Three Things You Need to Know About APEXA’s Pricing Principles

June 10, 2015 at 3:38 PM / by Nouman Ahmad

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As an industry-led and supported service, it is important for APEXA to be transparent across our business operations, development plans, timelines, and pricing methods.

As APEXA races towards launch in 2017, it’s important for us to bring clarity on our service offering to life advisors, MGAs and Carriers across Canada and more importantly, to share information around our fair and progressive pricing principles.

Our pricing principles were designed with the following in mind: 

  • Consistency with the current model where MGA’s and Carriers pay,
  • Encourage participation and fairness across all industry stakeholders, 
  • Transparency and simplicity.

To bring clarity to all industry participants, here are APEXA’s three pricing principles: 

1) Per-Advisor Fees: A per-advisor model levels the playing field for all participants, large or small. This way, the entire industry will have access to the same high standard of advisor screening solutions that APEXA offers. This is proof the insurance industry can work together for the ultimate benefit of Canadian consumers.

2) No Onboarding Fee: There is no additional fees for an organization to come into APEXA. Once an organization is in the APEXA environment the per-advisor fees above will be applied. That’s it. Clear, and simple.

3) Cap on Fees: APEXA’s annual fees and profitability are capped and governed by a fully independent board of directors comprised of MGA, Carrier and advisor representatives. This principle is designed to ensure that APEXA will work as the industry governed utility it is intended to be.

As we get closer and closer to APEXA’s go-live date, it is important for us to open the lines of communication and to be transparent in our operations. This is a commitment that will hold true now and after the service is fully launched. Opening up on APEXA’s pricing principles is just one of the ways we are keeping an industry Simply Connected, and I encourage anyone with questions to reach out to us at any time to chat further on APEXA as the industry solution to life advisor contracting and compliance.

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Topics: APEXA's Financial Structure, Life Insurance

Nouman Ahmad

Written by Nouman Ahmad

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