Software-as-a-Service InsurTech venture becomes first Licensed Integrator Partner in North America to leverage groundbreaking ACORD Digital Solution in first-of-its-kind reinsurance and layered insurance placement platform
Toronto, ON (Mar. 9, 2020) – Toronto-headquartered InsurTech venture Relay Platform Inc. is pleased to announce that it has become a Licensed Integrator Partner of ACORD Solutions Group (ASG), enabling it to further operationalize the global ACORD Standards for its customers in the insurance and reinsurance industry. Relay is the first North American participant in the ASG Licensed Integrator Partner program, which already includes several European solution providers.
Relay is focused on providing a user-centric, simple interface to structure, secure, and track complex risk placements more quickly and easily. In particular, it lets users, such as underwriters and ceding teams, easily input data from various formats and turn them into visual coverage towers (also known as “mud maps”) which can be used to secure quotes, both directly and through brokers. Relay’s investors include Fortune-500 American Family Insurance, NFP Ventures, Plug and Play, and Highline Beta.
As an initial step in its collaboration with ASG, Relay has licensed the ACORD Transcriber solution for dynamic document delivery and automation. Relay will use ACORD Transcriber to automatically extract key fields from Adobe Acrobat and MS Excel documents and import them into the Relay platform, thereby greatly speeding up data acquisition, processing, and subsequent enrichment.
“The partnership with ASG allows Relay to focus on our core strength, which is understanding the needs of underwriters, ceding teams, reinsurance and insurance brokers, to create a collaboration solution that they are eager to use,” said Relay CEO Greg Boutin. “We see that as a key precondition to any successful digitization effort in this industry. We believe that turning various documents into smaller, recognized bits of data—which can then be copied and shared in smart ways to make the whole process more integrated and smoother for all participants—is a pretty exciting functionality that will save the industry significant time and costs, while alleviating legal and financial risks.”
ACORD Data Standards are widely used throughout the insurance industry, accounting for half of global gross written premiums. The industry-owned ACORD Transcriber solution operationalizes these Standards to automatically download, extract, and populate data in various document formats, enabling direct systems integration and straight-through processing.
“ACORD Solutions Group is committed to improving the speed, accuracy, and efficiency of data exchange throughout the global (re)insurance industry,” said Chris Newman, ACORD’s Managing Director, Global. “The complementary objectives and capabilities of Relay and ASG will enable us to leverage the best in next-generation technology and user design in order to improve the operational workflow of risk placements.”
Relay Platform (“Relay”) is an InsurTech venture making the process of structuring and securing reinsurance and large insurance placements simpler and faster. Relay helps reinsurance ceding teams, insurance underwriters and brokers quickly turn placement data into visual coverage towers, then use them to secure and manage quotes. This replaces a traditionally manual, painstaking process, and gives management better reporting on placements. For more information, please visit www.relayplatform.com.
ACORD (Association for Cooperative Operations Research and Development) is the global standards-setting body for the insurance and related financial services industries. ACORD facilitates fast, accurate data exchange and efficient workflows through the development of electronic standards, standardized forms, and tools to support their use. ACORD engages thousands of insurance and reinsurance companies, agents and brokers, software providers, financial services organizations and industry associations in more than 100 countries. ACORD maintains offices in New York and London. For more information, visit www.acord.org.
Source: Relay PlatformTags: ACORD, industry first, InsurTech, launch, partnership, reinsurance, Relay, Software as a Service (SaaS)