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Bolttech valued at US$1.6 billion
Bolttech conducted a funding round that raised US$196 million. Key investors in the startup included MetLife and Japanese insurance market leader Tokio Marine, as well as the Sovereign Wealth Fund of Malaysia. Bolttech is valued at US$1.6 billion.
Startup Bolttech has been operating in the InsurTech sector since 2020. The company is based in Singapore but offers its services globally. In 2021, Bolttech held a Series A financing, the largest of this type of round in the insurance business.
Bolttech’s solutions are focused on the B2B2C sector. The company works with more than 700 partners and 230 insurance companies. In total, the startup offers around 6,000 products on different continents.
InsurTech sphere
For a long time, the insurance segment has been quite conservative when it comes to implementing innovative solutions. However, this changed in 2018, when the InsurTech sphere began to develop actively thanks to digitalisation. This sphere represents the implementation of IT solutions based on artificial intelligence technology, big data and other innovative approaches. Innovations make it possible to significantly simplify business processes by automating routine operations. A striking example of the InsurTech approach is the ability to purchase insurance online through the company’s website or social networks. Another popular and accessible tool is chatbots, which advise customers on various issues, regardless of the time or day of the week.
InsurTech also helps companies reach an audience of young people aged 18-35, who are generally less interested in insurance services than other consumer groups.
The InsurTech sector is expected to generate more than US$1.2 billion in global revenues by the end of 2023. In addition, the segment is leading in attracting investment in insurance services and continues to grow strongly.
InsurTech start-ups
Boltech aims to create a highly functional ecosystem that brings together trading partners, insurers and end-users. This enables the integration of all necessary processes, thereby improving the level of service provided and optimising costs for all ecosystem members.
In addition to Boltech, another popular InsurTech start-up is Boston-based Duck Creek, which provides software for the insurance industry. Vista Equity acquired it in February 2023. The company went public in 2020, but since then, its shares have fallen sharply, increasing the likelihood of a merger or acquisition. Following news of the deal, Duck Creek’s market value reached around US$2.6 billion, an increase of 47%.