bolttech in device protection partnership with telco Three
Insurtech firm bolttech is following up last week’s acquisition of device protection specialists Digital Care with a new partnership with telecoms company Three in Sweden, which will allow the firm to offer device protection solutions to its own customers both online and in store.
Three Sweden becomes the latest client to benefit from bolttech’s expertise in embedded insurance – an increasingly popular trend within the insurance industry that sees cover offered at the point of sale, usually embedded directly into existing online channels by non-finance firms like retailers and, indeed, telecoms providers.
Three Sweden customers will get access to device protection insurance and services covering damage, theft, loss and unauthorised use. The insurance, underwritten by insurer AIG, covers a device even when the owner is travelling – one of the most common ways in which devices, like smartphones, are damaged.
Customers can also enjoy fast claims settlement with no limit on the number of claims, and no depreciation in the value of their device. It is not the first time that bolttech has done business with Three owner CK Hutchison; other key partnerships exist between the firms in Italy, Hong Kong, and Austria – where the brand is called Drei.
Bolttech and Three ‘helping safeguard valued devices’
In today’s economy, smartphones are an indispensable lifeline for many consumers; the number of smartphone users in Sweden is expected to reach 96% by 2025, according to Statista, underlining how ubiquitous these devices have become in modern society.
Yet, with stubbornly high interest rates and inflation plaguing much of Europe, repairing a damaged or stolen phone is an out-of-pocket expense that many people just can’t afford. That would certainly explain why bolttech, with its flurry of recent activity in the device protection space, are doubling down on mobile phone insurance. By integrating directly with Three Sweden, it just brings the proposition one step closer to the consumer and increases the number of consumers who have convenient access to affordable device cover.
Dr. Jens Schädler, Chief Executive Officer for Europe at bolttech, explains: “We are excited to partner with Three Sweden, an innovative telecommunications business founded on cutting-edge mobile technology. This partnership will allow us to elevate the Swedish market’s device protection capabilities. We share the common vision of helping customers safeguard the valued devices that are central to their lives in our fast-moving, digital world.”
Rune Pedersen, Chief Commercial Officer B2C at Three Sweden, adds: “Three Sweden is excited to join forces with bolttech to continue our growth journey in the Swedish market. As a fast-growing challenger, we aim to become a flexible and helpful companion in our customer’s digital lives. The partnership with bolttech provides great opportunities for creating winning propositions today and tomorrow”.
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