It will cater to retailers, OEMs, and more
Allianz Partners has joined forces with bolttech to forge a partnership focused on delivering embedded device and appliance protection insurance solutions across the Asia Pacific and the United States.
This strategic collaboration is aimed at leveraging the strengths of both entities to offer insurance and protection products integrated into customer experiences at the precise point of requirement.
The collaboration is also set to provide embedded solutions catered to a range of business partners, including retailers, e-tailers, telecommunication providers, banks, insurers, and original equipment manufacturers (OEMs). The objective is to facilitate a streamlined and convenient process for customers to acquire protection precisely when needed for various household products, encompassing mobile and digital devices, as well as household appliances (both white and brown goods).
Allianz Partners, with its global reach and market presence in APAC and the United States, brings in-depth expertise in underwriting and servicing capabilities, particularly in appliance protection and an array of insurance products such as travel, mobility, cyber, and home insurance, among others.
Meanwhile, bolttech will synergize with Allianz Partners to facilitate the distribution of device protection and other personal insurance products through digital and hybrid customer experiences. This collaboration will be supported by proven technology, operational excellence, and customer service capabilities.
Addressing the gap
The collaboration comes at a crucial juncture when a substantial protection gap persists in the insurance market, with global insurance penetration standing at merely 7% of GDP. In the APAC region, non-life insurance penetration was a mere 2% in 2021, according to research by Swiss Re. One noticeable instance of this protection gap is the inadequacy of coverage for valuable items within households, particularly digital devices that have become indispensable tools for managing finances and daily life needs.
Insurance for device and appliance protection remains an underserved market globally, presenting a significant opportunity to address this burgeoning customer need. The global market for extended warranty and accidental damage cover for consumer electronic devices and household appliances is projected to exceed US$210 billion within the next four years, rising from approximately US$160 billion today, according to research from both Statista and bolttech.
“We are thrilled to collaborate with bolttech around the rapidly growing business segment of appliance and device protection in Asia-Pacific and the US,” Allianz Partners CEO Tomas Kunzmann (pictured above, first from the left) said. “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,” Kunzmann said.
bolttech Group CEO Rob Schimek (pictured above, second from the left) also commented on the partnership, saying that it represents a tremendous opportunity to work with one of the world’s leading insurers.
“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,” Schimek said.
This collaboration is just the latest for bolttech, with the insurtech also unveiling its plans for a travel coverage partnership with Trip.com in Hong Kong.