Baloise presents its ecosystem for innovations
The Baloise Group has been investing around CHF 50 million annually in innovative ideas and start-ups since 2017. The insurer aims to achieve a valuation of 1 billion Swiss francs for this ecosystem of innovations by 2025. Now it is presented with its own website.
The Baloise Group has been modernizing and expanding its core business as part of its Simply Safe strategy since 2017. According to a statement from the insurer, working methods have been modernized internally, scope for design expanded and hierarchies dismantled, thereby increasing employee satisfaction overall.
At the same time, an ecosystem of innovations was built up. To this end, 7,500 ideas and start-ups were tested in the Baloise Open Innovation Funnel. The Basler Insurance Group has invested a total of 50 million francs annually in the most promising initiatives. Around 30 investments are in the scaling phase. As the largest investment, FRIDAY is already one of the most popular digital insurers in Germany and was able to expand to France in 2021. FRIDAY sales are likely to rise to over 50 million francs this year, with a target of 150 million francs in 2025.
In the home sector, Baloise has invested in eight initiatives, five in Switzerland and three in Belgium. The total turnover is over 10 million francs, the aim for 2025 is 100 million francs. In the area of mobility, the nine initiatives should generate a total of up to CHF 10 million in sales in 2021. In 2025, sales are also expected to rise to 100 million.
Gert De Winter is now initiating the second phase of Simply Safe. “Our ambition is to have our investment measures valued at CHF 1 billion by 2025 and to secure a business volume contribution of CHF 350 million through the new initiatives,” the CEO of Baloise is quoted as saying in the press release.
At the same time, progress in the area of innovation should be made more visible. The innovations are presented narrative on the newly launched “ Baloise Innovation – Connecting the Dots ” website.