Insurance tech startup bolttech raises $180 mln, valued at over $1 bln

U.S. dollar notes are shown in this November 7 image illustration. REUTERS/Dado Ruvic/Illustration

1. July (Reuters) 1 July (Reuters) – Insurance tech company bolttech announced on Thursday that it has raised $180 million through an investment round which was led by a private investment firm Activant Capital Group, that valued the company at over $1 billion.

It is a New York and Singapore-based company’s online platform that acts as a matchmaker for insurance companies, which allows the customers to purchase services that aren’t specific to their industry.

Insurance companies spend billions of dollars each year in marketing to draw in clients, and some might not want financial products that aren’t included in their portfolios, Rob Schimek, bolttech’s group chief executive officer stated.

Insurance companies “just don’t want to say no” to these customers therefore they employ bolttech to provide additional products according to Schimek who was previously an executive in the top ranks of AIG, the insurance company. AIG.

Bolttech has 150 insurance companies across 14 countries, and the equivalent of $5 billion in insurance premiums have been traded via Bolttech, according to the CEO.

Bolttech also permits non-insurance businesses to sell insurance products to consumers and individuals, as well as small-sized companies can purchase insurance directly from the platform.

“The brilliance is that the (insurance) exchange, it’s never really been done properly and everyone held on so tightly to the customers and wouldn’t sell other people’s insurance and that’s really just started to change,” said Activant Capital partner Steve Sarracino on the reasons he led an enormous round of capital.

Schimek explained that the funds can be utilized to enhance bolttech’s technological capabilities and increase its global reach.

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