Bolttech, the Singapore-based insurtech, announced Thursday its partnership with Sumitomo Corporation, a Japan-based trading houses, to deliver technology-enabled embedded solutions to distribution partners in Asia.

Bolttech said in a statement that the two companies will enter a joint venture for the partnership.

The technology-enabled embedded solutions will enable distribution partners to provide end-to-end device lifecycle management services, such as device upgrade, enhancing their ability to offer seamless and comprehensive solutions to customers in the region.

It is noted that with smartphone prices rising and penetration increasing in emerging markets, the global demand for device protection services is on the rise.

This trend is particularly pronounced in South Asia and Southeast Asia, where the demand for affordable, high-performance used smartphones is growing, driven by the growing proportion of young consumers.

With the market for device protection expected to grow faster than the global average, there is a growing need for technology-driven device insurance and protection solutions.

The partnership will kick off with a launch in Southeast Asia focusing on a device upgrade program, leveraging bolttech’s distribution capabilities and Sumitomo Corporation’s vast network of financing and guarantees capabilities, said the statement.

“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 lifecycle management services, driving growth and innovation across the Asia region,” said Shinichi Kato, Group Chief Executive Officer of Media & Digital Group at Sumitomo Corporation.

Rob Schimek, Group Chief Executive Officer, bolttech, said they 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,” he added.

Bolttech is an international insurtech with aims to build a technology-enabled ecosystem for protection and insurance.

The firm serves customers in 37 markets across Asia, Europe, North America, and Africa.

Sumitomo is an integrated trading and business investment company with a strong global network comprising 125 offices in 64 countries and regions.

The Sumitomo Corporation Group consists of approximately 900 companies and 80,000 employees on a consolidated basis.

The group’s business activities are spread across the following nine groups: steel, automotive, transportation and construction systems, diverse urban development, media and digital, lifestyle business, mineral resources, chemicals solutions and energy transformation business.

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