The news: The insurtech secured $180 million in funding led by Activant Capital Group, pushing its valuation over $1 billion, per Reuters. It will use the fresh capital to improve its technology and expand its global presence.

What does it do: Bolttech operates an online platform that serves as an insurance company matchmaker, enabling them to offer customers products outside their areas of specialization and beyond their portfolios.

Bolttech works with 150 insurance providers across 14 countries and has facilitated $5 billion worth of insurance premiums on its platform. It also lets non-insurance companies offer insurance products to customers, and individuals and small businesses can purchase policies directly through its platform.

What’s in it for its partners? Partnering with bolttech lets insurers offer customers more of the policies they want.

Insurers on the platform can add new policies by white-labeling another product, for instance. And because bolttech follows customers along the buying journey with data-enriched prompts to cross-sell and upsell, insurers can sell more policies more efficiently. This helps partners avoid missing out on sales opportunities and can diversify their revenues with additional products.

What the future holds: Embedded insurance is on the rise and will likely be one of bolttech’s biggest drivers for growth going forward.

• The US market value of embedded insurance is expected to grow from $5 billion in 2020 to $70.7 billion in 2025, per Lightyear Capital. In property & casualty alone, embedded insurance could account for more than $700 billion in gross written premiums by 2030, or 25% of the total market worldwide.
• The insurtech recently teamed up with a number of non-insurers to add insurance to their offerings: Earlier this year, it partnered with Vietnam-based e-commerce platform Tiki and added phone protection for Samsung in Hong Kong and Malaysia.