Vancouver, BC – Tribe Property Technologies (TSXV: TRBE) (“Tribe” or the “Company”) and Apollo Insurance Solutions Ltd. (“APOLLO”) have entered into a joint campaign to digitize insurance access for condo owners, renters, landlords and developers across Canada, making insurance access easier and faster for owners, while improving the coverage and protection of condominium and rental buildings.
Surveys have found that of the approximately 4.5 million Canadian households that rent, nearly half do not have the protection of a tenant insurance policy. That leaves those individuals, their families, and the landlords they rent from, vulnerable to risks such as fire and water damage — even if they themselves are not responsible for the damage.1
1 https://www.insurance-canada.ca/2018/04/11/kanetix-tenants-renters/
Tribe and APOLLO Insurance are working together to address these gaps in coverage that leave Canadians vulnerable to significant financial loss. A direct connection to APOLLO’s insurance technology from both Tribe’s strata and condo management platform and rental software, will allow for increased education and awareness for owners into insurance risks and options. It also includes future ability for notifications if a tenant cancels policy mid-term, while offering protection from potential strata/condo corporation deductibles that owners or tenants could be subject to.
“We are excited to partner with APOLLO to bring accessibility, visibility and education around insurance options to our communities and reflect the current lifestyle expectations of condo owners and residents, while protecting the value of their biggest assets”, said Tribe CEO Joseph Nakhla. “This agreement with APOLLO is just the first step under our Digital Services & Partnerships revenue pillar. We will continue to layer on services to drive revenue for Tribe, and bring convenience and savings for our users, with the goal of being able to offer a one-stop-shop to our development partners and the over 100,000 residents in Tribe-managed communities.”
APOLLO uses technology as a conduit between insurance brokers, carriers, and their mutual clients, offering insurance options from multiple companies on one integrated online platform.
“We like that Tribe is taking a fresh approach to condo living and building smart homes through tech- enabled service, and an integration with their Community Platform supports our goals of making insurance more accessible and supporting the needs of communities,” says APOLLO CEO Jeff McCann.
The digitization of condo owner, tenant and building insurance in Tribe communities supports Tribe’s journey to simplify residential community living by providing the most comprehensive suite of products and services for building, managing and living in condominiums, while delivering revenue-generating services.
About APOLLO Insurance:
APOLLO is Canada’s leading online insurance provider. Our proprietary platform, the APOLLO Exchange, allows insurance agents and their customers to purchase their policy immediately, from anywhere, on any device, 24/7.
Unlike traditional paper-based processes, APOLLO leverages extensive data and sophisticated algorithms to quote, collect payment, and issue policies for thousands of types of small business and individuals without human intervention.
Through traditional agents and embedded finance partnerships APOLLO is redefining the distribution of insurance. For more information, visit: https://apollocover.com/
About Tribe Property Technologies:
Tribe is a property technology company that is digitizing the traditional property management industry. As a rapidly growing tech-forward property management company, Tribe’s integrated service-technology delivery model serves the needs of a much wider variety of stakeholders than traditional service providers.
Tribe’s business is composed of three revenue pillars: software and services (recurring licensing and management fees), transactional (rent or condo fees, banking services, lease-ups) and digital services and partnerships (smart building products, financial and insurance service).
Tribe seeks to acquire highly accretive targets in the fragmented North American property management industry and transform these businesses through streamlining and digitization of operations. Tribe’s platform decreases customer acquisition costs, increases retention and allows for the addition of value- added products and services through the platform. Visit tribetech.com for more information.
Tribe Property Technologies Inc.
Joseph Nakhla
Chief Executive Officer
1155 West Pender Street, Suite 419 Vancouver, British Columbia
V63 2P4
(604) 343-2601 joseph.nakhla@tribetech.com
ON BEHALF OF THE BOARD
“Joseph Nakhla”
Chief Executive Officer
For further information, contact:
Corporate + Media
Jennifer Laidlaw
VP Communications and Marketing Tribe Property Technologies
jennifer.laidlaw@tribetech.com
778-837-4314
Investor Relations
Kin Communications (604) 684-6730 IR@tribetech.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement on Forward-Looking Information
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws regarding the Company and its business, which may include, but are not limited to, statements with respect to the aims and goals of the Company; growth plans including future prospective consolidation in the rental management sector; future acquisitions by the Company; beliefs of the Company with respect to the independent owner-investors market; and prospective benefits of the Company’s platform. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to proposed financing activity, proposed acquisitions, proposed success of the Company’s platform, regulatory or government requirements or approvals, the reliability of third-party information and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward- looking statements. The Company does not intend, and do not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in
circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.