To help insurance program-focused brokerages become more efficient, APOLLO Exchange is now providing program automation services.
Via the program automation service, APOLLO will create a customized broker-branded portal for members of franchises, associations, and other group buying programs. The portal allows those policyholders to quote, bind, pay for coverage and receive instant policy documents.
Thanks to APOLLO’s automation, the data collected by the portals can then be automatically formatted to create a bordereau, which can be used either for reporting to insurance companies or lineage uploads with Lloyd’s.
In addition to serving as a policy management portal and bordereaux generator, APOLLO’s system also handles renewal applications, certificate processing, and accounts receivable. It can also manage fees, allowing policyholders to pay for a full year or monthly through their credit or debit card.
“Program business drives a huge number of transactions in this industry, but takes up a massive amount of time, energy, and in many cases, paper,” said APOLLO CEO Jeff McCann. “Not just on behalf of the brokers and underwriters, but their clients as well.”
McCann added that the service not only helps brokers and underwriters, but ultimately their clients as well.
“This tool does not replace human interaction, it frees up staff time to effectively engage their clients, learn about their business, and recommend new coverages for emerging risks,” the chief executive explained.