Singapore-based insurtech company bolttech has teamed up with Japanese trading house Sumitomo Corporation to form a joint venture (JV) for device protection in Asia.
The JV will deliver technology-enabled embedded solutions to distribution partners throughout Asia, with a focus on device life cycle management services including device upgrades.
The partnership will start with a device upgrade programme in South East Asia using bolttech’s distribution network and Sumitomo’s financing expertise.
Sumitomo Corporation Media & Digital Group CEO Shinichi Kato said: “We are thrilled to join forces with bolttech, a partner with proven track record in offering technology-enabled solutions to address consumer needs.
“We are confident that this partnership will enable us to leverage our combined expertise and resources to deliver industry-leading device life cycle management services, driving growth and innovation across the Asia region.”
This initiative aims to enhance the offerings of distribution partners, enabling them to provide “comprehensive solutions” to their customers.
bolttech CEO Rob Schimek stated: “We are delighted to welcome Sumitomo Corporation as our strategic partner. We are confident that Sumitomo Corporation’s expertise in devices and vast network, combined with our distribution capabilities, will drive us forward in creating a better protection experience for consumers in Asia.
“We are excited to continue our journey in shaping the future of insurance, working towards our vision of connecting people with more ways to protect the things they value.”
Operating in 37 markets, bolttech brings a suite of digital and data-driven capabilities that connect insurers, distributors and customers.
In December 2024, the company launched its Series C funding round, led by Dragon Fund, by Liquidity and MUFG, valuing bolttech at $2.1bn (S$2.72bn).
“bolttech and Sumitomo to launch JV for device protection in Asia ” was originally created and published by Life Insurance International, a GlobalData owned brand.
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