Digital InsurTech News

APOLLO Insurance and CAARY Partner to Offer Access to Embedded Digital Insurance

APOLLO Insurance and CAARY Partner to Offer Access to Embedded Digital Insurance

APOLLO Insurance, Canada’s leading online insurance provider, has partnered with CAARY, a financial platform for small and medium-sized enterprises (SME), to offer tailored digital insurance products for visitors to caary.com.

“Their entirely digital solution for credit, expense and spending management is a great fit with APOLLO’s ability to offer a seamless online purchasing experience for small business insurance, saving customers both in time and money.”

Launched in 2019, APOLLO Insurance now offers the largest selection of online insurance in Canada, through brokers and embedded partnerships. Through APOLLO, consumers can get a quote and purchase insurance in five minutes, from any device, 24/7. CAARY is transforming the way Canadian small and medium sized-enterprises access credit and manage spending and expenses. CAARY will capitalize on the partnership with APOLLO to offer their customers digital access to value-add insurance products.

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“CAARY is at the cutting edge of fintech solutions for small and medium-sized businesses in Canada,” said APOLLO Business Development Manager Yonas Alemyehu. “Their entirely digital solution for credit, expense and spending management is a great fit with APOLLO’s ability to offer a seamless online purchasing experience for small business insurance, saving customers both in time and money.”

CAARY, which will launch its full platform offering this fall following a private beta over the summer, is a first-of-its-kind corporate credit card solution for the more than 850,000 SMEs in Canada still relying on personal credit. Leveraging the trusted Mastercard network, CAARY features same-day credit card approval, no personal guarantee requirements, and near-instant virtual card issuance with physical cards to follow on demand. The roster of former senior banking executives and entrepreneurs that make up the CAARY senior leadership team have developed a model for assessing and offering credit to SMEs based on cash-flow and assets as opposed to credit history, a novel approach that is expected to significantly benefit this greatly under-served market in Canada.

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“The partnership with APOLLO provides terrific value-add to our customers,” said Pat Finerty, Chief Strategy Officer at CAARY. “We want small and medium-sized enterprises in Canada to have access to a variety of fantastic benefits to help them grow their business. This partnership, which rounds out the CAARY offering, is another important step in that direction.”

APOLLO’s proprietary technology platform, the APOLLO Exchange, transacts insurance business in real time, and leverages extensive data and sophisticated algorithms to quote, collect payment, create and deliver policies. Through APOLLO, thousands of small businesses and individuals are able to buy online without human intervention.

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