Zurich Insurance has snapped up a Hong Kong-based data analytics firm. The fledgling firm will help the Swiss insurer more accurately target its clients and tailor insurance products to their needs.
The Swiss insurer said it will buy Bright Box, a five-year-old Hong Kong firm specialized in telematic solutions linking drivers to their cars, as well as vehicles back to a network of car dealers and equipment manufacturers.
Zurich didn't disclose the financial details of the deal, which encompasses 100 percent of privately-held Bright Box's shares. The deal is the second Asian acquisition in short order for the insurer, which snapped up ANZ's life insurance arm in Australia just last week. Then, regional head Jack Howell had said Zurich wants to bolster its standing in Asia, the world's fastest-growing market.
Buying A Network
With Bright Box, Zurich is in effect buying a relationship network with global equipment manufacturers and dealers, giving it access to technology such as cloud IT platform, mobile and web apps, hardware, and the technology that connects them.
«By enhancing our capabilities in data insights and analysis, we will be able to provide our customers more tailored and convenient solutions, which is in line with our strategy,» Zurich strategy, innovation and business development chief Giovanni Giuliani said in a statement.
Bright Box has roughly 200 employees and counts carmakers Kia, Hyundai, Nissan and Infinity as well as more than 400 car dealerships among its clients. The firm was co-founded by Ken Belotsky, a Hong Kong-based Russian entrepreneur.
