Here is the eighteenth interview of our series #yourmobilityvision.
#yourmobilityvision is all about showing what the mobility of the future looks like by introducing companies, people behind them, researchers and institutions operating in our truly wonderful sector.
Baloise is known in the market for financial services and insurance products – What is the link to the future of mobility?
Mobility is part of Baloise’s “Diversify the Core” strategy, and the aim is to create a profitable business alongside the core insurance and financial services business. As outlined in the group’s October 2020 “Simplify Safe 2 strategy”, by 2025, our mobility ecosystem targets CHF100m revenues pa and 400,000 new customers in total. To form the ecosystem, Baloise has already invested in several companies, including aboDeinauto (subscription service for used cars), Ben Fleet Services (fleet servicing) and GoMore (ride-sharing, leasing).
This truly diversified multinational portfolio of companies will enable customers to move from A to B in a safe (insured), convenient and sustainable way, and the aim is to connect the dots between each company to create even more value. The mobility ecosystem goes beyond insurance, and also into markets where Baloise is not currently present as an insurer.
Why is Baloise focusing on mobility?
The entire mobility market is undergoing major changes. Big players – strong brands – are struggling with their existing business models. The established automotive OEMs, for example, are under attack from pioneers such as Tesla and the shift away from combustion engines. Uber has changed the taxi business, and newcomers like Flixbus are redefining the way we travel. China is at the forefront of the development and usage of new technologies in many areas. And currently electrification is accelerating two other of the four megatrends we are seeing in mobility: connectivity/data and sharing. Taking all these changes into account Baloise identified a perfect entry point to the mobility area for itself.
What is your vision when it comes to mobility?
Our vision is to move people from A to B in a safe and sustainable way.
It’s no secret that we need to adopt more sustainable behaviour and mobility is no exception. However, often the path governments opt for is a long-term approach. With this in mind, it is difficult to generate a quick, more timely solution. While it is important to have a long-term plan in place, many organisations are looking to see if there are alternative, more immediate ways to encourage users to opt for more sustainable mobility behaviour.
That is why, next to our investments, we are also conducting experiments in the context of sustainable mobility. We developed two prototypes aimed at nudging and we found that users would change their mobility behaviour to improve their social sustainability acceptance and to succeed in challenges. Our trial revealed that monetary rewards in comparison were not as significant in incentivizing an improvement of users‘ sustainability “level”. We haven’t identified a concrete business model yet where we would like to implement our results, so if you are into sustainability and mobility, feel free to reach out to me. But with all the learnings in mind, we are more focused than ever on the sustainable aspects of mobility. In 10 years from now I would love to see that Baloise has been an active part in the shift towards sustainable mobility in Europe.