Baloise, the Swiss insurance company, is busy developing ecosystems that rely heavily on external startups. The company now has opened a channel to Silicon Valley.
Baloise has signed an agreement with Plug and Play, a venture capital firm active in Silicon Valley, the company said in a statement on Friday. The deal will give Baloise access to non-insurance startups.
Plug and Play is a global innovation platform based in the heart of Silicon Valley. The platform features a large number of startups that specialize in Baloise’s target segments.
Supporting the Ecosystem Strategy
Baloise is focusing on the development of two ecosystems in particular – «Home» and «Mobility». Through these platforms, Baloise is providing its clients access to a wide range of products and services that can satisfy demands in relation with the general theme of the system.
«The new partnership with Plug and Play will help us expand our ecosystem network,» said Sibylle Fischer, manager of strategic venturing and startup scouting at Baloise. «Plug and Play is offering us the chance to connect with new partners that are outside our core insurance business.»
Global Approach
The deal bridges the gap between the European innovation focus and a more global strategy and may hence signal a widening of Baloise approach. Plug and Play is the world’s biggest innovation platform.
