Coverage tech startup bolttech raises $180 mln, valued at more than $1 bln

U.S. dollar notes are noticed in this November 7, 2016 image illustration. REUTERS/Dado Ruvic/Illustration

July 1 (Reuters) – Insurance policies tech startup bolttech on Thursday explained it lifted $180 million in a funding round, led by non-public expenditure company Activant Money Team, that valued it at additional than $1 billion.

The New York and Singapore-dependent company’s on-line platform serves as a matchmaker involving insurance policies companies, making it possible for them to give clients products that might not be in their place of specialization.

Coverage companies spend billions of pounds a calendar year on marketing to deliver in consumers, some of whom might want economical solutions not in the providers portfolio, Rob Schimek, bolttech’s group chief govt officer, pointed out.

The insurance suppliers “just you should not want to say no” to these customers so they use bolttech to supply added products and solutions, claimed Schimek, beforehand a best executive at insurance large AIG.

Bolttech has 150 coverage vendors throughout 14 nations and $5 billion truly worth of insurance policy high quality has been transacted through the platform, he mentioned.

Bolttech also enables non-insurance policies businesses to offer you insurance policies goods to buyers and folks and smaller companies can buy coverage directly by way of the system.

“The brilliance is that the (insurance policy) exchange, it is really in no way genuinely been finished correctly and absolutely everyone held on so tightly to the buyers and would not market other people’s coverage and that’s seriously just started to adjust,” mentioned Activant Funds companion Steve Sarracino about why he led this sort of a major round of funding.

Schimek explained the funds will be applied to increase bolttech’s technological know-how and expand its world wide footprint.

Reporting By Jane Lanhee Lee Editing by Himani Sarkar