Singaporean insurtech firm bolttech announced it has acquired i-surance, a next-generation B2B2C digital insurance platform based in Switzerland.
The acquisition of i-surance extends bolttech’s global footprint from 14 to 26 markets across North America, Asia, and Europe, adding 12 new countries in Europe including Belgium, France, Germany, Liechtenstein, Luxembourg, Monaco, Netherlands, Poland, Portugal, Spain, Switzerland, United Kingdom.
Launched in 2020, bolttech’s insurance exchange has US$5 billion premium on the platform, providing a gateway to more than 5,000 products and 150 insurance providers.
Supported by a team of 1,400 employees, bolttech currently serves more than 7.7 million customers.
Meanwhile, i-surance offers protection products to leading brands across its markets, including telecommunications providers, retailers, and manufacturers.
The transaction will bring together i-surance’s differentiated product set and geographic footprint with bolttech’s rapidly growing European partnerships, digital native protection and insurance capabilities.
bolttech intends to build out its insurance exchange capabilities in Europe, providing partners and customers with more choice through its B2B2C insurance exchange as it has done in the United States and Asia.
The transaction is part of bolttech’s international expansion strategy and follows its recent closing of US$180 million Series A funding round which values it at more than US$1 billion, giving it unicorn status a year after its launch.
i-surance and bolttech’s customers and partners will not be impacted by the transfer of ownership and rebranding, and all services and agreements will continue uninterrupted.
Rob Schimek, Group Chief Executive Officer of bolttech said,
“We are excited to welcome the i-surance team to the bolttech family. We have an aligned vision to connect people with more ways to protect the things they value, and we will build upon bolttech and i-surance’s strong foundations in Europe to accelerate our growth across the region.”
i-surance’s founder Dr. Jens Schädler, will remain with the business. He will continue to apply his deep experience and expertise as part of the team led by Andrew Cons, bolttech’s General Manager for Europe.
Dr. Jens Schädler, CEO of i-surance commented,
“As the market leader in several European countries for mobile device protection and hearing insurance, we’re delighted to be joining such an ambitious and innovative business as bolttech. As part of the bolttech family we are now able to provide our partners with global solutions.”
The article first appeared on Fintech News Singapore.
