Zurich Insurance buys car tech company Bright Box
Zurich Insurance Group has acquired Hong Kong-based telematics business Bright Box and its subsidiaries. The insurer said it wants to increase its capabilities in connected car technologies and mobility.
The acquisition will facilitate new insurance services leveraging telematics-enabled data analytics, Zurich said.
Founded in 2012, Bright Box is headquartered in Hong Kong, has operations in Europe and conducts business globally. It provides telematics solutions that link drivers to their vehicles, and the vehicles to networks of car dealers and original equipment manufacturers (OEMs).
"We are excited by the potential that Bright Box brings to further strengthen our offerings to car drivers and the companies that support their needs," said Giovanni Giuliani, group chief strategy, innovation and business development officer. "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."
Ken Belotsky, executive chairman and co-founder of Bright Box, said: "We are very excited to be part of Zurich with its strong international brand and ability to lead the way in the fast-changing environment of automotive insurance."
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