Founded in 2020 by Eric Gewirtzman and Rob Schimek, Bolttech acts as a bridge between insurers, distributors, and customers, focusing on integrating insurance products into the customer purchase experience. The company is forming a joint venture with Sumitomo to offer services in Asia. Bolttech competes with traditional insurers and tech-focused startups, emphasizing "coopetition" to expand insurance access. Its investors include Tokio Marine and MetLife, and it partners with major companies like Allianz, Apple, and Samsung.
Key takeaways:
- Bolttech, a Singapore-based company specializing in embedded insurance, has closed a $147 million Series C funding round at a $2.1 billion valuation.
- The company connects around 700 distribution partners with over 230 insurers, covering more than 6,500 products globally, and plans to expand further in Africa and North America.
- Bolttech's total annualized premiums have increased to approximately $60 billion as of April this year, up from around $55 billion in May 2023.
- The company is forming a joint venture with Sumitomo to offer embedded insurance products and comprehensive services in Asia, and aims to enhance its R&D capabilities, particularly in data analytics and AI.