The London-based independent specialist insurer has signed a Memorandum of Understanding with the Herzliya-based CI LTD. which will enable Apollo's clients to reduce their fleet and rider insurance costs and turn insurance into a revenue source by offering on-demand insurance.
Apollo offers adaptable and flexible underwriting services at Lloyd’s and leads a number of London market consortia. It’s economy initiative Ibott (Insuring Businesses of Tomorrow, Today) was founded in 2009 and is a global provider of insurance and reinsurance solutions.
Since its launch, Apollo ibott has expanded significantly, from an original team of five, writing two classes, to a team of over 100 covering multiple classes.
CI was founded in 2019 and specialises in connected insurance solutions for the shared economy industry. The insurtech startup helps businesses embed insurance into their offerings to strengthen their value proposition, create new revenue sources and bring peace of mind to their clients.
Speaking about the insurer’s latest strategic partnership, Chris Moore, Head of ibott at Apollo Syndicate Management Ltd. explained, "We are proud and happy that we have found a partner that shares our vision and long-term strategy. CI brings its connected insurance technology to evolve an industry that is rapidly growing and with that growth comes a complex risk exposure that needs a modern and digital solution. The key to that is future-proof technology."
Tal Cohen, CEO of CI, added, "The insurance industry is going through one of its biggest transformations in decades, and I'm excited that Apollo is betting big on machine learning technology like CI to take over parts of their traditional risk management functions."