Insurer Bolttech Makes Debut in Kenya's Insurance Sector

Bolttech Expands Presence in Africa with Partnership in Kenya

Global insurtech company, bolttech, has announced a strategic partnership with LOOP, the digital banking service from NCBA Bank in Kenya. This move marks bolttech's entry into the Kenyan market.

Under the partnership, bolttech will launch a new product, LOOP Flex Device Financing (LOOP Flex), to customers in October. LOOP Flex aims to make it easier and more affordable for customers to own devices while ensuring they are fully protected. All repairs under LOOP Flex will be handled at certified service centres using genuine parts.

Eric Muriuki, CEO of LOOP DFS, expressed delight at the partnership, calling it a step towards delivering innovative financial solutions. Stephan Tan, CEO EMEA and Group Chief Investment Officer at bolttech, also expressed pride at entering the Kenyan market with LOOP as a local partner.

The solution offered by LOOP Flex combines flexible financing with comprehensive, embedded device protection. This protection covers theft, accidental and liquid damage, mechanical breakdown, and extended warranty.

Bolttech has also attracted Sumitomo Corporation, one of Japan's largest trading houses, as a strategic investor. Additionally, the company has partnered with iBox, Indonesia's largest Apple Premium Reseller, to bring TecProtec with AppleCare Services to its customers. However, it appears these partnerships are not related to the Kenyan market or LOOP Flex.

The whitepaper released by bolttech in collaboration with GSMA's Mobile World Live explores how mobile network operators can generate new revenue streams through embedded insurance. It discusses opportunities for mobile network operators to move beyond device protection with embedded insurance. However, the whitepaper does not mention the partnership with NCBA Bank's LOOP or the launch of LOOP Flex Device Financing.

Despite the lack of information about the whitepaper's discussion on new products or services related to the Kenyan market or LOOP, this partnership extends bolttech's presence in Africa, bringing its embedded protection and insurance solutions to Kenya. This partnership also gives iBox customers convenient access to trusted after-sales protection.

It should be noted that the search results do not provide information about the CEO of LOOP DFS, the partner of bolttech in Kenya. The details about the specific terms of the partnership and the financial implications are yet to be disclosed.

This partnership is a significant step for bolttech, as it expands its footprint in Africa and continues to drive innovation in the insurance industry.