Singapore- and US-based worldwide insurtech firm bolttech has accomplished the acquisition of a majority shareholding in Axle Asia, a longtime insurance coverage dealer in Indonesia.
Axle Asia will develop into a subsidiary of the Singaporean agency and subsequently be rebranded.
This deal will speed up the deployment of bolttech’s insurance coverage alternate capabilities and complement its current presence as a tool safety supplier in Indonesia, per a press release.
Additionally Learn: Insurtech unicorn bolttech invests in digital insurance coverage advisory Sherpa
“Turning into a part of bolttech will allow us to innovate and convey extra option to clients in Indonesia at an accelerated tempo,” mentioned Junaedy Ganie, Commissioner, Axle Asia.
Based in 2008, Axle Asia has served various company shoppers from a broad cross-section of industries in Indonesia, from its places of work in Jakarta and Surabaya. Its portfolio balances basic insurance coverage and worker advantages. Axle Asia additionally gives private strains to help its shoppers’ wants.
Launched in 2020, bolttech goals to make connections between insurers, distributors and clients simpler and extra environment friendly to purchase and promote insurance coverage and safety merchandise. It really works with insurers, telcos, retailers, banks, e-commerce and digital locations to embed insurance coverage into their buyer journeys on the level of want.
The agency claims it serves clients in 30 markets throughout North America, Asia, and Europe. It has greater than 800 distribution companions and 200 insurers in its community and is licensed in 36 worldwide jurisdictions.
Additionally Learn: iPhone co-inventor-backed insurtech unicorn bolttech provides US$30M to Sequence A
In March this 12 months, bolttech made a strategic funding in UK-based digital insurance coverage advisory Sherpa. Final December, it added BRV Capital Administration as a strategic investor within the firm. This adopted a US$30 million funding in the direction of its US$180-million spherical from EDBI and Spanish agency Alma Mundi.
bolttech’s different backers are Tony Fadell (Principal at Future Form, inventor of iPod, and co-inventor of iPhone), Alpha Leonis Companions, Dowling Capital Companions, B. Riley Enterprise Capital, and Tarsadia Investments.
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