Bolttech announced that it had raised $180 million in funding from Activant Capital Group, a private investment firm that valued the company at around $1 billion. Bolttech will use new funding to grow its technologies and expand worldwide.
By partnering up with various insurance providers, the company can offer clients a range of different types of insurance. This is done through an internet portal that acts as a matchmaker for people and organizations in the same industry.
A former top executive at insurance giant AIG suggests that insurers “simply don’t want to say no” to these customers and have resorted to bolttech because they need more products.
Bolttech provides a platform that allows businesses and non-insurance organizations to sell insurance products to their customers. This includes individuals and companies of all sizes.
The group chief executive officer of bolttech, Rob Schimek, noted that insurance carriers spend billions of dollars annually on advertising to attract new customers, some of whom may demand financial solutions not offered by the providers.
Steve Sarracino, partner at Activant Capital, manages such a large round of funding. He said the “brilliance” is that there has never been insurance like this before and everyone just holds on to customers and no one wants to sell their insurance. That’s starting to change
Bolttech is a global payments processor that handles $5 billion in insurance premiums each year. They also provide innovative products to non-insurance businesses, giving them the ability to sell insurance policies to their clients. Last but not least, Bolttech provides a direct platform for consumers and small-business owners who want to buy insurance policies of their own.
The bolttech platform helps insurers to sell their products by offering new policies. One example is white labelling. Additionally, it helps your insurer to offer more insurance items as they follow customers through the sales process. As a result, your insurer will make more money by diversifying their revenue streams and can prevent losing potential sales.
The embedded insurance market is expected to grow significantly in the near future and Bolttech is going to be one of the main contributors.
Lightyear Capital predicts a market value of $5 billion worth of embedded insurance in the US by 2020. By 2025, embedded insurance could account for more than $70.7 billion in gross written premiums – that’s 25% of the global market!
Insurtech has been working with a variety of non-insurers in recent months, expanding the product offerings for their platform. Earlier this year, they partnered with Vietnam-based Tiki to add phone protection plans from Samsung in Hong Kong and Malaysia.
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