Leading startup Bolttech, which primarily operates in insurance-tech, has raised an amount of $180 million, thereby achieving the $1 billion valuation mark as per leereuters. The round was driven by Activant Capital Group. The company is based in Singapore and New York and offers an online platform that helps in connecting insurance companies with each other, enabling them to offer varied products to customers that may not always be in their specialized areas.
Insurance companies usually spend billions annually on advertising for garnering customers, many of whom may desire specific financial solutions that are not present in the portfolio of their insurer according to the Group Chief Executive Officer at bolttech, Rob Schimek. Hence, while they do not wish to turn down these customers, they can now use bolttech for providing extra solutions. The company has 150 insurers on its platform throughout 14 global nations and $5 billion in insurance premiums have already been transacted through it over the years.
Bolttech also enables non-insurance providers to offer insurance-related solutions for customers including smaller businesses and individual clients. They can purchase insurance products directly here as well. According to the Partner at Activant Capital, Steve Sarracino, the beauty of the insurance exchange mode is that it has never been implemented at this scale in a suitable manner earlier. All companies were tightly latching onto their customer base and would not sell any other company’s insurance. However, things have already started changing in the current scenario according to him. Schimek also stated that this funding will be deployed for enhancing the technological solutions at bolttech while also scaling up its global presence.