Insurtech bolttech has announced a partnership with Taiwan Mobile, a telecommunications provider, for a range of personal insurance options for customers via the latter’s mobile app.
The first phase of the partnership will see the launch of 13 different travel insurance products underwritten by Fubon Insurance, with the range offering coverage from anywhere between NT$3 mn to NT$12 mn.
Customers under the Taiwan Mobile brand can get insured in under three minutes when they log in and purchase insurance offerings through their Taiwan Mobile account.
bolttech and Taiwan Mobile plan to expand the partnership with more product offerings in the future. Such products include auto, personal injury, and cyber insurance.
bolttech North Asia CEO Chris Plumley said that this initial launch aims to provide Taiwan Mobile customers a better and easier way to protect what matters whilst they are on their travels.
Together, we will connect Taiwan Mobile’s user base of 7 mn customers to a range of innovative and valued insurance products that we’ve integrated into our insurance trading platform, allowing customers to purchase coverage in a more convenient and intuitive manner.
bolttech North Asia CEO Chris Plumley
bolttech has raised $196 mn in connection with its Series B funding, for a total valuation of $1.6 bn. This makes it the largest straight equity Series B for an insurtech in the past year, an achievement that bolttech managed following its largest ever Series A round for an insurtech in 2021.
The funding round was led by Tokio Marine, with other key investors in the mix such as insuring giant MetLife through subsidiary MetLife Next Gen Ventures, Malaysian sovereign wealth fund Khazanah Nasional, as well as new and existing shareholders.
