Small and medium enterprises (SMEs) are businesses with a limited number of employees (50 to 250 employees), assets, and revenues4. SMEs account for 90% of all firms, 50% of all jobs, and 40% of global GDP5. Insurance companies play an important role in assisting SMEs in the development of countries and reducing poverty6;p1. SMEs, on the other hand, suffer considerable challenges in obtaining insurance services6;p1. SMEs contribute to poverty reduction and fight against inequalities10,12.
Baloise is a Switzerland-based insurance company operating in Germany and Belgium in life, non-life banking, and other segments1,11;p10. Baloise launched several initiatives aimed at empowering SMEs2.
Baloise has made SMEs a focus of its insurance activities since 2016, supporting 2,200 businesses in the health sector and 3,000 professionals in Luxembourg1. SME owners in farming industries can benefit from Baloise's stable start-up program, which reimburses lost income due to volatile prices7. Through this system, Baloise guarantees 50 agricultural commodities in 10 countries7. SMEs may predict and ensure their income7. In Europe and the US, Baloise invested USD($)51.4 million in insuring start-up businesses in 20197. The sum contributed to the production of ~311,000 tonnes of maize, based on the average US price of $165 per tonne9,7.
Baloise fostered 50 start-ups through its partner Anthemis Capital Managers Limited and safeguarded them from competition while facilitating future growth3;p59-60. Baloise has done so by connecting sales partners, service providers, and start-ups to facilitate the interchangeability of services, as well as providing access to markets and financial institutions3;p59-60. Baloise contributed to reducing inequalities by supporting SMEs and helping them retain their employees8,3.
Thousands of SMEs and start-up firms were boosted by Baloise's efforts, resulting in increased production and economic growth.
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