Insurtech company bolttech has teamed up with Sumitomo Corporation to form a joint venture aimed at providing device protection services across several Asian markets. The partnership is designed to offer embedded solutions, particularly in Southeast Asia, as the device protection market in the region is expected to grow rapidly.
The joint venture will focus on delivering technology-driven services, including end-to-end device lifecycle management and device upgrade programs. These services will help distribution partners provide seamless device protection and upgrade options to consumers. Initially, the rollout will focus on Southeast Asia.
The demand for device protection is rising globally, driven by increasing smartphone prices and greater adoption in emerging markets, especially in South Asia and Southeast Asia. The growing interest in affordable, high-performance used smartphones, particularly among younger demographics, is also contributing to the trend.
Both companies expect the device protection market in Asia to outpace global growth. The partnership is well-positioned to capitalize on this trend, creating more opportunities for technology-driven insurance and protection solutions in the region.
With the increasing demand for device protection, this joint venture between bolttech and Sumitomo is expected to strengthen the market for technology-enabled insurance solutions in Asia, particularly as the region’s device protection market continues to expand.
Related topics:
