Berkley Canada’s first product on the Exchange is a Tech E&O package
Toronto, ON (Nov. 13, 2019) – Apollo, Canada’s largest online insurance marketplace, has partnered with Berkley Canada, a boutique Specialty Insurer, to offer bind online insurance products through the Apollo Exchange.
As with every Exchange product, the entire process, from quoting, binding coverage, and issuing policy documents is immediate, completely online, and paper-free.
The first Berkley Canada product to be launched on the Exchange is Tech E&O. It is currently live and available to the over 70 brokerages across the country registered on Exchange.
“This is a great, forward-thinking product provided by our partners at Berkley Canada,” said Apollo CEO Jeff McCann. “Berkley Canada was extremely fast moving, credit to their team for delivering great specifications and committing to the digital channel. We believe in empowering the broker channel, and our broker partners are now able to place this coverage for their tech clients online and in real time — in line with how these clients are used to doing business.”
The package product covers technology companies with revenues up to $2M, and provides up to $2M in Professional Liability, $5M in General Liability, and offers Contents, Cyber, and Business Interruption add-ons. In addition, consumers have the option to pay for the policy in 12 equal monthly payments, making the product more attractive from a business’ cash flow perspective.
“We are excited to partner with APOLLO as the Exchange will give brokers access to our industry leading Tech E&O package in a fast, frictionless digital environment,” said Ashley Beales, Berkley Canada’s Senior Vice President of Specialty Insurance. “We look forward to serving our broker partners and Insureds through this new distribution channel and hope to add additional capabilities to the Exchange in 2020.”
Berkley is one of several carriers that offer their products on the Apollo Exchange.
Apollo 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,” said 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Where traditionally, application data has been locked in outdated PDF application forms, Apollo Exchange is able to collect, analyze, and report data insights back to insurers.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.
For more information, please contact:
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.
About Berkley Canada
Berkley Canada is a niche Specialty and Accident, Health & Travel Insurer that delivers exceptional expertise and service to our broker partners and insureds. We focus on having industry leading expertise in both underwriting and claims and offering flexible coverages, products, and risk solutions. Our ability to make all underwriting decisions locally means our broker partners and insureds are always working with decision makers. This allows Berkley Canada to listen, respond and deliver a solution quickly. For more information, visit www.berkleycanada.com.
Source: Apollo Insurance Solutions Ltd.Tags: Apollo, errors & omissions, InsurTech Spotlight, Quote and Bind