The InsurTech startup bolttech announced it has acquired i-surance, a next-generation B2B2C digital insurance platform based in Berlin. Financial details of the deal were not disclosed.
The transaction is part of bolttech’s international expansion strategy and follows its recent Series A funding round when it raised $180 million, which gave the company unicorn status, or a value of more than $1 billion.
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 and the United Kingdom.
With a mission of “insurance made simple”, i-surance provides tailor-made solutions, including product development, product innovation, and claims management that drive improved performance for insurance products and greater customer satisfaction.
i-surance partners with leading brands across its markets, including telecommunications providers, retailers, and manufacturers, to offer protection products, such as mobile device insurance for customers of telecom operators and retailers; insurance for the customers of audiologists and hearing aid retailers, and insurance for European manufacturers and retailers of car tires.
bolttech’s B2B2C insurance exchange brings together insurance providers, partners and customers on a platform powered by its cloud-based technology. bolttech intends to build out its insurance exchange capabilities in Europe, providing partners and customers with more choice as it has done in the United States and Asia.
Launched in 2020 and based in Hong Kong and Singapore, bolttech’s exchange provides connections for insurers, distributors and customers, making it easier and more efficient to buy and sell insurance and protection products, explained the company.
With approximately US$5 billion premium on its platform, bolttech provides a gateway to more than 5,000 products and 150 insurance providers. With a team of 1,400 employees, bolttech currently serves more than 7.7 million customers, across 26 markets in North America, Asia and Europe.
“Our mission is to build the world’s leading, technology-enabled ecosystem for protection and insurance,” said bolttech on its website.
“Our ambition to become the number one insurtech in Europe takes a significant step forward today. I’m looking forward to combining our respective operations and working with all our valued market-leading partners to deliver a greatly enhanced digital customer experience,” commented Andrew Cons, bolttech’s general manager, Europe.
“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 family we are now able to provide our partners with global solutions,” commented Dr. Jens Schädler, i-surance’s founder and CEO, who will remain with the business, along with Andrew Cons, bolttech’s general manager for Europe.
i-surance’s and bolttech’s customers and partners will not be affected by the transfer of ownership and rebranding, and all services and agreements will continue uninterrupted.
*This story ran previously in our sister publication Insurance Journal.