The strategic cooperation between Allianz Partners and bolttech was founded to combine each firm’s strengths to offer best-in-class solutions. This means business partners can add insurance and protection products to customer journeys at the point of need.

In addition, the partnership will aid companies such as retailers for electronic products and household devices. Telecommunication providers, banks, insurers, and original equipment providers are also set to benefit.

Allianz Partners provides its worldwide presence to the agreement, which includes a strong mark in APAC and the US.

The protection gap continues to exist with global insurance penetration at 7% of GDP (gross domestic product) with penetration particularly low in Asia with non-life insurance at 2% in 2021, according to Swiss Re research.

Furthermore, an example of this gap is the protection of valuables in the home including digital devices which are playing an increasingly central role in people’s lives as they become more reliant on them to manage their finances and daily life needs.

Tomas Kunzmann, CEO of Allianz Partners, commented: “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. 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.”

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Rob Schimek, group chief executive officer of bolttech, added: “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. 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.”