In many technology- and innovation-related circles, disruption is a common phrase. It is generally used to describe innovative businesses’ ability to cause radical shifts in the market by providing a unique, untapped or more affordable product or service that solves old or new problems.
However, Rob Schimek (pictured above), CEO of Singapore-headquartered bolttech, believes his company is more of an “enabler” rather than a “disruptor”.
“We think of ourselves as enabling all participants in the marketplace for insurance,” Schimek said in a recent Insurance Business TV episode. “Whether you are an established insurer who wants to be able to compete against the new insurtechs, whether you are an insurtech who wants to be able to compete on a bigger stage like an established insurer, or whether you are an insurance company who wants to have access a distribution that you otherwise don’t see.”
In all those cases, bolttech can enable companies to participate in the insurance market in a different way, Schimek said.
“We really think of it as sort of democratising the insurance marketplace,” he said.
bolttech, which was recognised as a 5-Star Insurance Innovator by Insurance Business in 2021, operates a global insurance exchange that spans more than 20 markets in three continents and reaches more than 7.5 million customers.
“We’re a B2B2C business,” Schimek said. “We partner with other businesses that have a direct customer relationship and we work with more than 700 different ecosystem and distribution partnerships on a global basis. We offer insurance to their customers at the point of need.”
Schimek said that bolttech works with established insurers to bring insurtech-type capabilities to the market, so they don’t have to build it themselves. Other partners include businesses that aren’t normally in the business of insurance, such as telecommunications and e-commerce firms, with bolttech providing their customers with access to insurance products.
“Our mission is to become the world’s leading technology-enabled ecosystem for protection in insurance,” Schimek said.
