Bolttech receives $180 million in funding at $1 Billion Value
The leading startup Bolttech has raised $180 million. This enables it to reach the $1 billion mark in valuation according to leereuters. Activant Capital Group led the round. The company, which is based in Singapore but also has a New York office, offers an online platform that connects insurance companies to each other. This allows them to offer customers a variety of products that are not necessarily in their specialties.
According to Rob Schimek, bolttech’s Group Chief Executive Officer, insurance companies spend billions of dollars annually advertising in order to attract customers. Many of these customers may need financial solutions that aren’t available through their insurer’s portfolio. Bolttech can be used to provide additional solutions, even though they don’t want to turn away these customers. It has 150 insurance companies in 14 countries and has already transacted $5 billion worth of insurance premiums through its platform over the years.
Bolttech allows non-insurance providers to provide insurance-related solutions to customers, including small businesses and individuals. You can also purchase insurance products from Bolttech. Steve Sarracino (Partner at Activant Capital), says that the beauty of the insurance exchange model is that it has never before been applied at such a large scale and in a satisfactory manner. All companies were tight-lipped on their customers and wouldn’t sell insurance to any other company. According to Schimek, the situation has changed. Schimek stated that the funding will be used to enhance bolttech’s technological solutions and expand its global reach.