July 18, 2019 by David Dyck
TORONTO, ON, July 18, 2019/InsPress — Apollo Insurance, Canada’s largest online insurance marketplace, is pleased to announce that the Exchange now offers carriers the ability to automatically generate bordereaux.
Bordereaux generation has been a major friction point for brokers and MGAs across Canada, as they have traditionally had to be manually compiled for binding authorities or Lineage upload. Through the Exchange, those reports can now be produced with the click of a button.
“By collecting digital application forms, we are able to route and create bordereaux on any product, binding authority, or program — including those on Lineage and other upload sites,” says Apollo CEO Jeff McCann. “I’ve met brokerages and MGAs with teams of people doing data entry for monthly bordereau reporting, this is a very costly function with no value add to the consumer. This function saves partners who are on the Exchange many hours of manual data entry. This is transformational, and goes directly to the bottom line”
This latest addition adds to the Exchange’s already powerful data analytics and CRM capabilities.
Apollo Exchange not only gives brokers more access to products, it also offers a new distribution channel and access to data for brokers and MGAs who partner with the Exchange. Apollo can custom build any insurance program for application only or including quote, bind, policy issuance and payment settlement.
“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,” says McCann.
Where traditionally, application data has been locked in outdated PDF application forms, Apollo Exchange is able to collect, analyze, and report data insights. Beyond immediate and automated bordereau generation, that data can be used to optimize more accurate risk rating, distribution strategies, and pricing.
“It is important for us to adapt to changing expectations of buyers and the next generation workforce,” says McCann. “Apollo Exchange takes a whole new approach by combining technology, insurance capacity, and content marketing services.”
About Apollo Insurance Solutions
Apollo is Canada’s largest small business insurance marketplace. Through the Apollo Exchange, brokers can quote, bind, and issue policy documents for hundreds of classes of small businesses from Canada’s leading carriers. Brokerages are also able to white label the platform and sell directly from their brokerage website.