Bolttech is an insurance exchange platform that connects insurers, distributors, and clients. Founded in 2020, Bolttech as a subsidiary of the Pacific Century Group presently uses its platform to transact premiums worth $5 billion with 5,000 products from more than 150 providers.
Bolttech $ 180M Series $ 1B Leereuters
After receiving US$180 million in series A funding led by Activant Capital Group, the Singapore-based insurance business Bolttech’s valuation has surpassed US$1 billion.
Only one year after the bolttech company’s start in 2020, the funding round has just been announced that is reputedly the largest series A ever for an insurance company.
Bolttech currently holds licenses in all 50 states in the United States, as well as other important countries in Asia and Europe, and serves more than 7.7 million users in 14 markets across three continents (North America, Asia, and Europe).
“We are happy to welcome our new investors, and along with their support and participation, we look forward to continuing on our ambition to create the world’s premier technology-enabled ecosystem for protection and insurance,” said Rob Schimek, group CEO of bold tech.
With this investment, we can communicate even better. The future of insurance distribution is being shaped by the addition of more insurers, distributors, and clients to our platform.The company bolttech has four regional offices, two of which are in Asia, spread over three continents: Singapore, Hong Kong, New York, and Luxembourg.
Additionally, it provides service to 14 markets throughout the world, 10 of which are in Asia, which includes Singapore, South Korea, Taiwan, Thailand, and Vietnam as well as Hong Kong, India, Indonesia, Malaysia, and the Philippines.
According to Rob Schimek, Group Chief Executive Officer at bolttech, insurance companies typically spend billions yearly on advertising to attract clients, many of whom may need particular financial solutions that are not offered by their insurer.
Online $ 180M To $ 1B Leereuters
As a result, even if they do not want to turn away these clients, they can now employ bolt tech to provide more alternatives. 150 insurers from 14 different countries are on the company’s platform, and throughout the years, $5 billion worth of insurance premiums have been exchanged through it.
With the help of Bolttech, non-insurance providers can now offer insurance-related services to clients, including individuals and small enterprises.
They can also immediately buy insurance products here. According to Steve Sarracino, a partner at Activant Capital, the appeal of the insurance exchange mechanism is that it has never been properly done at this scale before.
Each business was fiercely clinging to its clientele and refusing to promote the insurance of any other business. He claims that in the present situation, things have already begun to change. Additionally, according to Schimek, this cash will be used to expand bolttech’s global footprint while also enhancing its technology solutions.
“As ardent investors in commerce infrastructure and insurance, we understand the talent that’s needed to connect this highly fragmented market while also eliminating needless friction and unlocking the purchasing experience that customers want,” said Steve Sarracino, founder, and partner of Activant.
We are really eager to work with Rob and the worldwide team as they reinvent what is possible in insurance because of the size and scope of bolttech’s platform, which makes them a clear leader in insurtech and an enabler for the industry at large.
In order to change the way insurance is purchased and sold, we connect insurers, distribution partners, and customers. Our insurance exchange, the largest technology-enabled platform of its kind in the world with $44 billion in quoted premiums annually, serves as the hub of the ecosystem.
PCG’s Founder, Chairman, and Chief Executive are Richard Li.
The term “insurance” refers to the application of technological advancements to the current insurance sector paradigm in an effort to reduce costs and increase efficiency. The term “insurtech,” which combines the terms “insurance” and “technology,” was inspired by the term “fintech.”
Microinsurance is defined and permitted by the IRDA Micro-insurance Regulations, 2005. A general or life insurance policy with a guaranteed sum of Rs. 50,000 or less is referred to as a micro-insurance policy.
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