Asian Insurtech Bolttech Secured $180M to Expand its Roots Globally

Bolttech is the largest insurance and financial service-providing enterprise in Asia. It is a digital platform that makes matches between insurance companies and enables them to offer clients goods outside of their specialized areas and their expertise portfolios. It is an insurance exchange platform. 

The Bolttect company, founded in April 2020, as a section of Pacific Century Group has deepened its roots across North America, Europe, and Asia with almost 7.7 million satisfied served consumers. 

The Singapore and New York headed business work to construct a customer-centric enterprise that is expanding rapidly in the world of insurance and finance. It empowers non-insurance companies to sell insurance products directly to small companies, individuals as well as consumers. 

Richard Li established insurtech, Bolttech which has continuously changed towards a digital world has announced the raising of $180 million in a recent financing round. 

The digital minded insurtech was valued at more than $1 billion after this financing round. 

This highly profitable and the highest ever financing round of Bolttech, achieved by any insurtech was dominated by the US’s global investment firm, Activant Capital Group. 

“Billions of dollars were spent by insurance providers, in a single year, on promotions and advertisements to attract and bring in customers, some of whom may not want the financial products in the portfolio of providers”. Pointed out by the CEO of Bolttech, Rob Schemick.

Most of the insurance providers use bolttech to provide additional products because they just don’t want to say no to any of their clients.

And across 14 countries, there are almost 150 insurance providers, and the worth of insurance premium, transacted through the platform is $5 billion, added Schimek. 

Regarding the new fund of this financing round, Rob Schimek said that fresh capital will be deployed in upgrading and refining the technology of the insurance and financial protection platform and also in broadening and strengthening the roots of bolttech in new markets around the globe.

Schemik is highly delighted to welcome their new investors and said that with the support and partnership, they are looking forward to carrying on with their mission to become the top technology-enabled ecosystem of the world, for insurance and protection. 

The lead investor, Activant Capital Group’s Partner, Steve Sarracino spelled some words on their investment in Bolttech’s huge financing round and he said that there is brilliance in the insurance exchange, that can never be done properly and everyone held so solidly to customers and wouldn’t sell the insurance of other people and that is just started to alter now. 

Conclusion

Singaporean insurance leader Bolttech raised $180 million in a financing round that came just a few months after its launch. That is a huge achievement by any Asian insurtech. The round was dominated by Activant Capital Group which valued the insurtech at over $1 billion. The insurance and financial leader aims to use the fresh amount in expanding their footprint globally and in strengthening their company’s technology. 

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