Average transaction on Apollo’s US product is USD$4,954, indicating that large insurance business is starting to move online
Toronto, ON (Oct. 17, 2019) – Since launching a liability product in the US last month, the Apollo Exchange has seen an average policy transaction of $4,954 on that product, which is entirely digital. The average quote has been higher, at $8,357. Customers requiring coverage can self-serve from the white labeled website, pay by credit card or ACH transfer powered by the Exchange technology platform, and have their policy emailed to them in less than five minutes.
Although to this point the focus of digital insurance has generally been on smaller and typically personal lines accounts, this analysis from Apollo shows that larger premium commercial business has already begun shifting online.
“What we’re seeing here is a departure from thinking about digital insurance as only capable of serving small, cookie cutter one-off policies,” said Apollo Exchange CEO Jeff McCann. “As digital begins to become the norm and our algorithms become more sophisticated, we’re going to see the average premiums rise. Brokers and insurance companies alike should consider this data and rethink the capabilities of insurtech in today’s market. This isn’t something in the future, this is happening today and in its infancy is producing these transactions.”
The product was built with capacity from Lloyd’s of London syndicate Beazley UK, and distributed by Jigsaw — a subsidiary brand of US-based brokerage Arthur J. Gallagher. The product allows consultants, instructors, and therapists to purchase their mandatory liability coverage online and in real time, in line with modern buyers’ expectations.
All figures above are in US Dollars.
About the Apollo Exchange
The Apollo Exchange (legal name “Apollo Insurance Solutions Ltd.”) 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.
For more information, visit apollocover.com.
- Learn more about Apollo in the InsurTech Spotlight.
Source: Apollo Insurance Solutions Ltd.Tags: Apollo, Beazley, liability, Self-Service, United States (USA)