bolttech, the Singapore-based international InsurTech, has acquired a majority shareholding in Indonesia-based PT Axle Asia.
bolttech’s mission is to build the world’s leading technology-enabled ecosystem for protection and insurance, and its insurance exchange platform currently quotes more than $50bn in premiums worldwide.
With a global footprint of 30 markets across three continents, North America, Asia, and Europe, bolttech has more than 800 distribution partners and 200 insurers in its network, and is licensed in 36 international jurisdictions.
Founded in 2008, Axle Asia is a Jakarta-based insurance broker serving a diverse range of clients across corporate lines and employee benefit insurance.
Rob Schimek, group chief executive officer, bolttech, said, “Indonesia, as one of Southeast Asia’s high growth markets, represents a significant opportunity for our InsurTech solutions to meet the rapidly evolving needs of local customers and business partners. We look forward to welcoming the Axle Asia team to bolttech as they join our journey to connect people around the world with more ways to protect the things they value.”
Junaedy Ganie, commissioner, Axle Asia, added, “Becoming part of bolttech will enable us together to innovate and bring more choice to customers in Indonesia at an accelerated pace. bolttech’s pioneering InsurTech platform is leading the way in shaping the future of insurance distribution and our team is incredibly excited to now play a role in this journey.”
Earlier this year, bolttech completed the acquisition of AVA Insurance Brokers and AVA Insurance Agency, a Singapore-based insurance intermediary and specialist broker.
The acquisition of AVA, the company said, will accelerate the deployment of its insurance exchange in Singapore, connecting insurers, distributors and customers, making it easier and more efficient to buy and sell insurance.
Sherpa, which provides consumers with guidance when buying insurance, recently received a strategic investment from bolttech, an InsurTech unicorn.
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