Bolttech expands into South Korea with LG U+ partnership

Deal introduces mobile device switch service to the market

Bolttech expands into South Korea with LG U+ partnership

Insurance News

By Gabriel Olano

Bolttech has entered the South Korean market by partnering with telecommunications carrier LG U+, bringing the insurtech firm’s footprint to 13 markets in three continents.

According to a statement from bolttech, LG U+ subscribers can now access insurance cover for their mobile devices through the My Phone Switch service.

The new service allows customers to swap their mobile device up to two times in two years for whatever reason with no exclusions, bolttech said. This includes water damage, screen cracks, out-of-warranty repairs, and even wanting to try a new model. Customers can receive their devices in as fast as six hours in Seoul, while next-day delivery is available in other cities.

“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, said Rob Schimek, group CEO of bolttech. “Together we can bring cutting-edge device protection solutions to their tech-savvy customers.”

“We are excited to introduce South Korea’s first mobile phone switch service to our consumers through the partnership with bolttech,” added Sara Kim, vice president of marketing at LG U+. “We believe this will be a game-changing service for consumers, providing them with a seamless and convenient switch service in just a few clicks.”

Bolltech is under Pacific Century Group, a Hong Kong-based private investment group which also owns Asian insurer FWD. With this latest move, bolttech’s device protection business is now present in the following markets: Austria, Hong Kong, India, Indonesia, Italy, Malaysia, South Korea, Thailand, the Philippines, and Vietnam.


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