APOLLO Insurance, a digital insurance provider in Canada, has introduced a novel feature by partnering with Zenbase, allowing customers to improve their credit ratings using their rent payments.
This innovative initiative, known as the CreditBuilder solution offered by Zenbase, enables APOLLO’s extensive customer base to enhance their credit profiles by making their regular rent payments count towards their credit history.
Founded in 2019, APOLLO Insurance has been at the forefront of digital insurance services in Canada, offering a range of entirely digital products.
The company has established strategic partnerships with property management companies, proptech firms, insurance brokers, and other businesses. A key aspect of these collaborations is the integration of insurance services into the operational processes of these entities, notably streamlining the process of obtaining insurance for property managers.
APOLLO’s digital first and resident centric approach to insurance makes them an ideal partner for Zenbase
Koray Oztekin, Zenbase Founder and CEO
“As part of our mission to redesign rent payments for the financial health of unbanked or underbanked individuals, including newcomers, this partnership will make rental reporting available to more residents and create substantial ESG value for all stakeholders”, said Koray Oztekin.
Zenbase, recognized for innovative financial solutions, provides a unique service in Canada – an automated system for reporting rent payments and a popular service for splitting rent payments.
Zenbase’s system automatically reports rental payments to Equifax, a major credit bureau, thereby assisting individuals in building or strengthening their credit scores.
This collaboration between APOLLO Insurance and Zenbase represents a significant step in leveraging technology to enhance financial health and accessibility for consumers in the Canadian market.
According to APOLLO, its customers are eligible for exclusive rates to use Zenbase for reporting both current and past rent payments to Equifax, facilitating the process of building their credit history.
Establishing a credit profile can assist Canadians in reducing interest payments and accessing savings on a range of financial products.
Key aspects of the CreditBuilder include:
- Automated Rent Reporting: Zenbase’s platform, which powers the CreditBuilder solution, is unique in Canada for its automated rent reporting system. It enables users to have their rental payments automatically reported to Equifax, one of the major credit bureaus. This automatic reporting aids in establishing or enhancing the credit scores of users.
- Enhancing Financial Well-being: The collaboration between APOLLO and Zenbase is designed to benefit individuals, particularly those who are unbanked or underbanked, including newcomers to Canada. The CreditBuilder solution offers a way for these individuals to proactively improve their financial health.
- Access to Exclusive Rates: APOLLO customers can access exclusive rates for using Zenbase’s services to report both their current and past rent payments to Equifax. This service helps in building a stronger credit profile, which can be beneficial for various financial aspects, such as qualifying for loans or getting lower interest rates.
- Complementary to Insurance Services: The integration of the CreditBuilder solution with APOLLO’s insurance offerings aligns with the company’s approach to offering comprehensive risk management strategies to its clients. This integration implies a holistic approach to financial and risk management for tenants and customers.
by Peter Sonner
