June 20, 2019 by David Dyck
VANCOUVER, BC, June 20, 2019/InsPress/ — AXIS Insurance, a business segment of AXIS Capital Holdings Limited (NYSE:AXS) has partnered with Apollo Insurance 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 AXIS product to be placed on the platform is Cyber Liability. It is currently live and available to the 400 broker users who are registered on Exchange.
“Apollo believes in empowering the broker channel,” says Apollo CEO Jeff McCann. “This is a crucial product provided by our partners at AXIS. Our broker users are now able to place this increasingly important coverage for their clients online and in real time.”
Although all products on the Exchange are available for immediate quote and bind, this product is by far the fastest time to quote of any currently available, with only three questions on the application: revenue, class, and limit.
The product is available for many industry classes, including:
AXIS Insurance is one of several carriers that offer their products on the Apollo Exchange.
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.
“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Where traditionally, application data has been locked in outdated PDF application forms, Apollo Exchange is able to collect, analyze, and report data insights back to insurers.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 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
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.