InsurTech group enters South Korea with mobile device insurance plan

Growing InsurTech group bolttech has announced its expansion into South Korea through the launch of its partnership with LG U+, one of South Korea's largest telecommunications carriers.

LG U+’s customers around the country can now benefit from bolttech’s protection for their mobile devices through the switch service ‘My Phone Switch’, the InsurTech company says in a statement.

‘My Phone Switch’ empowers customers to switch their mobile devices for whatever reason with no exclusions – be it screen cracks and dents, water damage, out-of-warranty repairs, or if they want to try a new device or colour – up to two times in two years. Customers can get their switched devices delivered in as fast as six hours within Seoul, and a next day delivery is available for customers in the other cities.

bolttech's entry to South Korea represents its 13th market across three continents, with bolttech’s device protection business now present in Austria, Hong Kong, India, Indonesia, Italy, Malaysia, South Korea, Thailand, the Philippines, and Vietnam.

Mr Rob Schimek, group CEO at bolttech, said, “South Korea is an important market for us, and we are thrilled to partner with LG U+, a household name and one of the largest carriers in South Korea with a huge customer base. Together we can bring cutting-edge device protection solutions to their tech-savvy customers.”

bolttech is Pacific Century Group’s international InsurTech business. A unique model integrating three capabilities including device protection, InsurTech exchange, and digital insurance, bolttech’s mission is to build the world’s leading, technology-enabled ecosystem for protection and insurance. bolttech launched in Asia in 2020.

LG U+ was established on July 1996 and develops telecom services, hi-speed internet, VoIP and IPTV services as well as other data services.

Source: Asia Insurance Review