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(Reuters) — Insurance tech startup bolttech on Thursday said it raised $180 million in a funding round led by private investment firm Activant Capital Group that valued it at more than $1 billion.
The New York and Singapore-based company’s online platform serves as a matchmaker between insurance companies, allowing them to offer customers products that may not be in their area of specialization.
Insurance providers spend billions of dollars a year on advertising to bring in customers, some of whom may want financial products not in the provider’s portfolio, said Rob Schimek, bolttech’s group CEO.
The insurance providers “just don't want to say no” to these clients so they use bolttech to offer additional products, said Mr. Schimek, previously a top executive at insurance giant American International Group Inc.
Bolttech has 150 insurance providers across 14 countries and $5 billion worth of insurance premium has been transacted through the platform, he said.
Bolttech also allows non-insurance companies to offer insurance products to customers, and individuals and small businesses can buy insurance directly through the platform.
Mr. Schimek said the new funds will be used to improve bolttech's technology and expand its global footprint.