Allianz Partners and Singapore-based insurtech Bolttech have entered an embedded insurance partnership for device and appliance protection across Asia Pacific and the US.  

The collaboration aims to make it easier and more convenient for customers to purchase protection for a range of household products, including mobile and digital devices and household appliances. 

They will embed solutions for retailers, telecommunication providers, banks, insurers and manufacturers.  

Allianz Partners CEO Tomas Kunzmann says Bolttech has a proven track record in technological innovation and the partnership will allow them to jointly create a unique setup for growth in mobile device protection. 

"We are thrilled to collaborate with Bolttech around the rapidly growing business segment of appliance and device protection,” he said. “We will leverage our strong market presence and wide range of product offerings to co-create new solutions.” 

Allianz says device and appliance protection insurance remains a largely under-penetrated market globally, and there is a significant opportunity to meet this growing customer need. 

Bolttech’s 2021 oversubscribed $US180 million ($244 million) series A funding round was the largest ever for an insurtech and valued the firm at more than $US1 billion ($1.4 billion), giving it “unicorn status” a year after launch. 

Bolttech Group CEO Rob Schimek says the collaboration will 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,” he said.