Canadian insurtech APOLLO partners with Lloyd’s of London

VANCOUVER, British Columbia--(BUSINESS WIRE)--Apollo Insurance Solutions Ltd. (“APOLLO Insurance”) (TSXV: APLO Reserved), Canada’s leading online insurance provider, announced that it has secured coverholder status with Lloyd’s of London. This will give APOLLO access to an expanded product portfolio, and the ability to manufacture unique products to respond even more rapidly to emerging market opportunities.

Launched in April 2019, APOLLO now offers the largest selection of online insurance in Canada. In January 2021, APOLLO announced the close of a CAD $13.5 million Series A financing round.

“Achieving coverholder status with Lloyd’s of London — the most prestigious name in the insurance industry — allows APOLLO to move even faster,” said APOLLO CEO Jeff McCann. “The 2020’s promise a renaissance of entrepreneurship, and APOLLO will be there to support small businesses and individuals with access to digital insurance products.”

APOLLO’s proprietary technology platform, the APOLLO Exchange, transacts insurance business in real time, and leverages extensive data and sophisticated algorithms to quote, collect payment, create and deliver policies. Thousands of types of small businesses and individuals are able to buy online without human intervention.

"It’s great to see innovative, new insurance companies like APOLLO working with Lloyd’s and we are excited for this partnership," said Marc Lipman, Lloyd's Canada CEO. "The expertise of the Lloyd’s market combined with APOLLO's innovative approach will make a positive impact on the insurance industry."

This achievement follows the appointment of Marco Andolfatto as APOLLO’s Chief Underwriting Officer last year.

“APOLLO has created an entirely modern insurance purchasing experience — digital, instant and paperless — in line with everything else in our daily lives,” said Andolfatto. “This coverholder status will enable us to rapidly expand our product offering.”

About APOLLO Insurance

APOLLO is Canada's leading online insurance provider. Our proprietary platform, the APOLLO Exchange, allows insurance agents and their customers to purchase their policy immediately, from anywhere, on any device, 24/7.

Unlike traditional paper-based processes, APOLLO leverages extensive data and sophisticated algorithms to quote, collect payment, and issue policies for thousands of types of small business and individuals without human intervention.

Through traditional agents and embedded finance partnerships APOLLO is redefining the distribution of insurance.

For more information, visit: https://apollocover.com/

About Lloyd’s

Lloyd’s is the world’s leading insurance and reinsurance marketplace. Through the collective intelligence and risk-sharing expertise of the market’s underwriters and brokers, Lloyd’s helps to create a braver world.

The Lloyd’s market provides the leadership and insight to anticipate and understand risk, and the knowledge to develop relevant, new and innovative forms of insurance for customers globally.

It offers the efficiencies of shared resources and services in a marketplace that covers and shares risks from more than 200 territories, in any industry, at any scale.

And it promises a trusted, enduring partnership built on the confidence that Lloyd’s protects what matters most: helping people, businesses and communities to recover in times of need.

The Future at Lloyd's sets out our strategy to build the most advanced insurance marketplace in the world.

For more information, visit lloyds.com.