Global insurtech bolttech and Japan’s Sumitomo Corporation have entered into a strategic partnership to form a joint venture aimed at delivering technology-enabled embedded insurance and device lifecycle solutions across Asia, the companies said.
The new venture will focus initially on Southeast Asia, launching with a device upgrade programme that combines bolttech’s digital distribution platform with Sumitomo’s extensive financing and guarantee network.
The partnership is designed to help distribution partners offer services such as device protection, trade-in, and upgrade programmes, amid surging demand for affordable smartphones in emerging markets.
According to the firms, smartphone penetration and replacement rates are rising in South and Southeast Asia, creating strong tailwinds for device protection solutions.
“We are thrilled to join forces with bolttech,” said Shinichi Kato, Group CEO of Media & Digital at Sumitomo Corporation. “This partnership leverages our combined strengths to deliver scalable lifecycle services across the region.”
Rob Schimek, Group CEO of bolttech, said the collaboration will help “shape the future of insurance” by enhancing consumer access to protection services through embedded channels.
bolttech operates in 37 markets across Asia, Europe, North America, and Africa, offering digital insurance and device protection solutions.
Business News Asia