TEL AVIV, Israel, May 25, 2021 /PRNewswire/ -- Apollo's ibott division, a global provider of insurance and reinsurance solutions has signed a Memorandum of Understanding with an Israeli Insurtech, CI LTD. CI's technology 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.
Chris Moore, Head of ibott at Apollo Syndicate Management Ltd., said, "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 said, "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."
CI is an Israeli insurtech founded in 2019, specializing in connected insurance solutions for the shared economy industry. CI helps businesses embed insurance into their offerings to strengthen their value proposition, create new revenue sources and bring peace of mind to their clients.