Apollo Insurance Solutions gets coverholder status with Lloyd’s of London

Apollo Insurance Solutions, a Canadian online insurance provider, said that it has secured coverholder status with insurance and reinsurance market Lloyd‘s of London.

The coverholder status will give Apollo Insurance Solutions access to an enlarged product portfolio and the capacity to design unique products to respond quickly to the growing market opportunities.

Jeff McCann – CEO of Apollo Insurance Solutions said: “Achieving cover holder 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.”

Apollo Insurance Solutions gets coverholder status with Lloyd’s of London. Photo courtesy of Fred Romero from Paris, France/Wikimedia Commons.

The Canadian insurtech company is said to have been providing the largest selection of online insurance in Canada since its launch in April 2019.

Earlier this year, the online insurance provider raised CAD13.5 million ($11.01 million) in a Series A financing round.

Apollo Insurance Solutions had developed a technology platform called Apollo Exchange that transacts insurance business in real-time. The platform is claimed to utilize vast data and sophisticated algorithms to quote, receive payment, generate and deliver policies.

The Apollo Exchange technology enables small businesses and individuals to buy insurance policies online without any intervention of humans.

Marc Lipman – Lloyd’s Canada CEO said: “It’s great to see innovative, new insurance companies like APOLLO working with Lloyd’s and we are excited for this partnership.

“The expertise of Lloyd’s market combined with APOLLO’s innovative approach will make a positive impact on the insurance industry.”