Allianz Partners is teaming up with insurtech bolttech in a new embedded insurance partnership, which will aim to support businesses that want to integrate insurance products into their existing online channels.
In particular, the partnership will support embedded device and appliance protection insurance across Asia-Pacific and the United States – something that, in a statement, the two firms say they are seeing “growing customer demand” for.
The partnership will initially focus on those businesses with the most obvious need – such as retailers of electronics and household appliances, telcom providers, banks, insurers, and original equipment manufacturers (OEMs).
By targeting gadgets and electronics, they are going after a corner of the market that is generally less underserved than other insurance verticals. The global market for extended warranty and accidental damage cover for consumer electronics and appliances is expected to reach US$210bn within the next four years, up from approximately US$160bn today, according to research from both Statista and bolttech.
This latest tie-up comes less than six months after bolttech took on almost US$200m’s worth of Series B funding, which gave it a valuation of US$1.6bn, and just weeks since it extended that with an additional US$50m raise.
‘Tremendous opportunity’ for bolttech to partner Allianz
Tomas Kunzmann, CEO of Allianz Partners, comments: “We are thrilled to collaborate with bolttech around the rapidly growing business segment of appliance and device protection in Asia Pacific and the US. As a global leader in assistance and insurance services, we will leverage our strong market presence and wide range of product offerings to co-create new solutions that protect consumers’ financial investments and deliver peace of mind.
“Bolttech is an insurtech with a proven track-record in technological innovation, and our partnership will allow us to jointly create a seamless and unique setup for growth in the area of mobile device protection. We look forward to working closely together to re-imagine the future of device protection insurance.”
Rob Schimek, Group Chief Executive Officer of bolttech, adds: “What makes this partnership so exciting is the tremendous opportunity to collaborate with Allianz, one of the world’s leading insurers, to reduce risk for customers in their daily lives and increase financial inclusion in the digital age. We are already working with Allianz Partners on a number of exciting opportunities, such as embedding device protection for customers of a leading electronics brand in Thailand. We can’t wait to uncover the possibilities of this extended partnership.”
Please also take a look at our upcoming virtual event, InsurTech LIVE, coming on 18 October 2023.
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