Latest news with #bolttech
Yahoo
3 days ago
- Business
- Yahoo
Insurtech company bolttech raises $147m at $2.1bn valuation
Singapore-based insurtech company bolttech has wrapped up its Series C funding round, raising $147m (S$188.87m), with a company valuation of $2.1bn. The funding round, initiated in December 2024, added new investors including Sumitomo Corporation and Portugal's Iberis Capital. The company intends to use the funds to enhance its platform and advance its global growth strategy. Last month, Sumitomo Corporation formed a joint venture with bolttech to provide embedded insurance programmes and end-to-end services for partners across Asia. Sumitomo Corporation Media & Digital Group CEO Shinichi Kato stated: 'We are thrilled to join forces with bolttech – both as a strategic investor and through our joint venture. 'We are confident that this partnership will enable us to work closely with the bolttech team to drive growth and innovation across the Asia region.' Both Sumitomo Corporation and Iberis Capital join a consortium of existing investors comprising Dragon Fund, Baillie Gifford and Generali's Lion River. bolttech CEO Rob Schimek said: 'We are delighted to welcome our newest strategic investors Sumitomo Corporation and Iberis Capital as we successfully close our Series C. This investment is a strong endorsement of our unique business proposition, reinforcing our commitment to enabling a better insurance experience for customers worldwide. 'We are excited to continue our journey to build the future of insurance, working towards our vision of connecting people with more ways to protect the things they value.' Last month, bolttech integrated AWS generative AI solutions to optimise its operations and customer service. The bolttech Gen AI Factory platform, built on Amazon Bedrock, complements the company's call centre operations powered by Amazon Connect and Amazon Lex. "Insurtech company bolttech raises $147m at $2.1bn valuation " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Korea Herald
4 days ago
- Business
- Korea Herald
bolttech closes Series C fundraise, welcomes strategic investors Sumitomo Corporation and Iberis Capital
With investments totalling US$147 million, bolttech closes Series C with t he addition of new investors SINGAPORE, June 4, 2025 /PRNewswire/ -- bolttech, the fast-growing global insurtech, today announced the addition of Sumitomo Corporation, one of Japan's largest trading houses, and Iberis Capital, a leading private equity and venture capital manager in Portugal, as strategic investors. Their participation marks the successful close of bolttech's Series C funding round, with shares acquired by Series C investors in the amount of US$147 million, reflecting a company valuation of US$2.1 billion. In addition to Sumitomo Corporation becoming a strategic investor, the company has entered a joint venture with bolttech to deliver embedded insurance programmes and complementary end-to-end services for partners in Asia. Sumitomo Corporation and Iberis Capital join Dragon Fund, Baillie Gifford, Generali's Lion River, and other investors in bolttech's Series C funding round closing. This investment will enable the company to enhance its platform's capabilities and accelerate its global growth strategy, to make insurance more personalised, accessible, affordable, and convenient for customers. Shinichi Kato, Group CEO of Media & Digital Group, Sumitomo Corporation, said, "We are thrilled to join forces with bolttech – both as a strategic investor and through our joint venture. We are confident that this partnership will enable us to work closely with the bolttech team to drive growth and innovation across the Asia region." Luís Quaresma, Partner, Iberis Capital, said, "bolttech has emerged as a leading embedded insurtech player spanning a global footprint in a short amount of time. We are impressed by its tech capabilities, strategic vision for the future of insurance and its highly talented management team. We look forward to contributing to its next phase of growth, supporting the continued advancement of its unique solution." Rob Schimek, Group Chief Executive Officer, bolttech, said, "We are delighted to welcome our newest strategic investors Sumitomo Corporation and Iberis Capital as we successfully close our Series C. This investment is a strong endorsement of our unique business proposition, reinforcing our commitment to enabling a better insurance experience for customers worldwide. We are excited to continue our journey to build the future of insurance, working towards our vision of connecting people with more ways to protect the things they value."
Yahoo
6 days ago
- Business
- Yahoo
bolttech powers Generative AI-driven hyper-personalized customer services on AWS
The international insurtech company expects streamlined customer services platforms to deliver enhanced and personalized experiences, while reducing costs SINGAPORE, June 2, 2025 /PRNewswire/ -- Amazon Web Services (AWS) today announced that bolttech, a Singapore-headquartered international insurtech company, is implementing AWS generative AI (Gen AI) solutions across its customer and internal workflows, enhancing its operational efficiency and customer experiences while reducing costs. bolttech, which serves millions of customers across 37 markets on four continents, built its Gen AI platform, "bolttech Gen AI Factory", using Amazon Bedrock. The Gen AI solution enhances its existing omnichannel call center platform – already running on Amazon Connect and Amazon Lex – by integrating agentic AI. First, it integrates advanced speech-to-speech capabilities into bolttech's chatbots, enabling seamless, natural conversations with customers in multiple languages. This is initially being piloted in Korean. The solution provides real-time, personalized responses to customers' insurance policy questions, in their native language and across a wide range of simple and complex enquiries, with near-instant response times. By automating routine tasks, such as basic claims processing, human agents can now focus on higher value interactions, while boosting operational efficiency and reinforcing bolttech's commitment to world-class customer satisfaction across its global operations. Philip Weiner, CEO, Asia, bolttech, said: "At bolttech, we remain steadfast in our vision to connect people with more ways to protect the things they value. To achieve this at scale, we rely on the right data and AI infrastructure. AWS's cloud computing and Gen AI services, including Amazon Bedrock, provide the foundation to access diverse model choices, deliver superior price-performance ratios, and robust trust and safety enterprise features that align perfectly with our needs. The ability to select from various AI models, such as Amazon Nova, helps support rapid innovation to improve customer experiences in our industry, including how we can offer real-time policy explanations, instant claims processing, and near-human AI interactions by leveraging advances in agentic AI. With this collaboration, we can enhance our ability to deliver more choice to our partners and their customers, ensuring they have access to the most innovative protection solutions available." Besides claims resolution and call center augmentation, bolttech Gen AI Factory also serves as an enterprise-wide innovation engine. It enables internal teams to develop and deploy their own Gen AI applications across the entire insurance value chain, from underwriting and claims processing, to customer service and product development. With AWS's infrastructure, bolttech will leverage AI to improve prediction, prevention and recovery in its customer product offerings: Prediction: Using AI to enhance risk assessment and provide personalized insurance products, such as real-time adjusted premiums based on driving behaviour for auto insurance; Prevention: Implementing AI-driven early warning systems for cyber threats, natural disasters or adverse events, allowing policyholders to take preventive actions and minimize potential losses; Recovery: Deploying AI-powered chatbots and virtual assistants to expedite claims processing and provide instant support to policyholders in the aftermath of an incident. These innovations aim to reduce loss ratios over time and provide rapid, holistic recovery and remediation when unavoidable loss events occur. "The insurance sector in Southeast Asia is using the latest cloud technology and generative AI to make protecting assets easier, more affordable, and more intuitive," said Priscilla Chong, Country Manager, AWS Singapore. "bolttech is an example of a company delivering innovation using generative AI to enhance customer experiences, improve operational efficiency, and drive innovation in how insurance services are delivered and consumed globally. We're thrilled to support bolttech, and we're pleased that AWS's choice-based, model-agnostic approach is delivering AI-powered convenience to discerning customers at the forefront of the AI revolution." bolttech is already leveraging AWS solutions to streamline its software development lifecycle and accelerate time to market. With trial use cases of Amazon Q Developer, bolttech was able to reduce time spent updating code documentation files by over 50%, freeing up valuable development time. Another noticeable advantage was the reduction in time spent learning new codebases. Amazon Q Developer is able to analyse large sets of files in minutes, and feed back to developers' high-level purpose and low-level details, hastening learning. Finally, Amazon Q Developer performed well with the programming languages used at bolttech, Javascript and Python, making it a valuable tool for a wide range of staff, from backend and frontend developers to data scientists. As a result, bolttech's developers can now focus more on coding and multitasking without significant distractions. View original content: SOURCE bolttech Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
31-05-2025
- Business
- Yahoo
bolttech integrates AWS Gen AI to enhance efficiency
Singaporean insurtech company bolttech has integrated AWS generative AI solutions to lower costs of its operations and personalise customer services. The platform, "bolttech Gen AI Factory," has been developed using Amazon Bedrock and enhances the existing call centre platform, already operating on Amazon Connect and Amazon Lex. Gen AI Factory adds speech-to-speech capabilities to bolttech's chatbots, enabling multilingual, natural conversations with customers and allows teams to create Gen AI applications within the insurance value chain. The pilot, which began with Korean, provides 'real-time' responses to insurance policy queries, catering to both simple and complex enquiries. Through automation of basic activities such as claims processing, it allows bolttech's agents to focus on improving operational efficiency and customer engagement. With AWS's infrastructure, bolttech aims to use AI for better risk assessment, early warning systems for threats, and AI -driven virtual assistants for claims processing. AWS Singapore country manager Priscilla Chong stated: 'bolttech is an example of a company delivering innovation using generative AI to enhance customer experiences, improve operational efficiency, and drive innovation in how insurance services are delivered and consumed globally. We're thrilled to support bolttech, and we're pleased that AWS's choice-based, model-agnostic approach is delivering AI-powered convenience to discerning customers at the forefront of the AI revolution.' The company is already using AWS tools to expedite time to market. It has reported over 50% reduction in time updating code documentation files with Amazon Q Developer. bolttech Asia CEO Philip Weiner said: 'At bolttech, we remain steadfast in our vision to connect people with more ways to protect the things they value. To achieve this at scale, we rely on the right data and AI infrastructure. AWS's cloud computing and Gen AI services, including Amazon Bedrock, provide the foundation to access diverse model choices, deliver superior price-performance ratios, and robust trust and safety enterprise features that align perfectly with our needs. Earlier in May 2025, bolttech entered a joint venture with Sumitomo Corporation to offer device protection in Asia. "bolttech integrates AWS Gen AI to enhance efficiency " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
09-05-2025
- Business
- Yahoo
bolttech and Sumitomo to launch JV for device protection in Asia
Singapore-based insurtech company bolttech has teamed up with Japanese trading house Sumitomo Corporation to form a joint venture (JV) for device protection in Asia. The JV will deliver technology-enabled embedded solutions to distribution partners throughout Asia, with a focus on device life cycle management services including device upgrades. The partnership will start with a device upgrade programme in South East Asia using bolttech's distribution network and Sumitomo's financing expertise. Sumitomo Corporation Media & Digital Group CEO Shinichi Kato said: 'We are thrilled to join forces with bolttech, a partner with proven track record in offering technology-enabled solutions to address consumer needs. 'We are confident that this partnership will enable us to leverage our combined expertise and resources to deliver industry-leading device life cycle management services, driving growth and innovation across the Asia region.' This initiative aims to enhance the offerings of distribution partners, enabling them to provide 'comprehensive solutions' to their customers. bolttech CEO Rob Schimek stated: 'We are delighted to welcome Sumitomo Corporation as our strategic partner. We are confident that Sumitomo Corporation's expertise in devices and vast network, combined with our distribution capabilities, will drive us forward in creating a better protection experience for consumers in Asia. 'We are excited to continue our journey in shaping the future of insurance, working towards our vision of connecting people with more ways to protect the things they value.' Operating in 37 markets, bolttech brings a suite of digital and data-driven capabilities that connect insurers, distributors and customers. In December 2024, the company launched its Series C funding round, led by Dragon Fund, by Liquidity and MUFG, valuing bolttech at $2.1bn (S$2.72bn). "bolttech and Sumitomo to launch JV for device protection in Asia " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
