INSURANCE TECHNOLOGY

APOLLO Insurance Partners With Perch to Offer Their Customers Access to Immediate Digital Insurance

APOLLO Insurance Solutions Ltd | August 25, 2021

APOLLO Insurance Partners With Perch to Offer Their Customers Access to Immediate Digital Insurance
APOLLO Insurance Solutions Ltd. Canada’s leading online insurance provider, has partnered with Perch to offer immediate digital insurance products, specifically tailored to the thousands of Canadians that use their website each year when applying for affordable mortgages.

Launched in 2019, APOLLO Insurance now offers the largest selection of online insurance in Canada, through brokers and embedded partnerships like this one. Through APOLLO, consumers can get a quote and purchase insurance in five minutes, from any device, 24/7. Perch offers an analytics-driven digital platform that gives users in-depth financial insights throughout all aspects of homeownership, from buying, to mortgage renewals, refinancing, and selling. Users can also compare and apply for a mortgage online, with direct support from a dedicated mortgage advisor as needed.

“APOLLO is very excited to partner with Perch who stands by Canadians in the real estate industry,” said APOLLO Business Development Manager, Yonas Alemyehu. “With Perch and APOLLO partnering, we believe we can provide an exceptional digital experience for users, making it easier for those looking to build their real estate. We are pleased to offer Perch users an entirely digital experience, while also providing hyper-personalized service each user deserves.”

Perch is a prop-tech company based in Toronto that focuses on helping people make better real estate decisions to build wealth. Their platform provides clear insights to help users save money on their mortgage or unlock equity for their next purchase. Whether you’re a first-time homebuyer or seasoned real estate investor, Perch helps people manage their home investments.

“Perch enables home buyers to see exactly what they can afford, get pre-approved for, and save money by unlocking some of the lowest mortgage rates in Canada. For those looking to build wealth through their existing real estate portfolio, our online platform makes it easy for people to make informed decisions,” said Alex Leduc, Founder & CEO of Perch. “When we learned APOLLO offered a fully digital experience in the insurance space, while also helping their users save money through lower premiums, we saw a clear overlap and connection.”

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

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 a payment, and issue policies for thousands of types of small businesses and individuals without human intervention. Through traditional agents and embedded finance partnerships, APOLLO is redefining the distribution of insurance.

About Perch
Founded in 2018, Perch serves thousands of users across Canada, including Quebec. Perch gives users personalized insights and analytics throughout all aspects of homeownership, from buying, to mortgage renewals, refinancing, and selling. Perch users have access to an extensive network of mortgage brokers, realtors, lawyers, and other industry professionals to assist them in their real estate journey. Whether you’re a first-time home buyer or seasoned real estate investor, Perch helps people manage their home investments. The average Perch client saves $1,500 per year on their mortgage payments by getting access to some of Canada’s lowest rates, with a pre-approval in less than 24 hours. Perch has recently doubled the size of its team and closed a Seed Round. Their current focus is scaling operations and launching new tools and calculators to give users insights during their mortgage shopping process.

Spotlight

Learners are supposed to pronounce right from the start. Either during the learning of vocabulary or during class (speaking the target language from the first moment). While this approach is believed to be particularly “modern” it is not brain-friendly. Consider that babies listen to language for months before they try to imitate some of the sounds heard over and over while we expect language learners to immediately imitate sounds they are not yet familiar with.

Spotlight

Learners are supposed to pronounce right from the start. Either during the learning of vocabulary or during class (speaking the target language from the first moment). While this approach is believed to be particularly “modern” it is not brain-friendly. Consider that babies listen to language for months before they try to imitate some of the sounds heard over and over while we expect language learners to immediately imitate sounds they are not yet familiar with.

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Willis Draws COVID-19 Insurance Loss Picture: It’s a Wash or Historic Failure

Willis Towers Watson | May 08, 2020

Willis Towers Watson projects will see a $51 billion reduction in claims costs this year, while returning an estimated $16 billion to consumers through refunds. Refunds estimated so far are estimated at $10 billion and insurers will likely kick more back to customers if stay-at-home orders continue. COVID-19 may add $16.7 billion to U.S. workers’ compensation losses and increase losses in the U.S. and U.K. by $11 billion for business-interruption. If the novel COVID-19 pandemic is brought under control soon, the disease’s impact on the insurance industry as a whole may be pretty much a wash. It not, the industry may be on the verge of an historic catastrophe. A report by Willis Towers Watson projects that personal and commercial auto insurers in the United States and United Kingdom will see a $51 billion reduction in claims costs this year, while returning an estimated $16 billion to consumers through refunds. Refunds estimated so far are estimated at $10 billion and insurers will likely kick more back to customers if stay-at-home orders continue, the analysis says. On the other hand, COVID-19 may add $16.7 billion to U.S. workers’ compensation losses and increase losses in the U.S. and U.K. by $11 billion for business-interruption and event-cancellations, $4 billion for credit and sureties, $1.5 billion for employment practices liability and $1.5 billion for directors and officers insurance, the report says. Read More: PUSH TO CLAIM COVID-19 BUSINESS INTERRUPTION COVERAGE FAILS IN D.C. Calculating the net decrease in losses for auto ($35 billion) and comparing that to the sum of the increased losses in the other lines ($34.7 billion) results in the two numbers pretty much cancelling each other out. Moderate Scenario Those projections follow Willis’ “moderate scenario,” which assumes that four months of strict and two months of light social distancing will be effective at controlling the spread of the novel coronavirus fairly quickly. The moderate projection also assumes economic growth will resume before this fall and consumer confidence will return by winter. There are reasons to be skeptical as to whether strict social distancing will last that long. As of Friday, more than half of the U.S. states had allowed some businesses to reopen. In Georgia, consumers can even go get a tattoo or a haircut. Severe’ Scenario If a “severe” scenario projected by Willis plays out, the insurance industry could be in dire straits. While social distancing will reduce U.S. and U.K. auto claims by $77 billion, the pandemic could increase costs for other lines — primarily workers’ compensation and general liability — by $140 billion. That is more than a third of the entire $365 million in premiums reported by U.S. property and casualty insurers in 2018. The severe scenario assumes that social distancing lasts for 12 months and a global economic contraction continues until early next year. For true doomsday believers, Willis offered a “limited success” scenario that assumes governments lift social distancing rules after three months because of the catastrophic economic cost and the virus spreads until finally controlled by “herd immunity.” If that plays out, Willis projects $92 billion increase in workers’ compensation losses, a $27 billion increase for general liability and $22.7 billion more in event cancellation losses, as well as increases in losses to other lines. Optimistic’ Picture Willis also offers an “optimistic” scenario for those who see the glass as half full. That assumes government mitigation measures are highly effective and are able to control COVID-19 within three months, while consumer demand for get-away time returns within four months. In that case, auto claims drop by only $28 billion, offset by an additional $1.1 billion in business interruption and event cancellation claims and $600 million more for directors and officers claims. A $3.3 billion increase in workers’ compensation claims from the health care sector is largely wiped out by a $3.1 billion decrease in claims from workers outside of health care in the optimistic scenario. “We have not associated probabilities with these scenarios, but we we regard all of them as possible and at his point should not be considered extreme tail scenarios (although some of them may have been before the COVID-10 outbreak),” the report says. Workers’ Comp Losses Workers’ compensation line will suffer the greatest losses from the pandemic compared to other lines in each of the scenarios. Ultimate losses will vary greatly depending on how many workers are infected, and what share of those who’re infected must be hospitalized or eventually die. Willis estimated that each COVID-19 claim will bring $35,000 in medical treatment costs and $3,000 in temporary disability. Some of those will be death claims that cost an average of $1 million for physicians and $750,000 for other health care workers, the study says. In its moderate scenario, Willis assumed that 20% of hospital-employed physicians and nurses will be infected and 12.5% of other healthcare workers will be infected. That amounts to 1.1 million infected workers, with. 9.5% of them requiring hospitalization and 9,300 of them dying from the disease. Read More: TEXAS FARM BUREAU INSURANCE TO REFUND OVER $20 MILLION TO AUTO INSURANCE CUSTOMERS In the worst-case, “limited success” scenario, Willis projects a 75% infection rate for all health care workers, resulting in 7.9 million cases and 129,000 deaths. The broad range of scenarios that Willis included in the report mirrors an analysis released earlier this month by the National Council on Compensation Insurance. That report projected losses ranging from $2 billion to $81 billion, depending on infection rates and the number of claims that are deemed to be compensable. In conclusion, Willis said the cumulative impact of the pandemic could “substantially exceed” losses from the Sept. 11, 2011 terrorist attack on the World Trade Center. Along with those losses, the industry faces a serious risk that its reputation will suffer, the report says. A good portion of these losses will probably be considered to have been unintended, arising from broad wordings in smaller commercial policies, It will also beg a question however as to the full extent this should be transferred into the industry, which after all exists to provide continuity for just this type of event. - A report by Willis Towers Watson projects. AboutWillis Towers Watson Willis Towers Watson (NASDAQ: WLTW ) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has more than 45,000 employees serving more than 140 countries and markets. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance.

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BriteCore and Xceedance Announce Strategic Partnership

Cision PR Newswire | August 17, 2020

BriteCore, a leading provider of next-generation core software solutions for insurers, and Xceedance, a consulting, technology, and managed services company focused on property and casualty insurance, today announced that Xceedance has joined BriteCore's growing partner ecosystem. The cloud-native BriteCore platform provides end-to-end support for P&C insurers, including core policy, billing and claims modules, agent and policyholder portals, and data and analytics capabilities. BriteCore has seen rapid expansion in its customer base over the last decade. Xceedance has developed deep domain expertise from its work with insurers, reinsurers, brokers, and MGAs, and will provide diverse services to BriteCore clients in support of their system implementations. "The partnership expands BriteCore's capacity to support our growing client base," said Phil Reynolds, CEO, BriteCore. "We're especially pleased with the systems integration, configuration, and strategic support services that Xceedance offers, which align with the implementation strategies that BriteCore has refined over the last decade.

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ClarionDoor announced Partnerhip with Vertafore to Modernize MGA Distribution

GlobeNewswire | August 28, 2020

ClarionDoor, provider of the insurance industry’s most intelligent product distribution platform, has teamed up with Vertafore, the leader in modern insurance technology, to modernize MGA distribution via a streamlined integration between Vertafore’s AIM™ platform and ClarionDoor’s (CD) MGA Hub. Together, these solutions deliver a seamless, best-in-class MGA distribution experience. AIM, Vertafore’s market-leading MGA solution, centralizes underwriting, accounting, and claims operations. Designed to manage the full policy lifecycle, AIM helps increase speed-to-market, while ensuring accuracy throughout the entire process. To expand and enhance AIM’s capabilities for more real-time interaction with carrier channels, Vertafore partnered with ClarionDoor. We are thrilled to be working with ClarionDoor to help our joint customers gain new efficiencies and unlock more growth as they can reduce manual processes and write business even faster,” said James Thom, Vertafore’s senior vice president of corporate development and strategy. “Our goal at Vertafore is to improve the flow and speed of information across the insurance distribution channel. This collaboration enables that by creating benefits for AIM users and the entire channel as we enable stronger integration between retail agencies and ClarionDoor systems to expedite rating processes.

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