Bolttech, an insurtech company based in Singapore, announced on Thursday that it has partnered with Sumitomo Corporation, a trading company from Japan. Together, they will provide technology-driven solutions to distribution partners in Asia.
Bolttech said that the two companies will enter a joint venture for the partnership.
Technology-driven solutions will help distribution partners offer complete services for managing the life cycle of devices, such as device upgrades. This will improve their ability to provide smooth and complete solutions to customers in the region.
As smartphone prices increase and more people in emerging markets get smartphones, the demand for device protection services is growing worldwide.
This trend is powerful in South Asia and Southeast Asia, where more young people are looking for affordable, high-quality used smartphones.
The market for device protection is expected to grow faster than the global average, creating a bigger demand for technology-based device insurance and protection solutions.
The partnership will start in Southeast Asia with a device upgrade program. According to the statement, it will use Bolttech’s distribution skills and Sumitomo Corporation’s large network for financing and guarantees.
“We are excited to team up with bolttech, a partner with a strong history of providing technology-driven solutions to meet 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,” said Shinichi Kato, Group Chief Executive Officer of Media & Digital Group at Sumitomo Corporation.
Rob Schimek, Group Chief Executive Officer, Bolt Tech, said they are delighted to welcome Sumitomo Corporation as our strategic partner.
“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,”
Bolttech is a global insurtech company that aims to create a technology-driven system for protection and insurance.
The company serves customers in 37 countries across Asia, Europe, North America, and Africa.
Sumitomo is a global trading and business investment company with a wide network of 125 offices in 64 countries and regions.
The Sumitomo Corporation Group comprises about 900 companies with around 80,000 employees worldwide.
The group’s business activities cover nine main areas: steel, automotive, transportation and construction systems, and diverse urban development.
They also focus on media and digital, lifestyle business, mineral resources, chemicals solutions, and energy transformation.
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