The Asia InsurTech Podcast spoke with Mark Simmons, the CEO of bolttech for Europe and Asia, and delved into the changing landscape of insurance and insurtech, focusing on emerging trends in Asia and Europe. Highlighting the concept of “life of the asset,” Mark explains how building services around an asset, be it a car, mobile phone, or even a family, can prevent loss. With a past in mobile phone insurance and being pivotal in Asia’s restaurant delivery evolution—culminating in the launch of Food Panda after selling to Rocket Internet—Mark has a rich entrepreneurial background. He underscores the significance of explaining to potential clients the importance of products and how they fulfill their needs.
The podcast touches upon the revolution of embedded insurance. The goal? To eliminate friction, making products more accessible and straightforward. This has been achieved through advancements in technology and strategic partnerships, especially with e-commerce platforms. With the protection gap remaining a concern, especially in low-income sectors, bolttech aims to bridge this divide. When queried about bolttech’s potential to become a ‘super app’, Mark discusses the company’s dual approach, catering to both B2B and B2C sectors. They provide comprehensive solutions for businesses like Grab, Rabbit Line Pay, while their product, ‘bolttech home’, aggregates home technology, even offering cyber coverage options.
Mark believes insurance plays a pivotal role in consistent client engagement, referencing a telematics experience in Latin America and drawing inspiration from giants like Amazon for best-in-class customer experience. The discussion then shifts to the role of AI in insurance. Mark elaborates on its importance in improving accessibility and affordability, allowing for dynamic risk management and enhancing customer communication strategies.
On the expansion front, bolttech boasts of significant capital raises, setting records in insurtech equity series. They are strategically targeting digital capabilities and potential business acquisitions. In the podcast’s concluding segment, Mark hints at the possibility of opening up bolttech’s platform, likening it to WordPress’s successful open-source strategy. The idea is to move ‘bolttech home’ in a direction that offers diverse services, ranging from security and cyber protection to insurance, aiming to create a seamless and holistic customer experience.