apparent to us that the entire digitalisationdriven space occupied by new tech , new startup companies and new platforms was seeking insurance products that the insurance industry had previously failed to produce ," Moore explains .
He says that Apollo was fortunate in that it was exposed to the huge wave of insurtech early and was well positioned to embrace the opportunity and benefits of digitalisation from the start . “ We were fortunate in the fact that we didn ' t have legacy systems that would prevent us from adopting the digitalised partnership model . We partnered with some talented clients , broker partners , and tech vendors that allowed us to explore new things without huge upfront cost on our balance sheet ."
Fast-track to success and ibott ’ s launch Recognising that insurance companies were trying to sell mismatched products that just weren ' t fit for purpose was the revelation that led to ibott being launched . Moore put together a team that is purely dedicated to those unique challenges within new tech platforms and creating tailored insurance products for them .
Demand has been high , and since its launch in 2019 , ibott has been increasingly busy . “ It ' s been very successful ,” Moore says . “ We ’ ve written an awful lot of premium and forged some fantastic longterm partnerships and are on track to hopefully write US $ 250mn this year .”
2022 will also be ibott ’ s first year as a standalone syndicate . What that means is
114 March 2022