Toronto, ON (May 13, 2022) – APOLLO is a digital MGA. The development of APOLLO’s proprietary digital insurance platform – the Exchange – began near the end of 2018. By June 2019, this online portal had launched for business and, since then, the company has experienced rapid growth in revenue, customer base, and employees. The Exchange enables brokers to place multiple, diverse insurance lines from different carriers, without having to wait for an underwriter. Brokers can quote, bind, and issue policies, all online, in real-time. Products are supplied by several of Canada’s most reputable insurance carriers, who have partnered with APOLLO to offer traditionally paper-based policies in an easy-to-use online format.
APOLLO believes that brokers should be empowered to transact the sale of insurance with the ease-of-use and support that only a digital interface can provide, which is why we continue to add partners and products. With the Exchange, brokers have access to both our Marketplace and our eCommerce plugin solution. Marketplace allows brokers to log in to the Exchange for free, providing access to products that cover thousands of small business classes. APOLLO’s eCommerce plugin enables brokers to offer those same products directly from their own website. Regardless of which solution a broker prefers, their clients are able to purchase coverage immediately and receive their policy documents directly to their inboxes.
It’s important to APOLLO to engage with our stakeholders at all levels, which is why collecting feedback is a part of our product-driven growth process. Before building new products, we evaluate information provided by our broker partners to ensure our solutions are valuable to the communities we serve. We also collect and use extensive data to continually reassess our platform and policies, so that we can continually improve, eliminate pain points, and accelerate efficiencies.
In addition to offering the Exchange as an easy-to-use alternative to traditional, paper-based insurance processes, APOLLO works hard to educate brokers on how to use our portal. Through our Broker Success Team, we offer educational content, such as videos, webinars, and a Help Centre, as well as support through Live Chat, emails, and by telephone.
Benefits of the Technology
The Exchange supports brokers with time-saving technology for digitally-enhanced services on one expansive platform. As a result, APOLLO has:
- Partnered with over 1,100 brokerages and over 7,100 individuals (1,000% and 492% growth from 2021, respectively);
- Enhanced our Tenants product, and added a Trades and Contractors product with over 100 classes eligible for immediate quote, bind, and policy issuance;
- Processed over 29,000 applications digitally (190% growth from 2021) in the first three months of 2022.
The Exchange digitally tracks the customer journey from application to delivery, providing insight on where a user abandons a form. In addition, APOLLO’s platform has quoted thousands of applications without input from a single underwriter, allowing our team to focus on broker engagement and education. As a result, carriers are better able to understand market demands, underwriting issues, and optimization opportunities, meaning conversions can increase and lead generation can become better aligned with the underwriting appetite.
APOLLO’s lead-to-bind conversion rate through the Exchange has consistently been more than 25%.
About Apollo Insurance
Apollo Insurance Solutions (TSXV: APLO Reserved) is Canada’s leading online insurance provider. 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 business 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.
Source: Apollo Insurance Solutions Ltd.Tags: Apollo, commercial lines, ICTA nomination, MGA, platform