Swiss insurer Baloise plans to go the digital way to expand its business abroad. The company will present its growth strategy for new markets in 2020, according to a media report.
The Basel-based insurer wants to expand beyond the current markets, according to a report in «Handelszeitung», which cited Chief Executive Gert De Winter. He will likely use the digital offering of the insurance business to do so: «Expansion plans for the online insurers Friday and Mobly are fully possible,» De Winter said.
New Regions, New Markets
The digital way allows the company reach out to new markets without first having to achieve a critical mass, the CEO of Baloise said. He will present plans for the expansion in 2020 and some of the new markets are likely to include countries where Baloise currently isn’t active in.
Baloise is taking cue from the fledgling fintech industry. The new tech industry tends to reach out to as many markets as possible in a bid to boost volumes quickly. The Swiss insurer is known for its fintech program. Baloise is working to develop new ecosystems (for instance providing services in connection with homes and properties or mobility) and has linked up with a number of startups that offer products within those frameworks.
