Allianz Partners has partnered with bolttech, an international insurtech, in a pivotal move to deliver embedded device and appliance protection insurance across the Asia Pacific and the United States. This collaboration, announced on Oct. 10, 2023, aims to empower business partners to seamlessly integrate insurance and protection products into customer journeys at the point of need.
This partnership aspires to streamline the process of purchasing protection for a range of household products, including mobile devices and household appliances, for business partners such as retailers, e-tailers, telecommunication providers, banks, insurers, and original equipment manufacturers (OEMs).
Global reach and expertise:
Allianz Partners brings its extensive worldwide presence, underwriting expertise, and servicing capabilities in appliance protection, along with a wide array of other insurance products, to this partnership. In contrast, bolttech's technology and servicing capabilities will enable the distribution of device protection and other personal insurance products through digital and hybrid customer experiences.
Addressing the protection gap:
The collaboration between Allianz Partners and bolttech responds to the need for embedded device and appliance protection solutions in the face of a persisting protection gap in the insurance industry. The global market for extended warranty and accidental damage cover for consumer electronic devices and household appliances is anticipated to exceed US$210 billion within the next four years.
Future prospects:
Tomas Kunzmann, CEO of Allianz Partners, expressed excitement about the partnership, emphasizing their goal to create innovative solutions for mobile device protection. Rob Schimek, Group Chief Executive Officer of bolttech, highlighted the opportunity to reduce risk for customers in their daily lives and increase financial inclusion in the digital age.
In conclusion, the strategic partnership between Allianz Partners and bolttech signifies a significant development in the insurance industry, aimed at enhancing the accessibility and effectiveness of embedded insurance solutions for device and appliance protection in the Asia Pacific region and the United States. Customers can expect a more convenient and comprehensive approach to protecting their valuable devices and household appliances, filling a substantial gap in the global insurance market. This collaboration is expected to shape the future of device protection insurance and improve financial inclusion in the digital age.
