July 16, 2019 by David Dyck
TORONTO, ON, July 16, 2019/InsPress — The Boiler Inspection and Insurance Company of Canada (BI&I) has partnered with Apollo Insurance to offer bind online Course of Construction Equipment Breakdown Insurance through the Apollo Exchange.
The entire process, from quoting, binding coverage, and issuing policy documents is immediate, completely online, and paper free. Brokers are paid their commission in real time, as soon as the policy is bound. Brokers can now access all BI&I products on the Exchange via https://exchange.apollocover.com/insurer/bii-company.
BI&I, a member of the HSB Group and part of Munich Re Risk Solutions, provides Canada’s leading range of equipment breakdown insurance and other specialty coverages for business and home.
“At Apollo, we believe in empowering the broker channel,” says Apollo CEO Jeff McCann. “With this product from our partners at BI&I, our broker users can spend less time on paperwork and more time building relationships. This is an interesting product because it will be offered standalone to start, and then incorporated into our other packages. By building more mono-line products we hope to make it easier each day for a broker to serve their clients.”
HSB BI&I 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Where traditionally, application data has been locked in outdated PDF application forms, Apollo Exchange is able to collect, analyze, and report data insights back to insurers.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 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.