(Image source: bolttech.)
bolttech (Singapore/New York), a global InsurTech company centered on an insurance exchange, has announced Tokio Marine (Tokyo), along with other shareholders, will lead bolttech’s Series B funding round. The investment values bolttech at an up-round valuation of approximately US$1.5 billion. The companies did not disclose the amount of the current round.
bolttech describes itself as one of the world’s leading embedded insurance providers, leveraging an insurance exchange to connect insurers with distributors and their customers. With licenses to operate in more than 30 markets throughout Asia and Europe and all 50 U.S. states, bolttech pitches its platform as providing businesses inside and outside the insurance industry everything they need to offer insurance products to meet their customers’ evolving insurance and protection needs in the digital age. This connectivity enables bolttech’s partners to re-imagine their business models and find new revenue streams, accelerate digital transformation, and deepen customer relationships, the company asserts.
bolttech reports that it has achieved rapid growth since its founding in 2020. The company says it now quotes approximately US$50 billion worth of annualized premiums through its technology-enabled insurance exchange, which it describes as the largest in the world. bolttech says its insurance exchange connects over 800 distribution partners with more than 200 insurance providers and offers in excess of 6,000 product variations.
Tokio Marine’s partnership as a strategic investor is intended to complement bolttech’s capabilities and reach, enhancing its distribution strength, product innovation, and balance-sheet capacity, according to the bolttech announcement of the new round. The proceeds of the Series B will be used primarily to fuel the business’ continued global growth, the announcement says.
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“Securing a lead investor of Tokio Marine’s high caliber and esteem is strong validation of international investors’ belief in the resilience of bolttech’s business model, our long-term value proposition, and our role in shaping the future of insurance distribution,” comments Rob Schimek, Group CEO, bolttech. “Tokio Marine will be a pivotal strategic partner as we continue to accelerate our growth strategy and global expansion.”
“Tokio Marine is excited to have the opportunity to lead bolttech’s Series B round, and join bolttech on its incredible growth trajectory as their strategic partner,” comments Masashi Namatame, Managing Executive Officer, Group Chief Digital Officer, Tokio Marine. “The scale and breadth of bolttech’s platform, coupled with its industry-leading tech and digital capabilities, and extensive insurance experience, uniquely positions the company as a clear leader within the insurtech space. We look forward to working with bolttech to take advantage of the commercial opportunities our new strategic partnership will offer.”