The launch of the strategic partnership builds on bolttech's growth momentum in the Japan market
TOKYO, March 14, 2024 /PRNewswire/ -- International insurtech bolttech today announces its partnership in Japan with leading refurbished device marketplace, Back Market. The partnership, which marks one of bolttech's first commercial launches in the country, will deliver embedded device protection to Back Market's customers through a seamless online experience.
The jointly created device protection service 'Back Up' will provide Back Market's customers with complimentary data recovery service for damaged phones and dedicated repair, ensuring minimal disruptions to their digital lives and an enhanced user experience. 'Back Up' offers comprehensive protection plans covering everyday risks such as breakage, corrosion, and liquid damage to extend the life of customers' refurbished devices, with concierge services via a one-stop contact centre for added convenience. In turn, the repair services keep devices in circulation and out of landfills for a longer period.
Thibaud Hug de Larauze, Chief Executive Officer, Back Market said, "We set up a dedicated local team in Japan last year when we noticed a growing interest in refurbished smartphones in Asia Pacific, with customers keen to explore the benefits of the circular economy and creative ways to extend the lifespan of their devices. We're excited to build on this partnership and celebrate the launch of 'Back Up' with bolttech in Japan. We hope this gives customers even greater peace of mind that their devices can be further protected against unwanted damage."
Philip Weiner, Chief Commercial Officer, Asia and Europe, bolttech said, "As one of the leading insurance markets in the world, it's exciting to see a growth in demand for insurtech solutions as customers in Japan seek more ways to protect the things they value. Back Market is an important partner for bolttech, and we couldn't be more thrilled to celebrate this launch milestone with them."
Headquartered in Singapore, bolttech is one of the leading embedded insurance and protection ecosystems globally, connecting 700 distribution partners and 230 insurance providers with millions of customers worldwide. bolttech's first commercial launch in Japan follows its Series B fundraise last year, with lead investor Tokio Marine, Japan's first insurance company with a 140-year history. The US$246 million funding round is the largest ever Series B for an insurtech.
