From left to right: Baldev Singh, CEO Southeast Asia of bolttech; Rob Schimek, Group CEO of bolttech; Olayan Mohammed al-Wetaid, Group CEO of stc Group; Moaeed AlSaloom, Group Chief New Markets Officer of stc Group

Insurtech bolttech has expanded into the Middle East thanks to a strategic partnership with stc Group.

bolttech working with stc Group, a telecommunications company, will provide customers with innovative, embedded device protection offerings. This will all be within a technology-enabled experience.

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Aligning with stc Group’s DARE 2.0 strategy to become a world-class digital leader, bolttech and stc will also explore expanding the partnership to embed IoT-enabled solutions beyond mobile devices into other aspects of a customer’s digital lifestyle. Protection for home appliances, health electronics and cyber assets are all included.

Rob Schimek, group chief executive officer, bolttech said: “stc Group is an ambitious digital leader, always striving to offer innovative solutions to their customers. Their aspirations align perfectly with ours, and together with their well-established presence in the Middle East, they are an ideal partner for our launch into the region. We are excited to work together with stc Group to help their customers safeguard their valued devices to ensure an uninterrupted digital lifestyle.”

In addition, Bolttech Insurance, the Hong Kong unit of Singapore-based bolttech, has launched a new travel insurance offering.

Called MyTravel, the two-tier offering is available exclusively through FWD’s online insurance platform. 

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Under the MyTravel superior plan, customers are reimbursed up to HK$25,000 ($3,197) for changes in travel dates or cancellations, capped at 50% of the public transportation and accommodation costs.  

In addition to cancellation coverage, MyTravel offers compensation for missed events due to sickness or accidents.  

Customers can receive up to HK$3,000 under the premium plan and HK$15,000 under the superior plan for such incidents.  

The insurance product covers a wide age range from 60 days to 80 years.