The collaboration will focus on supporting distribution partners with end-to-end device lifecycle management services, including device upgrades. These solutions are designed to enhance customer offerings and streamline protection services, particularly in the fast-growing mobile device sector.
With smartphone penetration accelerating across emerging markets—and demand for high-performance, affordable used devices on the rise—device protection is becoming a critical need. This is especially evident in South and Southeast Asia, where a younger demographic is fueling demand. Industry forecasts indicate the device protection market in these regions is set to outpace global growth, prompting increased interest in scalable, technology-driven insurance offerings.
The joint venture will initially roll out in Southeast Asia, launching a device upgrade programme that combines bolttech’s embedded insurance distribution capabilities with Sumitomo’s financial services and extensive partner network.
Shinichi Kato, Group CEO of Media & Digital Group at Sumitomo Corporation, said the partnership brings together complementary strengths: “We are thrilled to join forces with bolttech, a partner with a proven track record in delivering technology-driven solutions to meet evolving consumer needs. This partnership will harness our collective expertise to offer best-in-class device lifecycle services and drive innovation throughout the region.”
Rob Schimek, Group Chief Executive Officer at bolttech, echoed the sentiment: “We are excited to welcome Sumitomo Corporation as a strategic partner. Their deep knowledge of devices and vast network, coupled with our distribution strengths, will help us enhance the consumer protection experience. Together, we look forward to shaping the future of insurance and delivering more ways for people to safeguard what matters most.”
The new venture marks a significant step in bolttech’s continued expansion across Asia, reinforcing its vision to connect people with more ways to protect the things they value.
