Apollo Insurance Solutions Ltd. (TSXV: APLO Reserved), a Canadian online insurance provider, announced on Thursday it has secured coverholder status with Lloyd’s of London. APOLLO reported that the status gives it access to an expanded product portfolio and the ability to manufacture products to respond to emerging market opportunities.
Speaking about the status, APOLLO CEO, Jeff McCann, stated
“Achieving coverholder status with Lloyd’s of London — the most prestigious name in the insurance industry — allows APOLLO to move even faster. 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.”
Founded in 2018, APOLLO describes itself as Canada’s leading online insurance provider. Its 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.”
APOLLO recently raised CAD $13.5 million though its Series A funding round.