How fast-growing unicorn bolttech is forging a global tech-enabled insurance ecosystem

Among the industries that make up global financial services, insurance is still considered ripe for disruption in many jurisdictions around the world. Over the last 2 to 3 years, VC investors in the Americas, the Asia-Pacific region, and Europe have shown keen interest in the space, investing in a broad range of startups looking to disrupt or improve various aspects of the insurance value chain. Standing out from the crowd of insurtechs working to redefine the future of insurance is Singapore-based bolttech — a fast-growing unicorn company that has developed a highly successful tech-enabled insurance exchange offering focused primarily on the B2B2C market. “The mission of bolttech is to become the world's leading technology-enabled insurance ecosystem,” says Group CEO Rob Schimek. “We connect insurers, distribution partners, and customers — making it easier and more efficient to buy and sell insurance.”

Bolttech officially launched in 2020. The company was initially conceived within an existing insurance ecosystem and scaled very quickly, the company’s rapid global expansion since its inception is a testament to its broader partnership approach. “Many of our partners have ecosystems, and we continue to tap into those to make a confluence…a mega ecosystem [for insurance].” Schimek says.

Bolttech’s approach has been incredibly effective. In less than 2 years, the company has grown into the most international insurtech in the world, with a presence in over 30 countries spread across the Asia-Pacific region, Europe, and the Americas. In 2021, it raised the largest Series A round ever ($247 million) by an insurtech company, earning coveted unicorn status with a $1 billion+ valuation. In 2021, bolttech quoted approximately $44 billion in premiums through its platform.

Bolttech’s value proposition goes beyond providing the innovative technical infrastructure that enables any business to sell insurance. The company also makes the process of providing insurance more accessible and seamless to partners outside of the insurance industry by maintaining insurance licenses in numerous jurisdictions. Bolttech currently holds 35 insurance licenses globally, in addition to licenses in all 50 U.S. states. “[These licenses] are part of the moat that makes it very difficult for others to come in and compete so easily,” Schimek notes. “They’re a critical linchpin to our ability to offer partners expertise and access to multiple markets with ease because insurance is, in fact, a very highly regulated business.”

Bolttech’s insurance licenses make it easy for its partners to integrate insurance offerings into their own products and services at speed, and then scale them as needed across different geographies. Bolttech’s partners also benefit from the company’s ongoing innovation focus. “We have three tech hubs located across Europe and Asia,” Schimek says. “Our partners are able to leverage this global network and tap into our industry-leading new and emerging technologies — which include, among other things, blockchain biometrics and edge computing.”

While forging a robust end-to-end digital process is a dream goal for many companies today, bolttech recognizes that many companies are simply not ready to go completely digital. That’s why the insurtech is also valued for its ability to provide bespoke products that meet unique customer needs, including online and offline sales support and robust after-sales service that allows partners to increase their customer lifetime value and customer loyalty. Schimek sees bolttech’s partnership-based approach as a win-win value proposition because by developing robust relationships with its partners, bolttech often has the opportunity to enter new markets through them. “In 2021, we entered six countries in Europe with our valued partner Samsung — who we were already working with in Asia,” he offers as an example.

Bolttech’s value proposition goes beyond providing the innovative technical infrastructure that enables any business to sell insurance. The company also makes the process of providing insurance more accessible and seamless to partners outside of the insurance industry by maintaining insurance licenses in numerous jurisdictions. Bolttech currently holds 35 insurance licenses globally, in addition to licenses in all 50 U.S. states. “[These licenses] are part of the moat that makes it very difficult for others to come in and compete so easily,” Schimek notes. “They’re a critical linchpin to our ability to offer partners expertise and access to multiple markets with ease because insurance is, in fact, a very highly regulated business.”

Bolttech’s insurance licenses make it easy for its partners to integrate insurance offerings into their own products and services at speed, and then scale them as needed across different geographies. Bolttech’s partners also benefit from the company’s ongoing innovation focus. “We have three tech hubs located across Europe and Asia,” Schimek says. “Our partners are able to leverage this global network and tap into our industry-leading new and emerging technologies — which include, among other things, blockchain biometrics and edge computing.”

While forging a robust end-to-end digital process is a dream goal for many companies today, bolttech recognizes that many companies are simply not ready to go completely digital. That’s why the insurtech is also valued for its ability to provide bespoke products that meet unique customer needs, including online and offline sales support and robust after-sales service that allows partners to increase their customer lifetime value and customer loyalty. Schimek sees bolttech’s partnership-based approach as a win-win value proposition because by developing robust relationships with its partners, bolttech often has the opportunity to enter new markets through them. “In 2021, we entered six countries in Europe with our valued partner Samsung — who we were already working with in Asia,” he offers as an example.

When asked about bolttech’s future plans given the challenges facing the world today, Schimek stresses the importance of being resilient. “If the last few years have taught us anything, it's that you have to build resilience against the uncertainty and disruption that's caused by these impossible to predict external circumstances,” he explains. “But, these things also present challenges and opportunities for us — and we have to make sure that we can separate the challenges from the opportunities.”

One of bolttech’s biggest challenges is that most of its growth has occurred in a time where travel has been severely curtailed. Schimek notes that they’ve launched greenfield businesses in markets he still hasn’t been able to visit. But bolttech’s success despite travel restrictions and other challenges has him feeling quite optimistic about the future. “While we've achieved tremendous results and endeavoured to deliver a consistent and unified employee experience, we've done it under really non-ideal circumstances,” he says. “So, I'm really excited about what we can do to reach our full potential as the world starts to open up and we can begin to bring our teams together.”

Global fintech investments in H1 2022 recorded $107.8B with 2,980 deals

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