Increased conversions on digital insurance fulfillment due to broker feedback and underwriting flexibility
Toronto, ON (Sept. 5, 2019) – An analysis spanning April to August of this year has uncovered a dramatic 61 percent increase in quote to bind ratio on the Apollo Exchange, a direct result of insights gained from digital data collection.
The Exchange tallies application starts, through to purchase of insurance policies and digital delivery of insurance policy documents, and knows where in the application the user has dropped out or abandoned the form. In April of this year, 28 percent of quoted applications resulted in purchase. However, that number has increased month over month as insurance products have been iterated through qualitative broker feedback, data analysis, and insurer flexibility to maneuver underwriting appetites.
In May, 31 percent of Exchange applications converted, moving up to 39 percent in June and 43 percent in July. August beat all previous records with a 45 percent quote to bind conversion rate.
“This is how insurance products should work — constantly evolving and iterating based on strong feedback loops and extensive data,” says Apollo CEO Jeff McCann. The digitization process enables the Exchange to give carriers a valuable lens on their products, and informs them about where to adapt to market demand, underwriting friction points, and opportunities for optimization. This results in increased conversions and better alignment of underwriting appetite with lead generation activities.
At the boundary of insurer appetite, based on the insured’s ineligibility or rating, another insurer can be added to fill broker demand. “These dynamic algorithms are the foundational power of the Exchange,” says McCann. “When we see an application question that is resulting in the broker or client abandoning the form, we ask our carrier partner: how does this question affect price or eligibility? We work with them to modify it, and relay that information to our broker partners so they’re aware.”
Apollo Exchange quote to bind conversion rates April – August 2019:
- April — 28%
- May — 31%
- June — 39%
- July — 43%
- August — 45%
“These are the kinds of insights that are possible when you effectively combine technology and insurance,” says McCann. “Apollo believes in empowering the broker channel, and this approach not only benefits those in the insurance industry, it also benefits today’s small business owner, who expects a digital buying experience and immediate fulfillment similar to every other purchasing experience.”
The Apollo Exchange launched in April of 2019, after several months of beta testing.
The Apollo Exchange is Canada’s largest online insurance marketplace. Apollo empowers brokers to instantly quote, bind, and issue policy documents for hundreds of classes of small business in real time, or white label the Exchange to sell directly from their website. Brokerages integrated with the Exchange are able to respond to the changing expectations of buyers and forward-thinking employees.
Co-founded by Jeff McCann, David Dyck, Justin Hamade, and Drew Green, Apollo was created to empower brokers to better serve their clients. Following the completion of Beta testing in April 2019, Apollo successfully closed its angel round of funding, raising $1 million CAD with the support of notable investors, including Drew Green, Matias Marquez, Kim Kaplan, and Caliber Ventures. Acting members of Apollo’s Board of Directors are leading industry and entrepreneurial figures Drew Green, Steve Albiani, Tim Gamble, and Jeff McCann. In June 2019, the company launched a first of its kind: digital, monthly subscription insurance.
Source: Apollo InsuranceTags: Apollo, Quote and Bind