Singapore-based international insurtech, bolttech, has announced it has completed the acquisition of a majority shareholding in PT Axle Asia, an established insurance broker in Indonesia.
Founded in 2008, Axle Asia is a Jakarta-based insurance broker serving a diverse range of clients across corporate lines and employee benefit insurance.
Bolttech suggests the addition of Axle Asia will accelerate the deployment of its insurance exchange capabilities and complement its existing presence as a leading device protection provider in Indonesia.
Rob Schimek, Group Chief Executive Officer, bolttech, commented, “Indonesia, as one of Southeast Asia’s high growth markets, represents a significant opportunity for our insurtech solutions to meet the rapidly evolving needs of local customers and business partners.
“We look forward to welcoming the Axle Asia team to bolttech as they join our journey to connect people around the world with more ways to protect the things they value.”
Junaedy Ganie, Commissioner, Axle Asia, added, “Becoming part of bolttech will enable us together to innovate and bring more choice to customers in Indonesia at an accelerated pace.
“bolttech’s pioneering insurtech platform is leading the way in shaping the future of insurance distribution and our team is incredibly excited to now play a role in this journey.”
Srinath Narasimhan, General Manager for bolttech in Indonesia, will oversee growth in the region. Axle Asia will become a subsidiary of bolttech and will be subsequently rebranded.
