Digital insurance broker MoneyHero has entered into a partnership with insurtech company bolttech to launch a car insurance platform.
The collaboration aims to enhance the consumer experience by integrating bolttech’s insurance exchange technology with the MoneyHero platform.
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MoneyHero operates across Singapore, Hong Kong, Taiwan and the Philippines.
The platform is already live in Hong Kong, with future expansions scheduled for Singapore by the fourth quarter of 2024 (Q4 2024) and the Philippines by the end of Q1 2025.
This development is expected to fortify MoneyHero’s standing as a digital insurance leader in the region.
The partnership combines MoneyHero’s expertise in financial product comparison and conversion optimisation with bolttech’s insurance capabilities.
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By GlobalDataThe enhanced car insurance marketplace is designed to empower consumers with improved insights, a wider range of options, and a more seamless purchase experience.
MoneyHero’s insurance unit has been instrumental in driving the company’s growth, contributing 7% to total revenue in 2023.
The vertical has seen an 89% year-on-year increase in Q2 2024, accounting for 11% of group revenues during the same period.
The launch of the new car insurance platform is expected to significantly boost this growth trajectory.
MoneyHero CEO Rohith Murthy said: “This launch marks a significant milestone for MoneyHero as we expand our car insurance offerings and enhance our capabilities as a leading digital insurance brokerage.
“With bolttech’s expertise, we are offering an unmatched level of insight and simplicity that will reshape how consumers choose their car insurance. This partnership strengthens our position as a market leader, and together, we are setting the stage for the future of digital insurance.”
bolttech CEO of Asia & Middle East Philip Weiner said: “We are thrilled to partner with MoneyHero to create an enhanced customer experience for car insurance across South East Asia.
“By digitally integrating with our insurance exchange platform, we are empowering MoneyHero to offer a seamless and transparent user experience, giving customers greater control and clarity in their car insurance decisions.”
In March this year, bolttech expanded operations in the Middle East through a partnership with stc Group.
