Our growth strategy is based on four cornerstones: New partnerships, Increased conversion rate, Increase aftermarket potential, Acquisitions.
New partnerships
We endeavour to strengthen our Nordic presence and expand our customer base in existing product segments by entering into contracts with additional partners in selected markets. We also continue to develop and complement our product offering to create as attractive an offering as possible for both partners and consumers.
Increased conversion rate
An increased conversion rate means a higher number of customers who, after a purchase from a partner or one of our affiliated representatives, choose to sign up for an insurance policy with Solid Försäkring. The conversion rate differs depending on the partner, type of insurance product and sales channel. In general, the conversion rate is lower for online purchases compared with purchases in physical stores for the home electronics product category. We continuously make improvements in existing business to make the process of signing and managing insurance policies as simple and efficient as possible for both partners and end customers.
Increase aftermarket potential
We work continuously to offer our customers extended insurance policies or the opportunity of signing additional insurance policies. This takes place partly by optimising our product offering and adapting our communication based on the target group and product. Solid also works with tools to analyse completed campaigns or targeted offers to customers.
Acquisitions
We evaluate attractive acquisition opportunities to accelerate growth. Such acquisition opportunities could aim to complement and improve the product offering, accelerate geographical expansion or increase the conversion rate.
Since 2015, Solid has completed three strategically important acquisitions. In 2015, Falck Sweden’s bicycle insurance register in Sweden was acquired. In 2019, Solid completed an asset acquisition of 1228 Management, a car guarantee broker. In 2020, the acquisition of Sykkel Holding’s bicycle insurance register in Norway was completed which, in practice, means that Solid Försäkring obtained the right to extend bicycle registers for Sykkel Holding’s existing customers.
All completed acquisitions have made it possible for further business development, geographical expansion and an increased partner and customer base.