Zurich acquires telematics startup Bright Box

Zurich Insurance has acquired full stake in telematics startup Bright Box HK, and its subsidiaries, in efforts to bolster connected car and mobile capabilities.

Financial details of the deal were not disclosed.

DI-ZurichHQ_01022018
A company logo sits on a Zurich Insurance Group AG building in Zurich, Switzerland, on Thursday, August 6, 2015. Zurich Insurance is raising financing ahead of a possible takeover offer for RSA Insurance Group that could come as early as next week, according to people familiar with the matter. Photographer: Alessandro Della Bella/Bloomberg

Bright Box, founded in 2012, is based in Hong Kong, and provides smartphone–based cloud technology that links drivers to vehicles and vehicles to automakers. The company already sports multiple partnerships with original equipment manufacturers and hundreds of car dealerships around the world, according to Zurich.

The carrier expects the acquisition of Bright Box will help it build stronger relationships with both auto dealers and OEMs, it said.

“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, chief strategy, innovation and business development officer at Zurich, in a statement. “By enhancing our capabilities in data insights and analysis, we will be able to provide our customers more tailored and convenient solutions.”

Also see: Zurich partners with insurtech accelerator Startupbootcamp

For reprint and licensing requests for this article, click here.