June 6, 2019 by Apollo Insurance Solutions
VANCOUVER, BC, June 5, 2019/InsPress/ — Apollo Insurance Solutions, Canada’s largest online insurance marketplace, has launched the Apollo Exchange, a digital tool that assists individual brokers and brokerages in placing insurance policies.
Apollo’s mission is to empower the broker channel to compete against disruptive new entrants and insurance companies creating direct to consumer brands. The platform dramatically reduces the time a broker spends on paperwork, allowing them to spend more time building relationships. Over 300 brokers have already signed up for Apollo Exchange.
There are currently over 500 classes of small business eligible for robust coverage packages. Those include consultants, personal trainers, yoga instructors, nonprofits, retail stores, and hundreds more. Product lines include Errors & Omissions, Professional Liability, Nonprofit Directors & Officers, Standalone Cyber, Contents & Equipment, and General Liability, with capacity from several of Canada’s leading carriers.
Any broker can sign up to use the platform and gain instant access to a digital insurance binding experience. Products are continually being added to the platform.
“We believe in the role of the broker in providing advice and council in this industry,” says Jeff McCann, Apollo’s Co-Founder and CEO. “At the same time, technology is fundamentally changing the way that consumers interact with service providers, and insurance is no exception. Apollo Exchange enables brokers to bind insurance products from multiple insurance carriers on one convenient, fully digital platform. This allows them to spend less time doing paperwork, reduces the pain points for the end client, and more time offering the advice and council that make them so crucial to the buying process.”
Brokerages have the option to white label the products for their own website, so their clients can self quote, purchase, and issue their own policies in just minutes, 24/7. Individual brokers or brokerages are able to track deal flow through advanced analytics built into the Apollo Exchange platform that show how many prospects have started applications, how many have been quoted, drop off points, bottlenecks in the question set, and total revenue, making it easier than ever to follow up with leads and close business.
“We’ve surveyed brokers across Canada, and it’s clear that they don’t want to go to several different portals, having to input login credentials and data entry for applications multiple times,” says Margo Lyons, Apollo’s Head of Broker Engagement. “They want to go to one centralized point to access multiple insurance companies. That’s what Apollo Exchange offers.”
Apollo Exchange 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.
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.
“It is important for us to adapt to changing expectations of buyers and young employees,” says McCann. “Apollo Exchange takes a whole new approach by combining technology, insurance capacity, and content marketing services.”
Apollo Exchange will help solidify the broker’s role as trusted advisor in this rapidly changing digital world.
Jeff McCann, CEO
About Apollo Insurance Solutions
Apollo is Canada’s largest online insurance marketplace. Through Apollo Exchange, brokers are able to 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.