundings.
Berlin-based service provider omni:us specialises in the extraction of relevant data points from heterogeneous document streams using artificial intelligence. The software products developed by omni:us are tailored to the needs of the insurance industry. They can analyse a variety of documents and classify and extract specific information required to execute the relevant workflows via automated processes.
Baloise Switzerland acquired a stake in the automotive direct comparison service Carhelper by way of a share capital increase. Carhelper is a direct comparison platform for automotive services, which allows customers to obtain a selection of binding quotes for the service they require simply by selecting their vehicle and entering its current mileage plus their postcode.
Acquisitions of insurtechs
Baloise Insurance in Belgium is the majority shareholder of DrivOlution, a company specialising in the analysis and correction of driving styles. DrivOlution helps transportation companies and organisations with a large fleet of vehicles to analyse and adapt the driving style of their employees. In this way the drivers learn – on the basis of objectively collected data – to drive in a way that is safer, more considerate and better for the environment. By entering this business segment, Baloise is able to expand its range of services in a meaningful way and supplement its traditional insurance business with new services.
Baloise Insurance bought MOVU, the largest digital relocation platform in Switzerland, in 2017. Baloise is thus acquiring valuable know-how for the platform business that MOVU has built up. Together with the team at MOVU, Baloise wants to expand its offering in their core business and develop new services. MOVU AG is a Swiss start-up founded in Zurich in 2014. The core of the business model is to organise a comfortable and secure move for the customer.
Baloise as an incubator
Baloise is a member of the Swiss fintech incubator and accelerator F10. This gives it exclusive access to promising international fintech start-ups, new technologies and business models with disruptive potential. As an incubator and accelerator, F10 supports start-ups on their way from the idea to becoming a successful company and acts as an intermediary between established financial service providers and young fintech companies. As a member, Baloise has direct access to start-ups in the foundation phase.
Baloise is expanding its range of digital services in the European insurance market and investing in Mobly. The mobility platform offers all services having to do with the second-hand car market. From a useful app, which records all journeys and establishes contact with the assistance provider in the event of a breakdown, to the independent expert who checks the car before it is purchased – Mobly offers the customer a meaningful additional service in the field of mobility.
Baloise launched its own insurance start-up Friday in Berlin at the beginning of 2017. The start-up operates with great autonomy and as a pure online insurer in the German market. FRIDAY consistently focuses on the customer’s desire for light-heartedness, simplicity and joie de vivre and creates an excellent digital experience. With innovative insurance policies, such as car insurance by the kilometre, FRIDAY is consistently geared to customer benefit.
Basler Versicherungen in Germany and DWS have launched a new sales channel under the name “Baloise MONVISO” on the monviso.de website using robotic technology. Customers can make fund-based asset investments tailored to their needs – and this completely digitally, from developing their personal investment strategy to opening a digital securities account. Basler Versicherungen takes care of the sales, DWS manages the portfolio.
B-Tonic by Baloise Insurance is a health platform developed by Baloise in Belgium that aims to improve people’s physical and mental fitness in Belgium. To that end, Baloise has launched an online platform on which a coach helps subscribers achieve physical or mental goals tailored to their individual needs – with personalised tips on nutrition, injury prevention and mental health.