Compensation only after an accident? Now it's 'protecting in advance'... This company is shaking up the insurance industry.

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The moment a consumer needs to prepare for "what ifs" — such as when buying a new phone or booking a hotel and applying for roaming while preparing for travel — is precisely when demand for insurance reaches its peak.

A company that has drawn attention by penetrating the domestic insurtech (insurance technology) market with its weapon, 'embedded protection,' which seamlessly integrates insurance services at such critical moments, is Singapore-based global unicorn Bolt Tech, which has expanded into 39 countries worldwide.

Bolt Tech officially began its market expansion in October 2020 by establishing a Korean subsidiary. In March last year, it further accelerated the domestic spread of the embedded insurance model by appointing Go Kwang-beom, former vice president at Microsoft Korea and a digital strategy expert with 20 years of experience, as CEO of the Korean subsidiary.

Go Kwang-beom, CEO of Bolt Tech Korea, said, "I decided to join a startup instead of continuing my stable life at a large corporation when I turned 50 because of the limitless growth potential in the insurtech market."

According to Ko Gwang-beom (CEO), the embedded protection pursued by Bolt Tech operates on two axes. One is naturally embedding protection services into the consumer's purchase journey; the other is 'pre-protection' technology that prevents accidents before they occur.

He said, "Demand for traveler insurance peaks at the moment of preparing for a trip, and demand for phone damage insurance peaks at the moment of buying a new phone." He added, "The first axis of embedded protection is to expose insurance products at that exact moment and guide consumers toward purchase."

Ko (CEO) emphasized the second axis even more. He stated, "Insurance has traditionally been a post-accident domain focused on compensation after an incident occurs. However, by partnering with companies that possess pre-stage technology, we can reduce accidents themselves."

A representative example is a case in Florida, USA. IoT (Internet of Things) sensors detected water leaks inside homes caused by climate change-induced floods in advance, reducing the number of insurance claims and ultimately achieving premium reductions as a result.

In Korea, collaboration with LG Electronics is expected to become a representative case. Earlier this April, Bolt Tech Korea announced plans to build an AI-based next-generation insurance linkage platform in partnership with LG Electronics' physical AI (artificial intelligence) solution 'EVA (Evolved Vision Agent).'

EVA is an intelligent solution that identifies risk factors that may occur at manufacturing sites and supports early response. He said, "By integrating EVA's data, which identifies on-site risks in real time, with Bolt Tech's platform, we will create a proactive insurance model that reduces fire and injury risks in advance."

He continued, "While traditional corporate insurance has been based on past accident records, this model uses real-time data. Companies adopting it can reduce risks and save on insurance costs, while insurers can develop optimized products using precise data. This will be a significant turning point for the corporate insurance market."

Bolt Tech's business model follows a 'B2B2C' approach where services are delivered to consumers through intermediary partner companies. Without needing to build its own service distribution infrastructure, it can rapidly expand its service reach by leveraging partners' brands and customer networks.

Ko (CEO) said, "Our customers are not individual consumers but companies that have consumers as their clients." He added, "We design and provide customized protection services tailored to the regulations and characteristics of each industry across vertical sectors such as retail, manufacturing, finance, real estate, and healthcare."

The core competitive advantage lies in its modular cloud platform that combines over 220 microservices. Ko (CEO) defines this as an 'orchestration platform.' From the client's perspective, they can immediately utilize insurance services simply by integrating with Bolt Tech's platform without having to build complex systems.

He explained, "When a company launches a new business, it takes a long time from securing budget to actual implementation, and during that period, technology becomes outdated." He added, "Our platform allows companies to combine only the necessary APIs like Lego blocks. Just as Microsoft Office 365 receives continuous updates, our structure automatically delivers the latest technologies."

Another strength is the revenue-sharing model, which allows partners to start easily without burden. Ko (CEO) said, "Companies can begin small, see results, and grow their business from there." He noted, "Speed, scalability, and up-to-date technology are the three points that appeal to partners."

Ko (CEO) views Korea's dense insurance market regulations as both a crisis and an opportunity. While high standards for personal information and product management make it difficult for foreign platforms to enter easily, services validated within this environment can expand globally.

In fact, 'Phone Replacement Pass,' launched in collaboration with LG Uplus, was first released in Korea and is now spreading to Taiwan, Thailand, and Europe. It operates through formal partnerships with Samsung Care+ and AppleCare, supporting damage repair, reflecting the unique characteristics of the Korean market where smartphone penetration by Chinese brands is low while Samsung and Apple dominate.

Ko (CEO) stated, "While traditional phone insurance required the cumbersome process of visiting a repair center and submitting claims upon damage, Bolt Tech's service allows immediate replacement with a high-quality smartphone within six hours in Seoul based solely on an online application."

Bolt Tech Korea's revenue model consists of three main streams: △Device Protection, △Embedded Insurance Platform, and △Online Safety covering personal information protection and voice phishing response, all conducted in collaboration with LG Uplus and Lotte H Mart. Products related to Online Safety are scheduled for domestic launch in the second half of this year.

Ko (CEO) said, "Beyond our currently successful Device Protection, Embedded Platform and Online Safety are areas we need to focus on moving forward." He added, "All three businesses operate with AI embedded throughout, from call center responses to global data analysis."

Ko (CEO) predicted that the role of insurance will evolve from compensating financially after accidents occur to preventing accidents in advance through technology. In this process, the most important value he emphasizes is resolving the 'Protection Gap.'

He stated, "Our goal and responsibility are to ensure that no one, whether disabled individuals or seniors, is left behind from the benefits of technology." He emphasized, "As our company grows, we want to expand these safety nets one by one for our society."

Bolt Tech Korea employees' volunteer activities at dog shelters on their founding anniversary and digital education sessions for seniors at welfare centers covering AI usage, voice phishing response, and how to use the Kakao T taxi app were also carried out as part of this philosophy.

Ko (CEO) ultimately aims to serve as a bridge helping Korean companies expand globally. He said, "We will open export paths for Korean companies' technological capabilities to shine in global markets by leveraging Bolt Tech's infrastructure and create a world where technology proactively protects people."

[MoneyToday startup media platform 'Unicorn Factory']