Canadian digital insurer APOLLO Insurance Solutions has closed a Series B funding round, alongside the start of a new strategic partnership.
As part of the investment, APOLLO has formed a strategic partnership with Definity Financial Corporation. The latter offers multiple digital insurance experience, including Sonnet, an online personal insurer and Vyne, a broker platform.
This strategic partnership includes a distribution relationship between Definity Financial’s affiliate Definity Insurance Company.
APOLLO allows broker parnters and customers to buy insurance online. The all-digital approach utilises data and intelligent algorithms to quote, collect payments and issue policies without the need for human intervention.
The company has a user base of over 6,000 individual independent Canadian brokers and over 150 group partners.
Definity executive vice-president, commercial insurance Fabian Richenberger said, “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.
“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.”
Apollo previously raised $13.5m in its Series A funding round back in January 2021, which was led by Gravitas Securities.
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