8 May, 2025

bolttech and Sumitomo Corporation announce strategic partnership

The partnership will form a joint venture to deliver technology-enabled embedded solutions to distribution partners in Asia

Singapore, 8 May 2025 – bolttech, the fast-growing global insurtech, today announced its partnership with Sumitomo Corporation, one of Japan’s largest trading houses. The two companies will enter a joint venture to deliver technology-enabled embedded solutions to distribution partners across a number of markets in Asia.

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.

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 programme, leveraging bolttech’s distribution capabilities and Sumitomo Corporation’s vast network of financing and guarantees capabilities.

Shinichi Kato, Group CEO of Media & Digital Group at Sumitomo Corporation, said, “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.”

Rob Schimek, Group Chief Executive Officer, bolttech, said, “We 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.”

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About bolttech

bolttech is a global insurtech with a mission to build the world’s leading, technology-enabled ecosystem for protection and insurance. bolttech serves customers in 37 markets across Asia, Europe, North America, and Africa.

With a full suite of digital and data-driven capabilities, bolttech powers connections between insurers, distributors, and customers to make it easier and more efficient to buy and sell insurance and protection products.

For more information, please visit www.bolttech.io.

About Sumitomo Corporation

Sumitomo Corporation (TYO: 8053) 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 & Construction Systems, Diverse Urban Development, Media & Digital, Lifestyle Business, Mineral Resources, Chemicals Solutions and Energy Transformation Business. Sumitomo Corporation is committed to creating greater value for society under the corporate message of “Enriching lives and the world,” based on Sumitomo’s business philosophy passed down for over 400 years. Sumitomo Corporation

Contact for the media:

FTI Consulting on behalf of bolttech

[email protected]