Bolttech Partners with Sumitomo Corporation to Enhance Device Protection Solutions in Asia
Singapore-based insurtech Bolttech has announced a strategic partnership with Japan’s Sumitomo Corporation, aimed at delivering technology-enabled embedded solutions for distribution partners across Asia. The collaboration involves a joint venture that will empower partners to offer comprehensive device lifecycle management services, including device upgrades, enhancing customer experiences in the region.
As smartphone prices rise and their uptake grows in emerging markets, demand for device protection services is surging, particularly in South and Southeast Asia where young consumers increasingly seek affordable, high-performance used smartphones. The global market for device protection is projected to grow at a rate faster than the overall average, highlighting the urgent need for tech-driven insurance solutions.
The partnership will commence with a launch focused on device upgrade programs in Southeast Asia, leveraging Bolttech’s distribution strengths alongside Sumitomo’s extensive network of financing and guarantee services. Shinichi Kato, Group Chief Executive Officer of Sumitomo Corporation’s Media & Digital Group, expressed enthusiasm about the collaboration, emphasizing their shared expertise in delivering innovative device lifecycle services.
"Joining forces with Bolttech allows us to address consumer needs more effectively," he stated. Rob Schimek, Bolttech’s Group CEO, echoed this sentiment, expressing confidence in the partnership’s potential to reshape the insurance landscape in Asia by enhancing protection experiences for consumers.
Bolttech aims to create a technology-driven ecosystem for protection and insurance, operating in 37 markets spanning Asia, Europe, North America, and Africa. Sumitomo Corporation, a leading trading and investment firm, boasts a robust global presence with 125 offices worldwide and a workforce of approximately 80,000 across various sectors including steel, automotive, and digital media.
In a concurrent announcement, Bolttech appointed Ridhi Chaudhary, Chief Investment Officer at Dragon Fund, to its Board of Directors.
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Photo credit technode.global
