Zurich acquires Bright Box to strengthen capabilities in connected cars
- Acquisition will increase Zurich’s capabilities in connected car technologies and mobility
- Acquisition will strengthen Zurich’s proposition for car drivers, car dealers and original equipment manufacturer
- Acquisition will facilitate new insurance services leveraging telematics-enabled data analytics
Zurich Insurance Group (Zurich) announced today that it has acquired 100 percent of the shares of Bright Box HK Limited (Bright Box) and its subsidiaries.
The company was founded in 2012, 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).
Zurich’s strategy is focused on providing simple and innovative propositions through products and services centered on customer needs. Bright Box will contribute by further expanding Zurich’s focus on mobility through tailored services, enhanced by digital interactions with car drivers and closer collaboration with car dealers and 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. 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,” said Giovanni Giuliani, Group Chief Strategy, Innovation and Business Development Officer.
“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,” says Ken Belotsky, Executive Chairman and Co-Founder of Bright Box.
Bright Box already has business relationships with leading global OEMs and hundreds of dealerships worldwide, providing the entire stack of connected car technology like cloud IT platform, mobile and web apps, hardware, as well as the connectivity between them.
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Zurich Insurance Group (Zurich) is a leading multi-line insurer that serves its customers in global and local markets. With about 54,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 210 countries and territories. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. The holding company, Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information about Zurich is available at www.zurich.com.