Singapore-based insurtech firm bolttech announced it has completed the acquisition of a majority shareholding in Axle Asia, an established insurance broker in Indonesia.
Axle Asia will become a subsidiary of bolttech and be subsequently rebranded. Srinath Narasimhan, General Manager for bolttech in Indonesia, will oversee the growth of bolttech in Indonesia with the addition of Axle Asia.
bolttech said the addition of Axle Asia will accelerate the deployment of its insurance exchange capabilities and complement its existing presence as a device protection provider in Indonesia.
With a global footprint of 30 markets across three continents, North America, Asia, and Europe, bolttech has more than 800 distribution partners and 200 insurers in its network, and is licensed in 36 international jurisdictions.
Rob Schimek, Group Chief Executive Officer of bolttech said,
“Indonesia, as one of Southeast Asia’s high growth markets, represents a significant opportunity for our insurtech solutions to meet the rapidly evolving needs of local customers and business partners.
We look forward to welcoming the Axle Asia team to bolttech as they join our journey to connect people around the world with more ways to protect the things they value.”
Junaedy Ganie, Commissioner, Axle Asia said,
“Becoming part of bolttech will enable us together to innovate and bring more choice to customers in Indonesia at an accelerated pace.
bolttech’s pioneering insurtech platform is leading the way in shaping the future of insurance distribution and our team is incredibly excited to now play a role in this journey.”