Toronto, ON (Sept. 5, 2019) \u2013 An analysis spanning April to August of this year has uncovered a dramatic 61 percent increase in quote to bind ratio on the Apollo Exchange, a direct result of insights gained from digital data collection.<\/p>\n
The Exchange tallies application starts, through to purchase of insurance policies and digital delivery of insurance policy documents, and knows where in the application the user has dropped out or abandoned the form. In April of this year, 28 percent of quoted applications resulted in purchase. However, that number has increased month over month as insurance products have been iterated through qualitative broker feedback, data analysis, and insurer flexibility to maneuver underwriting appetites.<\/p>\n
In May, 31 percent of Exchange applications converted, moving up to 39 percent in June and 43 percent in July. August beat all previous records with a 45 percent quote to bind conversion rate.<\/p>\n
\u201cThis is how insurance products should work \u2014 constantly evolving and iterating based on strong feedback loops and extensive data,\u201d says Apollo CEO Jeff McCann. The digitization process enables the Exchange to give carriers a valuable lens on their products, and informs them about where to adapt to market demand, underwriting friction points, and opportunities for optimization. This results in increased conversions and better alignment of underwriting appetite with lead generation activities.<\/p>\n
At the boundary of insurer appetite, based on the insured\u2019s ineligibility or rating, another insurer can be added to fill broker demand. \u201cThese dynamic algorithms are the foundational power of the Exchange,\u201d says McCann. \u201cWhen we see an application question that is resulting in the broker or client abandoning the form, we ask our carrier partner: how does this question affect price or eligibility? We work with them to modify it, and relay that information to our broker partners so they\u2019re aware.\u201d<\/p>\n
Apollo Exchange quote to bind conversion rates April \u2013 August 2019:<\/p>\n
\u201cThese are the kinds of insights that are possible when you effectively combine technology and insurance,\u201d says McCann. \u201cApollo believes in empowering the broker channel, and this approach not only benefits those in the insurance industry, it also benefits today\u2019s small business owner, who expects a digital buying experience and immediate fulfillment similar to every other purchasing experience.\u201d<\/p>\n
The Apollo Exchange launched in April of 2019, after several months of beta testing.<\/p>\n
About Apollo
<\/b><\/p>\n
The Apollo Exchange is Canada\u2019s largest online insurance marketplace. Apollo empowers brokers to instantly quote, bind, and issue policy documents for hundreds of classes of small business in real time, or white label the Exchange to sell directly from their website. Brokerages integrated with the Exchange are able to respond to the changing expectations of buyers and forward-thinking employees.<\/p>\n
Co-founded by Jeff McCann, David Dyck, Justin Hamade, and Drew Green, Apollo was created to empower brokers to better serve their clients. Following the completion of Beta testing in April 2019, Apollo successfully closed its angel round of funding, raising $1 million CAD with the support of notable investors, including Drew Green, Matias Marquez, Kim Kaplan, and Caliber Ventures. Acting members of Apollo\u2019s Board of Directors are leading industry and entrepreneurial figures Drew Green, Steve Albiani, Tim Gamble, and Jeff McCann. In June 2019, the company launched a first of its kind: digital, monthly subscription insurance.<\/p>\n
Learn more about Apollo in the InsurTech Spotlight<\/a>.<\/p>\n For additional information, visit apollocover.com<\/a><\/p>\n Source: Apollo Insurance<\/em><\/p>\n Tags: Apollo<\/a>, Quote and Bind<\/a> Read the original article at Insurance-Canada.ca <\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Increased conversions on digital insurance fulfillment due to broker feedback and underwriting flexibility Toronto, ON (Sept. 5, 2019) \u2013 An analysis spanning April to August of this year has uncovered a dramatic 61 percent...<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16646"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=16646"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/16646\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=16646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=16646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=16646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}