Singapore-based insurtech firm bolttech has teamed up with Japanese buying and selling home Sumitomo Company to kind a three way partnership (JV) for gadget safety in Asia.
The JV will ship technology-enabled embedded options to distribution companions all through Asia, with a deal with gadget life cycle administration companies together with gadget upgrades.
The partnership will begin with a tool improve programme in South East Asia utilizing bolttech’s distribution community and Sumitomo’s financing experience.
Sumitomo Company Media & Digital Group CEO Shinichi Kato mentioned: “We’re thrilled to affix forces with bolttech, a accomplice with confirmed monitor document in providing technology-enabled options to deal with shopper wants.
“We’re assured that this partnership will allow us to leverage our mixed experience and sources to ship industry-leading gadget life cycle administration companies, driving progress and innovation throughout the Asia area.”
This initiative goals to reinforce the choices of distribution companions, enabling them to offer “complete options” to their prospects.
bolttech CEO Rob Schimek said: “We’re delighted to welcome Sumitomo Company as our strategic accomplice. We’re assured that Sumitomo Company’s experience in gadgets and huge community, mixed with our distribution capabilities, will drive us ahead in creating a greater safety expertise for customers in Asia.
“We’re excited to proceed our journey in shaping the way forward for insurance coverage, working in the direction of our imaginative and prescient of connecting individuals with extra methods to guard the issues they worth.”
Working in 37 markets, bolttech brings a collection of digital and data-driven capabilities that join insurers, distributors and prospects.
In December 2024, the corporate launched its Collection C funding spherical, led by Dragon Fund, by Liquidity and MUFG, valuing bolttech at $2.1bn (S$2.72bn).
