Baloise Mulls Opening up Insurtech to Investors

Swiss insurer Baloise is considering allowing outside investors help it scale up insurtech Friday in which it holds a majority stake.

Germany-based digital insurer Friday is examining whether it would like to open up to third-party investors as part of a financing round to fuel future growth, majority owner Baloise said in a statement Wednesday.

Expansion into France

The announcement comes as Friday launched an expansion into the French market with a multi-risk home contents insurance product.

«The launch of our operations in France is an important milestone on Friday’s journey to becoming Europe’s most popular digital insurer. We now want to scale up the business and make inroads into further European markets,» Friday CEO Christoph Samwer said in the press release.

Adding Value

In 2019, SevenVentures, the investment arm of German media company ProSiebenSat1 Group, joined forces with Friday as a strong partner in Germany, Baloise said, adding that it and Friday were considering opening the digital insurer up to other third-party investors.

«Strategic partners and financial investors can add value and help us to achieve our ambitious growth targets and the further expansion of our platform to multiple markets,» Baloise Group CEO Gert De Winter said.