First American product available on the Exchange is mandated liability insurance for counselors working for California school districts
Toronto, ON (Sept. 10, 2019) – Apollo Insurance Solutions (“Apollo Exchange”), Canada’s largest insurance marketplace, has entered the American market with a liability insurance product tailored for educators in California. The product allows consultants, instructors, and therapists to purchase their mandatory liability coverage that school district requires online and in real time, in line with modern buyers’ expectations.
“This is a global supply chain: insurance capacity from Lloyd’s of London syndicate Beazley UK, distributed by US-based brokerage Arthur J. Gallagher, and powered by Canadian InsurTech Apollo,” said Apollo CEO Jeff McCann. “This is an exciting moment for the Apollo team, and a giant leap forward for the insurance industry.”
Thanks to a partnership with Jigsaw — a subsidiary brand of Gallagher — practitioners can now immediately get a quote, purchase the insurance via credit card, and have their policy emailed to them in real time by the Apollo Exchange in under five minutes.
“When one of these providers shows up at a school, they need this coverage,” said McCann. “Rather than waiting for weeks, unable to work while their insurance documents are processed, or not being able to access coverage at all, the Apollo Exchange allows them to buy coverage immediately, on site from their mobile phone if necessary, with policy documents delivered to their email inbox in real time.”
“Credit goes to Tim Jaggs at Jigsaw, who identified the need and worked to develop this custom product, underwritten by Lloyd’s insurer Beazley,” added McCann. Jaggs worked with Gallagher, and together they launched Jigsaw.
Beyond the challenges of creating and underwriting the actual insurance product, it became clear that an online distribution platform would be critical to making this product widely available. As this insurance is mandatory, practitioners will need to acquire it before starting their work with students.
If a practitioner shows up on site without it, waiting weeks to mail applications back and forth to get their proof of insurance, which is common practice in the current inefficient and fragmented market, is not an option. The Apollo Exchange was brought in to solve this friction point and automate the entire process.
The Apollo Exchange launched in April of 2019, after closing a $1M angel round of funding and several months of beta testing.
The company is led by Insurance Broker Magazine’s Top 10 Under 40 recipient and former broker, Co-Founder and CEO, Jeff McCann. The Apollo leadership team is made up of award-winning journalist, Co-Founder and Editor in Chief, David Dyck; Co-Founder and CTO, Justin Hamade; industry veteran and COO Victor Lange; and 2018 Young Gun of the Year, Head of Broker Engagement, Margo Lyons. Supported by some of Canada’s top entrepreneurial talent, Apollo’s Board of Directors includes Drew Green, CEO of Indochino; Tim Gamble, Founding Partner at Thunderbird Entertainment; and Steve Albiani of Stratum Advisory Group.
- Arthur J. Gallagher is the third largest insurance brokerage in the world
- Beazley is a $2.3B public company traded on the London Stock Exchange
Apollo Board of Directors:
- Drew Green, CEO, President & Director of Indochino
- Steve Albiani, Managing Partner at Stratum Advisory Group Inc.
- Tim Gamble, President & CEO of Thunderbird Entertainment
- Jeff McCann, Co-Founder & CEO of Apollo Insurance Solutions
Apollo Board of Advisors:
- Matias Marquez, Founder and CEO of Buyatab Online Inc.
- Kim Kaplan, VP of Product Management, Revenue Optimization & Marketing at Plenty of Fish
- Kenndal McArdle, Ex-NHL player and VC Associate at PenderFund Capital Management
- Curtis White, President of Caliber Ventures
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.
Arthur J. Gallagher & Co. (NYSE: AJG), a global insurance brokerage, risk management and consulting services firm, is headquartered in Rolling Meadows, Illinois. The company has operations in 35 countries and offers client service capabilities in more than 150 countries around the world through a network of correspondent brokers and consultants.
Beazley plc (BEZ.L) is the parent company of specialist insurance businesses with operations in Europe, the US, Canada, Latin America, Asia and Australia. Beazley manages six Lloyd’s syndicates and in 2018 underwrote gross premiums worldwide of $2,615 million. All Lloyd’s syndicates are rated A by A.M. Best.
Beazley’s underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd’s.
Beazley is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.
For more information, visit www.beazley.com.
Source: Apollo InsuranceTags: Apollo, Arthur J. Gallagher, Beazley, InsurTech Spotlight