Bolttech, an Asia-based startup, announced on July 1 it had raised $180m in a financing round managed by Activant Capital Group. This valuation puts the company at more than $1 billion. Bolttech is a company that continues to transform the financial and insurance sectors towards a digital future.
The New York-based company, which is based in Singapore, acts as an intermediary between insurance companies and allows them to offer clients products that may not be within their scope. bolttech has been in business for less than 18 months and already serves 7.7 million customers in Asia, North America, Europe, and Asia. The company is a gateway to over 5,000 products and over 150 insurance providers. It has processed more than $5 billion in premiums over the years.
Rob Schimek is the group chief executive officer at bolttech. He noted that insurance companies spend billions annually advertising to attract customers. Some of these customers may need financial solutions not provided by them. Schimek, who was a top executive at AIG insurance, stated that insurance companies “just don’t want” to say no to these customers, so they use bolttech to increase their product sales.
Bolttech 180 millions startups is an online platform which acts as a matchmaker among insurance companies. It allows them to offer clients goods that are not in their portfolios or specialized areas.
Bolttech, an insurance company that is rapidly expanding, has created a market by creating a customer-centric organisation. Bolttech allows non-insurance companies to sell insurance products directly both to individuals and small businesses.
The digital revolution is putting pressure on the traditional business model of the insurance industry. This is due to the impact that disruptive startups and large tech corporations have had on the industry. Bolttech’s creativeness allowed them to see that the writing was on the wall. The insurance industry is rapidly changing and ecosystems are adapting. Those who don’t adapt risk being left behind.
Bolttech is a partner for insurance companies that can offer more insurance to their customers. Bolttech allows insurance companies to create new policies, such as white labeling a policy. Bolttech tracks customers through the buying cycle and offers data-enriched upsell and cross-sell suggestions to help insurers sell more insurance. Partners can increase their revenue streams and avoid missing sales opportunities by adding additional items to their portfolio.
In the future embedded insurance will likely be one of bolttech’s main growth engines. Insurtech has partnered with many other non-insurers to expand its product range. Through their partnership with Tiki, a Vietnamese-based ecommerce platform, insurtech launched phone protection for Samsung in Hong Kong & Malaysia earlier this year.