Global insurance firm Allianz Partners and Singapore-based insurtech firm bolttech have announced a partnership to provide embedded device and appliance protection insurance across Asia Pacific (APAC) and the United States.

The duo said in a statement on Wednesday that the strategic cooperation agreement aims to bring together each company’s complementary strengths to offer best-in-class solutions enabling business partners to add insurance and protection products to customer journeys at the point of need.

According to the statement, the cooperation 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 collaboration aims to make it easier and more convenient for customers to purchase protection at the point of need for a range of household products, including mobile and digital devices, and household appliances (white and brown goods).

According to the statement, the complementary strengths of both players will bring a broader range of products and services

Allianz Partners brings its worldwide presence to the cooperation, which includes a strong market footprint across APAC and the United States.

Along with the capacity to support the growth of the business, Allianz Partners possesses underwriting expertise and servicing capabilities in appliance protection and a range of other insurance products including travel, mobility, cyber, home insurance and more.

Meanwhile, 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, fully supported by proven technology, operational and customer service capabilities.

The partnerships also aims to provide protection for customers in a rapidly growing market.

Cited Swiss Re research, the duo opined that the protection gap continues to exist with global insurance penetration at 7 percent of gross domestic product (GDP), and penetration is particularly low in Asia with non-life insurance at 2 percent in 2021.

According to them, one example of this gap is the protection of valuables in the home including digital devices which are playing an increasingly central role in people’s lives as they become more reliant on them to manage their finances and daily life needs.

Thus, they see device and appliance protection insurance remains a largely underpenetrated market globally, and there is a significant opportunity to meet this growing customer need.

Cited research from both Statista and bolttech, they highlighted that 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, from approximately $160 billion today.

“We are thrilled to collaborate with bolttech around the rapidly growing business segment of appliance and device protection in APAC and the United States,” said Tomas Kunzmann, Chief Executive Officer of Allianz Partners.

As a global leader in assistance and insurance services, he said the firm will leverage its 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,” he added.

Meanwhile, bolttech Group Chief Executive Officer Rob Schimek said that 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,” he added.

Bolttech is an insurtech who serves customers in more than 30+ markets across the United States, Asia and Europe.

With a full suite of digital and data-driven capabilities, bolttech powers connections between insurers, distributors, and customers to make it easier and more efficient to buy and sell insurance and protection products.

Allianz Partners is a business to business to consumer (B2B2C) insurance and assistance provider, offering global solutions that span international health and life, travel insurance, mobility, and assistance.

Present in over 75 countries, the firm handles over 72.5 million cases each year.

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