Global insurtech bolttech announced its partnership with Sumitomo Corporation, one of Japan’s largest trading houses.
The two companies will enter a joint venture to “deliver technology-enabled embedded solutions to distribution partners” across a number of markets in Asia.
The technology-enabled embedded solutions will enable distribution partners to provide end-to-end device lifecycle management services, “such as device upgrade, enhancing their ability to offer seamless and comprehensive solutions to customers in the region.”
With smartphone prices rising and “penetration increasing in emerging markets, the global demand for device protection services is on the rise.”
This trend is pronounced in South Asia and Southeast Asia, where the demand for “affordable, high-performance used smartphones is growing, driven by the growing proportion of young consumers.”
With the market for device protection “expected to grow faster than the global average, there is a need for technology-driven device insurance and protection solutions.”
The partnership will kick off with a launch in Southeast Asia focusing on a device upgrade program, “leveraging bolttech’s distribution capabilities and Sumitomo Corporation’s vast network of financing and guarantees capabilities.”
Shinichi Kato, Group CEO of Media & Digital Group at Sumitomo Corporation, said:
“We are thrilled to join forces with bolttech, a partner with proven track record in offering technology-enabled solutions to address consumer needs. We are confident that this partnership will enable us to leverage our combined expertise and resources to deliver industry-leading device lifecycle management services, driving growth and innovation across the Asia region.”
Rob Schimek, Group Chief Executive Officer, bolttech, said:
“We are delighted to welcome Sumitomo Corporation as our strategic partner. We are confident that Sumitomo Corporation’s expertise in devices and vast network, combined with our distribution capabilities, will drive us forward in creating a better protection experience for consumers in Asia. We are excited to continue our journey in shaping the future of insurance, working towards our vision of connecting people with more ways to protect the things they value.”
