The partnership is set to cater to the burgeoning customer needs for device and appliance protection insurance across the Asia Pacific region and the United States. The collaboration, outlined in a strategic cooperation agreement, aims to leverage the strengths of each entity to provide cutting-edge solutions.
The goal is to empower business partners, including retailers, e-tailers, telecommunication providers, banks, insurers, and original equipment manufacturers (OEMs), to seamlessly integrate insurance and protection products into customer journeys precisely when the need arises.
According to reports, the aim is that Allianz Partners and bolttech will provide embedded solutions tailored for a range of electronic products and household devices. This includes but is not limited to mobile and digital devices, as well as household appliances categorised as “white and brown goods.” The collaboration seeks to simplify and enhance the customer experience by enabling convenient purchases of protection at the point of need.
Drawing on the strengths of both entities, this alliance is poised to broaden the spectrum of products and services offered. Allianz Partners, with its global presence, brings to the table a robust market footprint across the Asia Pacific and the United States. The company’s underwriting expertise and service capabilities in appliance protection, along with its diverse portfolio covering travel, mobility, cyber, and home insurance, position it as a key player.
Complementing this, bolttech’s technological prowess and service capabilities will seamlessly integrate with Allianz Partners’ strengths. This collaboration is designed to facilitate the distribution of device protection and other personal insurance products within digital and hybrid customer experiences. The entire process will be supported by proven technology, operational efficiency, and exemplary customer service capabilities.
The collaboration between Allianz Partners and bolttech is not only a strategic business move but also a response to the persistent protection gap in the global insurance landscape. According to Swiss Re research, global insurance penetration stands at a mere 7% of GDP, with Asia experiencing particularly low non-life insurance penetration at 2% in 2021.
One glaring example of this protection gap is the safeguarding of valuables in homes, especially digital devices that play an increasingly central role in people’s lives. As reliance on these devices grows for managing finances and daily life needs, the market for device and appliance protection insurance remains largely untapped globally.
The announcement comes at a pivotal moment, as the global market for extended warranty and accidental damage cover for consumer electronic devices and household appliances is projected to surge to over US$210 billion within the next four years. This notable increase, from approximately US$160 billion today, is based on research from both Statista and bolttech.
Speaking about the partnership, Tomas Kunzmann, CEO of Allianz Partners, said: “We are thrilled to collaborate with bolttech around the rapidly growing business segment of appliance and device protection in Asia-Pacific and the US. 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.”
Kunzmann continued: “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.”
Rob Schimek, Group Chief Executive Officer of bolttech also commented, saying: “What makes this partnership so exciting is the tremendous opportunity to collaborate with Allianz, one of the world’s leading insurers, to reduce risk for customers in their daily lives and increase financial inclusion in the digital age.”
He added: “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.”
Author: Joanna England
