Bolttech partners with Sumitomo Corporation to offer embedded device cover
By Navneeta Nandan
May 16 - (The Insurer) - Bolttech has entered into a strategic partnership with Japanese trading house Sumitomo Corporation, the insurtech has announced.
The two companies will partner to deliver technology-enabled embedded device protection solutions to distribution partners across Asian markets.
Bolttech and Sumitomo Corporation said the partnership has been launched at a time of increasing smartphone prices and penetration in South and Southeast Asia.
The companies said that their collaboration will initially focus on a device upgrade program in Southeast Asia.
In an interview with The Insurer TV last year, Bolttech CEO Rob Schimek said the total addressable market for embedded insurance totalled in the trillions of dollars.
The company, which says it is now the largest player in the embedded insurance space, offers white-labelled embedded insurance products from numerous major carriers and distributes its products via large corporates.
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