Toronto, ON (July 15, 2019) – The Boiler Inspection and Insurance Company of Canada (BI&I) has partnered with Apollo Insurance to offer bind online Course of Construction Equipment Breakdown Insurance through the Apollo Exchange.
The entire process, from quoting, binding coverage, and issuing policy documents is immediate, completely online, and paper free. Brokers are paid their commission in real time, as soon as the policy is bound. Brokers can now access all BI&I products on the Exchange at https://exchange.apollocover.com/insurer/bii-company.
BI&I, a member of the HSB Group and part of Munich Re Risk Solutions, provides Canada’s leading range of equipment breakdown insurance and other specialty coverages for business and home.
“At Apollo, we believe in empowering the broker channel,” says Apollo CEO Jeff McCann. “With this product from our partners at BI&I, our broker users can spend less time on paperwork and more time building relationships. This is an interesting product because it will be offered standalone to start, and then incorporated into our other packages. By building more mono-line products we hope to make it easier each day for a broker to serve their clients.”
HSB BI&I is one of several carriers that offer their products on the Apollo Exchange.
Apollo Exchange not only gives brokers more access to products, it also offers a new distribution channel and access to data for insurance carriers who partner with the Exchange.
“We are more than just technology or distribution with our insurer partners — we are consultants who provide insights into the performance of their products that insurers have never had before,” says McCann.
Where traditionally, application data has been locked in outdated PDF application forms, Apollo Exchange is able to collect, analyze, and report data insights back to insurers. That data can be used to optimize more accurate risk rating and pricing.
“It is important for us to adapt to changing expectations of buyers and the next generation workforce,” says McCann. “Apollo Exchange takes a whole new approach by combining technology, insurance capacity, and content marketing services.”
About Apollo Insurance Solutions
Apollo is Canada’s largest small business insurance marketplace. Through the Apollo Exchange, brokers can quote, bind, and issue policy documents for hundreds of classes of small businesses from Canada’s leading carriers. Brokerages are also able to white label the platform and sell directly from their brokerage website.
Learn more about Apollo in the InsurTech Spotlight.
For additional information, visit story.apollocover.com.
The Boiler Inspection and Insurance Company of Canada, a member of HSB Group and part of Munich Re’s Risk Solutions family, provides the industry-leading range of equipment breakdown insurance and other specialty coverages for business and home. We focus on clients and partner with them to craft inventive insurance and service solutions to cover existing and emerging risks posed by technological change. Today, as throughout our 140+ year history, our mission is to use our engineering knowledge and insights to help clients prevent loss, advance sustainable use of energy resources and build deeper relationships that benefit business, industry, public institutions and clients. HSB Group holds A.M. Best Company’s highest financial rating, A++ (Superior). For more information, visit biico.com.
About Munich Re
Munich Re is one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions. The group consists of the reinsurance and ERGO business segments, as well as the capital investment company MEAG. Munich Re is globally active and operates in all lines of the insurance business. Since it was founded in 1880, Munich Re has been known for its unrivalled risk-related expertise and its sound financial position. It offers customers financial protection when faced with exceptional levels of damage – from the 1906 San Francisco earthquake to the 2017 Atlantic hurricane season. Munich Re possesses outstanding innovative strength, which enables it to also provide coverage for extraordinary risks such as rocket launches, renewable energies, cyberattacks, or pandemics. The company is playing a key role in driving forward the digital transformation of the insurance industry, and in doing so has further expanded its ability to assess risks and the range of services that it offers. Its tailor-made solutions and close proximity to its customers make Munich Re one of the world’s most sought-after risk partners for businesses, institutions, and private individuals.
Source: Apollo InsuranceTags: Apollo, Boiler Inspection and Insurance Company of Canada (BI&I), launch