Bolttech, an Asia startup, stated on July 1 that it has raised $180 million in a financing round led by Activant Capital Group, valuing the company at over $1 billion. Bolttech, as the insurance and financial services sectors, continues to change towards a digital world.
The internet portal of the Singapore and New York-based business acts as a matchmaker between insurance providers, enabling them to offer clients goods that might not fall under their purview. In less than 18 months of business, bolttech, the newest insurtech unicorn in Asia, has served 7.7 million consumers in Asia, North America, and Europe. A gateway to more than 5,000 products and more than 150 insurance providers, the company has processed over $5 billion in premiums on the platform over the years.
Rob Schimek, group chief executive officer of bolttech, noted that insurance carriers spend billions of dollars annually on advertising to attract customers, some of whom may demand financial solutions not offered by the providers. According to Schimek, a former top executive at insurance behemoth AIG, the insurance providers “simply don’t want to say no” to these customers so they employ bolttech to sell more products.
Bolttech 180 million startups is an online platform that acts as a matchmaker between insurance companies, allowing them to offer clients goods outside of their portfolios and specialized areas of expertise.
This marketplace by building a customer-centric organization is the quickly expanding insurance company bolttech. The Bolttech platform enables non-insurance organizations to sell insurance products directly to consumers as well as individuals and small enterprises.
Because of the pressure that new technologies, disruptive startups, and large tech corporations are placing on conventional business models, the insurance industry is one of the most vulnerable to the digital revolution. Bolttech’s creativity allowed them to see the writing on the wall: ecosystems are fast altering the insurance environment and those that don’t adapt risk lagging.
Insurance companies can provide customers with more of the desired insurance by partnering with bolttech. The platform allows insurers to offer new policies by, for example, white labeling another policy. Additionally, insurers can sell more insurance more effectively since bolttech follows customers along the purchase cycle with data-enriched cross-sell and upsell suggestions. As a result, partners can diversify their revenue streams with additional items and prevent missing out on sales chances.
In the future, embedded insurance will probably serve as one of bolttech’s primary growth engines. To expand its product offerings, insurtech has joined with many non-insurers. Earlier this year, they launched phone protection for Samsung in Hong Kong and Malaysia through their partnership with Vietnam-based e-commerce platform Tiki.