APOLLO secures Series B financing for its online insurance platform

APOLLO Insurance Solutions, a Canadian digital insurance provider announced that it has secured Series B financing. Definity Financial Corporation. Definity is a strong digital insurance company with extensive experience. Sonnet, Canada’s first fully online personal insurance offering, and Vyne, Definity’s broker digital platform. The strategic partnership includes a distribution relationship between Definity Financial’s affiliate Definity Insurance Company and APOLLO, and an agreement by Definity Financial to complete an initial minority equity investment.

APOLLO’s other notable insurance product suppliers include Lloyd’s of London, one of the largest insurance conglomerates in the world, Trisura Guarantee, and Liberty Mutual, a Fortune 100 company.

APOLLO offers customers and broker partners the ability to buy insurance online via its platform. APOLLO’s all-digital approach leverages extensive data and intelligent algorithms to quote, collect payment, and issue policies—all without human intervention—and serves all provinces of Canada, except Québec.

“APOLLO is making the insurance buying process effortless, in line with modern consumers’ expectations,” stated Jeff McCann, Chief Executive Officer & Co-Founder of APOLLO. “Definity and APOLLO share a deep commitment to using technology to deliver a seamless insurance experience, regardless of the distribution channel.”

“This transaction provides a unique opportunity for us to accelerate our digital ambitions in commercial insurance by partnering with an entrepreneurial management team focused on growth,” said Fabian Richenberger, Executive Vice-President, Commercial Insurance at Definity. “We believe that APOLLO’s scalable technology platform combined with our proven digital channel experience and strong underwriting capabilities will allow APOLLO to enhance its client experience by offering a broader range of commercial coverages.”

 

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