APEXA Qorus Innovation in Insurance Awards 2019

For insurance to advance into a modern, tech-driven era, core practices must first be brought up to speed. APEXA has taken a vital step in making this possible for the Canadian market. APEXA’s innovative digital platform has transformed life insurance advisor contracting and compliance by automating the screening and ongoing monitoring of advisors. Through smart automation and alerts, APEXA acts as a risk mitigation tool while also driving cost savings through operational efficiencies. Before APEXA, agent screening, contracting, and compliance processes in Canada were paper-intensive, requiring duplication of steps and other inefficiencies. No common standard existed, leading to inconsistent and ultimately ineffective practices. In fact, when the Canadian Life and Health Association issued new advisor supervision guidelines in 2015 to serve the best interests of consumers and the industry, practices of MGAs and insurers currently in place failed to meet those guidelines. APEXA recognized the opportunity to create a standardized platform. It would require partnering with industry leaders to first achieve alignment, and then working with them step by step to truly transform the market. APEXA launched in August 2017. In 2018, a collaborative team of experts from the leading MGAs and carriers in Canada mandated, via notifications sent to all business partners, that APEXA be adopted as the new industry standard for processing advisor contracts. Starting in 2020, APEXA’s automated platform will be used by 100% of the individual life insurance agents in the MGA channel in Canada – a significant step forward for the entire Canadian life insurance industry.