Indonesian insurance intermediary Axle Asia has been renamed PT Bolttech Insurance Broker and rebranded to bolttech, following the acquisition by insurtech company bolttech.  

The Financial Services Authority of Indonesia, Otoritas Jasa Keuangan, has approved the name change, aligning with the country’s objective to foster the growth of the insurtech industry. 

Founded in 2008 and based in Jakarta, the insurance intermediary specialises in serving a broad spectrum of clients, offering corporate lines and employee benefits insurance.  

Singapore-headquartered bolttech acquired a majority stake in Axle Asia in October 2022. 

The insurtech said the rebranding and renaming strengthen its offering in the Indonesian market as it keeps growing its portfolio of corporate and consumer insurance solutions. 

It will not affect bolttech Indonesia’s current services or agreements with partners and customers, ensuring continuity in their offerings.  

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PT Bolttech Insurance Broker president director Srinath Narasimhan said: “We have an exciting opportunity ahead of us to leverage bolttech’s international insurtech capabilities to connect more people with ways to protect the things they value while enabling the insurance industry in Indonesia to thrive. We look forward to a fruitful journey ahead working alongside our valued partners to serve the needs of more customers together”. 

Last month, bolttech expanded into the Middle East through a partnership with stc Group, a telecommunications company.  

Together, they plan to deliver embedded device protection solutions and consider extending their collaboration to include Internet of Things-enabled services for various digital lifestyle aspects including home appliances, health electronics and cyber assets. 

In February, Bolttech Insurance, the Hong Kong subsidiary of bolttech, unveiled a new travel insurance product named MyTravel.  

This two-tiered travel insurance is available exclusively through FWD’s online insurance platform, marking another milestone in bolttech’s expanding suite of insurance solutions.