Apollo Exchange has been in the news lately.
While our CEO, Jeff McCann, was at Insurance-Canada.ca’s MGA Technology Symposium in Toronto last week, he was invited to speak at five different events. Canadian Underwriter subsequently published two articles based on comments he made at those engagements. Each provides an interesting perspective on our company’s positioning in the insurtech space.
1. Will the entire insurance industry soon move to APIs?
Read the full article here: https://www.canadianunderwriter.ca/technolo- gy/will-entire-insurance-industry-soon-move-apis-1004149292/
For this one, a little setup is important. First of all, what is an API? API stands for application program interface. Simply put, it allows different technology systems to ‘talk’ to each other. In the article, Je describes it as similar to a French-English dictionary.
Right now, a big frustration in the insurance industry is the plethora of insurance company ‘portals,’ or technology interfaces that allow brokers to log in and apply for insurance products. The problem is that many brokers deal with several different portals, inputting the same information several times for the same client. That’s not an efficient user experience.
What Jeff is describing is a future where APIs enable these different systems to speak to each other through one single platform, enabling the broker to access more markets in less time. That’s the future that Digital MGA is working towards.
2. Forget about blockchain and AI. Get your website up first.
Read the full article here: https://www.canadianunderwriter.ca/technolo- gy/forget-blockchain-ai-get-website-rst-1004149331/
This probably comes from spending too much time in what we call ‘Start- up Land.’ Startup Land is a magical place filled with meaningless words — like ‘blockchain’ and ‘AI.’ When you are in the insurtech space, people of- ten assume that you’re doing things like working with artificial intelligence, or putting insurance on the blockchain. We aren’t — at least not yet. What we are doing is using technology to incrementally improve the lives of normal, everyday brokers and underwriters.
Don’t get me wrong — those concepts aren’t literally meaningless. But for all intents and purposes, there’s nothing there that will affect the day to day life of anyone in the insurance industry in any real way. In fact, we’re happy to talk about the opportunity those things can bring to the industry, but we are adamant that’s not where the conversation should start. How are you going to participate in advancements like that when you don’t have a mobile responsive website (or any website at all), or if your employees or company aren’t even on LinkedIn?
What IS different today and what we SHOULD be talking about is the fact that the internet exists at all, and that the habits of buyers are changing, and that your digital footprint does actually matter. Once that’s sorted out, we’re happy to discuss blockchain, AI, living on Mars, or any other tech topic.