Draft:Bolttech
{{AFC submission|d|corp|u=KateGeraghty|ns=118|decliner=Johannes Maximilian|declinets=20240920185259|ts=20240712030309}}
{{AFC submission|d|corp|u=KateGeraghty|ns=118|decliner=Mach61|declinets=20240118144524|small=yes|ts=20240118093206}}
{{AFC submission|d|corp|u=KateGeraghty|ns=118|decliner=SunDawn|declinets=20231104013543|small=yes|ts=20230808090959}}
{{AFC submission|d|adv|u=KateGeraghty|ns=118|decliner=TheChunky|declinets=20230114020134|small=yes|ts=20230113091512}}
{{AFC comment|1=Unfortunately, most of this draft is based on routine business coverage that doesn't indicate notability, cf. WP:ORGTRIV. Best, --Johannes (Talk) (Contribs) (Articles) 18:52, 20 September 2024 (UTC)}}
{{AFC comment|1=For notability purposes the insurance trade paper sources run afoul of WP:AUD. Mach61 (talk) 14:45, 18 January 2024 (UTC)}}
{{AFC comment|1=Most of the references are about routine coverage of the corporation, no in-depth coverage of the company is shown. ✠ SunDawn ✠ (contact) 01:35, 4 November 2023 (UTC)}}
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{{Short description|Insurtech headquartered in Singapore}}
{{Draft topics|business-and-economics|stem}}
{{AfC topic|org}}
{{Infobox company
| name = bolttech
| type = Private Limited Company
| industry = Financial Technology
| foundation = {{start date and age|2020}}
| location = Singapore
| key_people = Rob Schimek, CEO
| homepage = {{URL|https://bolttech.io/}}
}}
bolttech is a Singapore-headquartered financial technology company, active in more than 35 markets across Asia, Europe, North America and Africa.{{Cite news |last=Sebastian |first=Dave |date=May 17, 2023 |title=Insurtech Unicorn Bolttech Raises $196 Million in Latest Funding Round |url=https://www.wsj.com/articles/insurtech-unicorn-bolttech-raises-196-million-nudging-up-valuation-cf85b1e1 |work=The Wall Street Journal}} It operates a technology-enabled insurance exchange,{{cite news |last1=Md Nur |first1=Nurdianah |date=September 29, 2021 |title=Making insurance more accessible |url=https://www.theedgesingapore.com/digitaledge/technopreneurs/making-insurance-more-accessible |work=The Edge Singapore}} with $50+ billion in quoted premiums annually.{{Cite web |last=PricewaterhouseCoopers |title=Bolttech CEO on finding balance in a high-growth stage |url=https://www.pwc.com/us/en/tech-effect/innovation/boltech-insurance-transformation.html |access-date= |website=PwC |language=en-us}}
==Company history==
Rob Schimek, was appointed as the Group CEO.{{cite news |last1=Javier |first1=Rozelle Alyssa |date=April 7, 2020 |title=Insurtech bolttech names group CEO |url=https://www.spglobal.com/marketintelligence/en/news-insights/blog/essential-ir-insights-newsletter-fall-2023 |work=S&P Global Market Intelligence}}
In July 2021, bolttech closed a series A round, initially raising US$180 million.{{cite news |last1=Lee |first1=Jane |date=July 1, 2021 |title=Insurance tech startup bolttech raises $180 mln, valued at over $1 bln |url=https://www.reuters.com/legal/transactional/insurance-tech-startup-bolttech-raises-180-mln-valued-over-1-bln-2021-07-01/ |work=Reuters}}
Total funding was later raised to US$247 million.{{cite news |last1=Sebastian |first1=Dave |date=May 17, 2023 |title=Insurtech Unicorn Bolttech Raises $196 Million in Latest Funding Round |url=https://www.wsj.com/articles/insurtech-unicorn-bolttech-raises-196-million-nudging-up-valuation-cf85b1e1 |work=The Wall Street Journal}} Following the series A funding round, bolttech achieved Unicorn (finance) status.{{cite news |last1=Agarwal|first1=Harish| url=https://www.forbes.com/sites/sap/2021/11/15/how-asias-latest-insurtech-unicorn-is-transforming-the-insurance-industry-by-improving-customer-experience/?sh=7f861b223b4a| title= How Asia's Latest Insurtech Unicorn Is Transforming The Insurance Industry| work=Forbes| date=November 15, 2021}}
Also in July, bolttech acquired Zurich-based Insurtech B2BB2C platform i-surance, expanding its footprint into European markets.{{cite news |last1=Olano|first1=Gabriel| url=https://www.insurancebusinessmag.com/asia/news/technology/insurtech-unicorn-bolttech-acquires-european-firm-isurance-292153.aspx| title=Insurtech unicorn bolttech acquires European firm i-surance| work=Insurance Business Asia| date=July 23, 2021}}
In October 2022, bolttech secured series B investment. Japanese insurance company Tokio Marine invested US$50 million into bolttech.{{cite news |last1=Salim |first1=Ilyas |date=October 17, 2022 |title=Tokio Marine leads Series B round of insurtech startup bolttech with US$50m investment |url=https://www.businesstimes.com.sg/startups-tech/startups/tokio-marine-leads-series-b-round-insurtech-startup-bolttech-us50m |work=The Business Times}} The total funding for bolttech’s series B was US$246 million as of September 2023, with key investors including global life insurance company MetLife, Malaysia’s sovereign wealth fund Khazanah Nasional, and impact investment firm LeapFrog.{{Cite web |date=October 10, 2023 |title=Revolutionising Insurtech: Rob Schimek, CEO of Bolttech, on the Power of Connection |url=https://edbi.com/revolutionising-insurtech-rob-schimek-ceo-of-bolttech-on-the-power-of-connection/ |access-date= |website=EDBI}}
==Business structure==
bolttech provides a cloud computing-powered insurance exchange which connects insurers, distributors and customers to trade insurance products.{{cite news |date=August 1, 2022 |title=bolttech: connecting insurers, distributors and customers |url=https://www.instech.co/insight/bolttech-connecting-insurers-distributors-and-customers |work=InsTech}}
The exchange platform allows insurance companies to offer products within and beyond their specialisations by partnering with others on the platform.{{cite news |last1=Scott|first1=Alwyn| url=https://www.reuters.com/business/major-us-insurers-jump-distribution-platforms-gain-customers-sales-2021-09-07/| title= Major U.S. insurers jump on distribution platforms to gain customers, sales| work=Reuters| date=September 7, 2021}} Non-insurance companies are also able to provide coverage for their customers in the same way. The company also provides 5.6 million active device protection policies across Asia and Europe.{{cite web|title=Device Protection|work=bolttech|date=15 May 2021 |url= https://bolttech.io/device-protection}}
==Acquisitions==
2021
bolttech acquired i-surance, a B2BB2C digital insurance platform.{{cite news|url=https://www.finews.com/news/english-news/47198-insurtech-bolttech-eyes-growth-in-europe-findes-com| title=Bolttech Expands Global Footprint | work=Finews | date=July 26, 2021}}
2022
bolttech acquired Singapore-based AVA Insurance Brokers and AVA Insurance Agency.{{cite news |last1=Bhushan|first1=Kul| url=https://www.techinasia.com/bolttech-acquires-sg-insurance-firm-ava| title=Bolttech buys SG insurance firm Ava| work=Tech In Asia | date=February 16, 2022 }}
bolttech acquired majority shareholding in Indonesia-based Axle Asia.{{cite news |last1=Vaswani |first1=Simran |date=October 6, 2022 |title=SG Digest: bolttech acquires majority stake in Axle Asia; Proterra invests in Apeiron Bioenergy |url=https://www.dealstreetasia.com/stories/sg-digest-bolttech-acquires-majority-stake-in-axle-asia-proterra-invests-in-apeiron-bioenergy-310316 |work=Deal Street Asia}}
2023
bolttech acquired Poland-based Digital Care.{{Cite web |date=October 18, 2023 |title=SG Digest: bolttech buys Poland's Digital Care; Princeton Digital eyes raising $1b debt |url=https://www.dealstreetasia.com/stories/bolttech-us-ipo-princeton-digital-debt-367492 |access-date= |website=Deal Street Asia |language=en}}
References
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