A Vancouver insurtech has launched the APOLLO Exchange platform, where P&C brokerages can obtain quotes and sell errors and omissions (E&O) insurance to life insurance advisors online. This product is offered by Berkley Canada, a niche specialty insurer.
Like other products offered on this platform, the Life Agents Errors & Omissions (E&O) insurance solution is offered in all Canadian territories and provinces, except Quebec, David Dyck, head of marketing and spokesperson for APOLLO Exchange told the Insurance Portal. The APOLLO Exchange makes it possible to instantly quote, bind, and issue policy documents on-line.
The coverage limit for the insurance is $2 million, and premiums start at $495, which agents can pay in equal monthly instalments. The P&C broker’s commission is 20% of the premium. “We saw a lot of demand for this product from our broker network,” said Apollo Exchange CEO Jeff McCann.
Berkley is also excited about adding an additional product to the platform. “It gives us the ability to provide our product to life insurance agents in a fast, frictionless digital environment,” said Ashley Beales, Berkley Canada’s senior vice-president of specialty insurance.
Several markets
APOLLO Exchange decided to move forward with Berkley following an earlier partnership that proved successful. “We launched their first product, a Tech E&O package, last year,” explained McCann.
APOLLO Exchange offers free access to its platform to more than 160 P&C brokerages, making it possible to purchase products from Trisura, Axis Re (cyberinsurance), The Boiler Inspection and Insurance Company of Canada (two equipment breakdown products – one general and one in construction) and CHES Special Risk Insurance. Insurers on the platform also receive data-driven insights into the performance of their products.
Non-traditional risks
Trisura offers several products on the platform, including E&O insurance for accounting offices and consultants in various sectors such as management and human resources. It also offers directors and officers liability insurance for trade associations, Chambers of Commerce, and non-profit organizations.
Other Trisura products included on the platform cover non-traditional E&O risks, including liability of practitioners and health and fitness centres, hairdressers, photographers, and yoga instructors. One E&O program for professionals covers up to 100 professions for individuals or small businesses with twenty employees or fewer.
CHES offers insurance for loss of use or towing of trucks and trailers transporting sawn timber as well as debris removal and cleanup. This product is offered only in Alberta.
