Singapore-based InsurTech bolttech has selected Sapiens, a global provider of software solutions for the insurance industry, for its P&C core platform.
bolttech has positioned itself as a world-leading embedded insurance provider.
The company is a global B2B2C InsurTech that leverages its insurance exchange to connect insurers with distributors and their customers.
With licenses to operate in more than 30 markets throughout Asia and Europe and all 50 US states, bolttech’s platform aims to provide businesses inside and outside the insurance industry everything they need to offer insurance products to meet their customers’ evolving insurance and protection needs in the digital age.
bolttech’s legacy systems for its Hong Kong general insurance operations are to be replaced by the Sapiens solution to provide greater automation and standardisation, and globally available oversight on policies, risk exposures, and data.
Alister Musgrave, general manager, Hong Kong for bolttech, said, “As an international and fast-growing insurtech, we have been focused on ensuring our Hong Kong business continues to be competitive in a rapidly evolving landscape. We found that Sapiens was the ideal partner to scale and evolve the digitalization of our back-end systems.”
Roni Al-Dor, Sapiens president and CEO, added, “We are excited to embark on this new challenge alongside bolttech. We look forward to working together to ensure that bolttech’s Hong Kong business has all the digital tools it needs to stay ahead of the curve. In addition, it is always gratifying to enter a new market, and meeting Hong Kong’s regulatory landscape will be a worthwhile effort on our part.”
Earlier this year, bolttech raised Series B funding in a round led by Tokio Marine. The investment valued bolttech at an up-round valuation of approximately $1.5bn.
The Series B comes one year after bolttech closed the largest ever Series A funding round for an InsurTech, which saw a total of $247m raised.
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