InsurTech APOLLO raises Series B funding to accelerate online insurance platform

Vancouver, British Columbia–(COMMERCIAL WIRE)–APOLLO Insurance Solutions, a leading provider of digital insurance in Canada, today announced a Series B financing with Definity Financial Corporation. Definity has strong experience in digital insurance through Sonnet, Canada’s first fully online personal insurance offering, and Vyne, Definity’s digital broker platform. The strategic partnership includes a distribution relationship between Definity Insurance Company, an affiliate of Definity Financial, and APOLLO, and an agreement by Definity Financial to complete an initial minority equity investment.

Other notable providers of APOLLO insurance products include Lloyd’s of London, one of the world’s largest insurance conglomerates, Trisura Guarantee, and Liberty Mutual, a Fortune 100 company.

APOLLO enables broker partners and customers to purchase insurance online through its proprietary platform. APOLLO’s all-digital approach leverages vast amounts of data and intelligent algorithms to quote, collect payments and issue policies, all without human intervention, serving all Canadian provinces except Québec.

“APOLLO is making the insurance buying process simple, in line with modern consumer expectations,” said Jeff McCann, CEO and co-founder of APOLLO. “Definity and APOLLO share a deep commitment to using technology to deliver a seamless insurance experience, regardless of distribution channel.”

“This transaction provides us with a unique opportunity to accelerate our digital ambitions in commercial insurance by partnering with a growth-focused business management team,” said Fabian Richenberger, executive vice president of commercial insurance at Definity. “We believe that APOLLO’s scalable technology platform combined with our proven digital channel expertise and strong subscription capabilities will enable APOLLO to enhance its customers’ experience by offering a broader range of business coverage.”

APOLLO has a user base of over 6,000 independent individual Canadian brokers and over 150 group partners.

RBC Capital Markets acted as exclusive financial advisor to APOLLO on the transaction. Blake, Cassels & Graydon acted as legal counsel to APOLLO.

APOLLO launched in 2019 and announced the closing of a CAD13.5 million Series A funding round in January 2021, led by Gravitas Securities.

About APOLLO Insurance

APOLLO is a leading online insurance provider in Canada. Its proprietary platform allows insurance agents and their clients to purchase their policy immediately, from anywhere, on any device, 24/7. Unlike traditional paper processes, APOLLO leverages vast amounts of data and sophisticated algorithms to quote, collect payments and issue policies for thousands of types of small businesses and individuals without human intervention. Through traditional agents and integrated financial associations, APOLLO makes insurance simple. For more information visit: apollocover.com

Spread the love

What do you think?