Toronto, ON (Apr. 21, 2021) – Apollo has built proprietary technology—a digital Exchange that allows brokers to place multiple, diverse insurance coverage lines from several different insurance carriers. Every product is an immediate quote, immediate bind, and immediate policy issuance, online and in real-time, without brokers and clients having to wait for an underwriter. To accomplish this, Apollo has partnered with several insurance carriers to supply products, and works with them to translate traditional applications to a digital format.
Development of the Exchange began in late 2018 and officially launched in June 2019. Since then, APOLLO has experienced a period of rapid growth in revenue, customer base, and employee count.
We believe in the role of the broker in transacting insurance business, but that necessary advice and counsel they provide should be augmented by a fast, easy-to-use digital interface. APOLLO continues to add carrier partners, digital insurance products, and broker partners.
Brokers are able to use the Exchange in two ways: Marketplace, and eCommerce plugins. Through Marketplace, brokers log in to the Exchange and browse insurance products, currently for thousands of classes of small business. Through APOLLO’s eCommerce plugins, brokers can offer those insurance products directly from their website, 24/7. In either Marketplace or the eCommerce plugins, clients are able to purchase the policy online immediately, using their credit card, with the option of monthly pay. The policy documents are sent directly to their email inbox.
When it comes to building digital insurance products, we value the feedback we get from our broker partners. We know we will only be successful by adding the products to the Exchange that brokers are looking for. We engage with our stakeholders at all levels, collecting feedback in a systematic and disciplined way, before we deploy resources to digitize new products.
Once those products are built, we continue to iterate them. We use the extensive data that we collect to continually reassess our technology and the insurance products, analyzing it and then acting on those insights to eliminate pain points and accelerate efficiencies. Those insights have resulted in
We also work hard to educate brokers on how to use the Exchange. We know that brokers’ time is limited, and just because the Exchange exists to simplify their manual processes and ultimately save them time, doesn’t mean they’re necessarily going to use it. Our Broker Success team works hard to create educational content including videos, webinars, a digital Help Centre, and are available through live chat, email, and telephone, making it as easy as possible for brokers to find the answers to their questions.
APOLLO is a completely original business model, built with proprietary technology. We are supporting the broker channel by providing technology that enables brokers to offer their clients faster, digitally enhanced service and product variety in one expansive insurance Exchange.
- Partnered with over 100 brokerages that use the APOLLO Exchange, with over 1200 individual broker users
- Added over 1000 classes of business to the Exchange that are eligible for immediate quote, immediate bind, and immediate policy issuance
- Partnered with 9 insurance carriers and MGAs to offer digital products to APOLLO Exchange broker users
- Processed over 10,000 applications digitally in support of our broker partners in the first 3 months of this year.
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. The Apollo Exchange has quoted thousands of applications without a single underwriter on staff, which enables our Broker Success team to exclusively focus on engagement and broker education.
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. Despite rapid user growth and volume of quotes, the quote to bind conversion rate has consistently remained over 60%.
- APOLLO closed an oversubscribed C$13.5 million Series A financing round, which resulted in a shareholder base that includes Trisura Group Ltd., and Liberty Mutual Insurance.
- APOLLO CEO Jeff McCann has spoken at several high-profile industry events, including the Insurance-Canada.ca Executive Forum
- Our Broker Engagement Team hosts monthly CE Accredited Webinars on a variety of insurance-related topics
- The Broker Success Team uses Livechat to provide immediate answers to brokers about products and the platform.
- The APOLLO Exchange blog content is centered around educating brokers on how to use digital tools across theor business.
- APOLLO also produces a completely digital business magazine whose goal is to tell success stories, profile entrepreneurs, and inspire business owners in the digital age.
- APOLLO introduced the concept of a monthly SMB insurance subscription paying the premium in 12 equal monthly payments, using their business credit card.
- APOLLO has been mentioned in over 250 articles in Insurance industry publications and in mainstream publications
- APOLLO has been nominated for numerous awards.
About Apollo Insurance
Apollo is Canada’s leading online insurance company. Our proprietary platform, the Apollo Exchange, allows insurance agents and their customers to purchase their policy immediately, from anywhere, on any device, 24/7. Unlike traditional paper-based processes, Apollo leverages extensive data and sophisticated algorithms to quote, collect payment, and issue policies for thousands of types of small businesses and individuals without human intervention. Through traditional agents and embedded finance partnerships, Apollo is redefining the distribution of insurance. For more information, visit apollocover.com.
Availability of the Apollo Exchange and the products described herein are subject to applicable eligibility requirements, including jurisdiction, and other terms and conditions. Descriptions of the Apollo Exchange and such products contained herein are qualified in their entirety by such requirements, terms, and conditions. All rights reserved.
Source: Apollo Insurance Solutions Ltd.Tags: Apollo, Brokers, digitization, ICTA nomination, online solution, Quote and Bind, Real-Time