bolttech Group CEO Bob Schimek
Singapore- and US-based international insurtech company bolttech has completed the acquisition of a majority shareholding in Axle Asia, an established insurance broker in Indonesia.
Axle Asia will become a subsidiary of the Singaporean firm and subsequently be rebranded.
This deal will accelerate the deployment of bolttech’s insurance exchange capabilities and complement its existing presence as a device protection provider in Indonesia, per a statement.
Also Read: Insurtech unicorn bolttech invests in digital insurance advisory Sherpa
“Becoming part of bolttech will enable us to innovate and bring more choice to customers in Indonesia at an accelerated pace,” said Junaedy Ganie, Commissioner, Axle Asia.
Founded in 2008, Axle Asia has served diverse corporate clients from a broad cross-section of industries in Indonesia, from its offices in Jakarta and Surabaya. Its portfolio balances general insurance and employee benefits. Axle Asia also provides personal lines to support its clients’ needs.
Launched in 2020, bolttech aims to make connections between insurers, distributors and customers easier and more efficient to buy and sell insurance and protection products. It works with insurers, telcos, retailers, banks, e-commerce and digital destinations to embed insurance into their customer journeys at the point of need.
The firm claims it serves customers in 30 markets across North America, Asia, and Europe. It has more than 800 distribution partners and 200 insurers in its network and is licensed in 36 international jurisdictions.
Also Read: iPhone co-inventor-backed insurtech unicorn bolttech adds US$30M to Series A
In March this year, bolttech made a strategic investment in UK-based digital insurance advisory Sherpa. Last December, it added BRV Capital Management as a strategic investor in the company. This followed a US$30 million investment towards its US$180-million round from EDBI and Spanish firm Alma Mundi.
bolttech’s other backers are Tony Fadell (Principal at Future Shape, inventor of iPod, and co-inventor of iPhone), Alpha Leonis Partners, Dowling Capital Partners, B. Riley Venture Capital, and Tarsadia Investments.
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