Baloise Enters Strategic Alliance With Valoo
Baloise has recently announced a strategic alliance with Valoo , a Paris-based startup that allows users to secure, value and manage their belongings. Valoo offers a mobile app for iOS and Android along with a web version to allow users to keep track of what they own and see the current market value of their belongings. It claims to be “the social network for one’s belongings” by also offering users the opportunity to sell, share, lend and rent their products.
But wait, there’s more. On March 6th Valoo shared on Facebook its new service: insurance on-demand, in partnership with ALTIMA by MAIF that allows users to insure products with a minimum worth of €100 with just one click. Users can turn insurance on or off for products such as phones, tablets, speakers, computers, cameras, consoles, tennis rackets, guitars and more.
Enter Baloise. As part of its Simply Safe strategy, the insurer is working on the digital transformation of its business and alliances are a key pillar of this strategy. “The partnership with Valoo takes the management of personal belongings to a whole new level. Customers have maximum flexibility. From the purchase of an item to its use, insurance, claims reporting and resale. Everything can be done quickly and easily with a single app. As a user, I can track the value of my belongings at any given time and I can see precisely what I own” – Member of the Executive Committee of Baloise Insurance, Wolfgang Prasser. Now, a limited version of the Valoo app will be available in Switzerland, including insurance.
Valoo, previously CBien, was founded in late 2013 and has raised $10.3M to date. The startup enjoys good reviews on iOS and Android app stores, and is even getting requests for additional services (pardon my French, I used Google Translate): “Very committed to the dematerialization of administrative documents such as invoices and contracts, this innovative service is well positioned to stand out in the market with insurance partnerships. Some expected improvements including the wording of attached documents still invisible. When is the consideration of bicycles as a vehicle? To follow the improvement of the integrated services in addition to the opening on the sharing / transfer of goods between particular in or out of the application (the good corner would be much better than eBay;).”
Bottom Line: good move from Baloise. An even better move would be investing or acquiring the company, or at least creating a new brand that shows the commitment of both parties. The name of the new brand? Baloo. After all, it’s the bare necessities.