Insurtech unicorn, bolttech, accelerates expansion in Europe with its acquisition of i-surance
bolttech recently raised US$180 million, the largest ever series A for an insurtech, valuing the business in excess of US$1 billion. The acquisition of i-surance represents the next stage of bolttech’s international growth strategy and acceleration of its European build-out. bolttech is now present in 15 countries in Europe, and 26 markets globally following the acquisition.
London/Singapore, 22 July 2021 – bolttech, the leading technology-enabled ecosystem for protection and insurance, today announced it has acquired i-surance, a next-generation B2B2C digital insurance platform based in Europe.
The transaction is part of bolttech’s ambitious international expansion strategy and follows its recent successful closing of the largest ever insurtech Series A funding round, giving the company unicorn status.
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, United Kingdom.
Launched in 2020, bolttech is an international insurtech with a mission to build the world’s leading, technology-enabled ecosystem for protection and insurance. The company’s insurance exchange is the largest in the world with US$5 billion premium on the platform, providing a gateway to more than 5,000 products and 150 insurance providers. Supported by a team of 1,400 employees, bolttech currently serves more than 7.7 million customers.
i-surance partners with leading brands across its markets, including telecommunications providers, retailers, and manufacturers, to offer market-leading protection products. The transaction will bring together i-surance’s differentiated product set and geographic footprint with bolttech’s rapidly growing European partnerships, digital native protection and insurance capabilities. The combined entity will continue to drive innovation and enhance speed to market to deliver more value to partners and customers across Europe. bolttech intends to build out its market-leading insurance exchange capabilities in Europe, providing partners and customers with more choice through its B2B2C insurance exchange as it has done in the United States and Asia.
Rob Schimek, Group Chief Executive Officer, bolttech, said: “We are excited to welcome the i-surance team to the bolttech family. We have an aligned vision to connect people with more ways to protect the things they value, and we will build upon bolttech and i-surance’s strong foundations in Europe to accelerate our growth across the region. I look forward to seeing the powerful combination of our people, product and digital capabilities deliver even more value for our business partners and customers.”
i-surance founder Dr. Jens Schädler, will remain with the business. He will continue to apply his deep experience and expertise as part of the team led by Andrew Cons, bolttech’s General Manager for Europe, to realise the full potential of the bolttech and i-surance partnership and capture the extensive opportunities that exist in the region.
“I’m thrilled to be welcoming Dr. Jens Schädler and all of the i-surance team to bolttech Europe. 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, General Manager, Europe.
Dr. Jens Schädler, CEO of i-surance AG, commented “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 bolttech family we are now able to provide our partners with global solutions.”
i-surance and bolttech’s customers and partners will not be impacted by the transfer of ownership and rebranding, and all services and agreements will continue uninterrupted.