North America’s first fully digital MGA in the P&C industry is offering an ecommerce marketplace that enables brokers to instantly quote and bind insurance policies
VANCOUVER, BC — Digital MGA Marketplace Ltd. has officially launched Apollo Exchange, Canada’s first fully online insurance platform that includes prebuilt product capacity. Apollo Exchange is a digital tool that assists individual brokers and brokerages in placing insurance policies. Apollo’s mission is to enable 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 150 brokers have already signed up for the Marketplace.
“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.”
The platform is currently free to sign up for. In addition, 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 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 five 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.”
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.
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 Echange 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.