Allianz Partners and bolttech, an international insurtech, have announced a partnership that will see the two companies provide embedded device and appliance protection insurance across Asia Pacific (APAC) and the United States.
This strategic agreement aims to bring together each firm’s strengths to offer best-in-class solutions enabling business partners to add insurance and protection products to their customer journeys at the point of need.
It has been confirmed, that this partnership between Allianz Partners and bolttech will deliver embedded solutions for business partners such as retailers and e-tailers for electronic products and household devices, telecommunication providers, banks, insurers, and original equipment manufacturers (OEMs).
The aim of this strategic collaboration is to make it easier and more convenient for customers to buy protection at the point of need for a range of household products, which includes mobile and digital devices, and household appliances.
In addition, Allianz Partners will bring its worldwide presence to the cooperation, which also includes a strong market
footprint across APAC and the United States.
Allianz Partners also contains solid underwriting expertise and servicing capabilities in appliance protection and a range of other insurance products including travel, mobility, cyber, home insurance, and much more.
At the same time, bolttech’s technology and servicing capabilities will combine with Allianz Partners´ strengths to
enable the distribution of device protection and other personal insurance products into digital and hybrid customer experiences.
This will be fully supported by proven technology, operational and customer service capabilities.
This collaboration between the two companies takes place during a very crucial time as the protection gap continues to exist with global insurance penetration at 7% of GDP, and penetration remaining particularly low in Asia with non-life insurance at 2% in 2021, according to research from reinsurance giant, Swiss Re.
One key example of this gap is the protection of valuables in the home, including digital devices which play a major role in people’s lives today, as they are getting used even more so on the daily, as people are frequently using them to manage their finances and daily life needs.
Device and appliance protection insurance remains to be a largely underpenetrated market globally, and there is a “significant opportunity” to meet this growing customer need.
Research from both Statista and bolttech shows that the global market for extended warranty and accidental damage cover for consumer electronic devices and household appliances is expected to increase to more than $210 billion within the next four years, which is a major shift from approximately $160 billion, where it currently sits at today.
Tomas Kunzmann, CEO of Allianz Partners, commented: “We are thrilled to collaborate with bolttech around the rapidly growing business segment of appliance and device protection in AsiaPacific and the US. As a global leader in assistance and insurance services, we will leverage our strong market presence and wide range of product offerings to co-create new solutions that protect consumers’ financial investments and deliver peace of mind. bolttech is an insurtech with a proven track-record in technological innovation, and our partnership will allow us to jointly create a seamless and unique setup for growth in the area of mobile device protection. We look forward to working closely together to re-imagine the future of device protection insurance.”
Rob Schimek, Group Chief Executive Officer of bolttech said: “What makes this partnership so exciting is the tremendous opportunity to collaborate with Allianz, one of the world’s leading insurers, to reduce risk for customers in their daily lives and increase financial inclusion in the digital age. We are already working with Allianz Partners on a number of exciting opportunities, such as embedding device protection for customers of a leading electronics brand in Thailand. We can’t wait to uncover the possibilities of this extended partnership.”
