Toronto, ON (Apr. 8, 2021) – Relay Platform is focused on expanding the rapid transition towards electronic placements to many more brokers in commercial insurance and reinsurance. Through its state-of-the-art quote-bind-issue whitelabel portal, Relay delivers industry-leading support for both instant API-driven quotes and traditional email quotes.
Practically, brokers secure quotes and create proposals faster, close more business and unlock volume incentives, while carriers benefit from increased volumes through panel consolidation and speed-to-quote.
Relay is uniquely equipped to digitize carrier panels in commercial lines, i.e. consolidated groups of preferred insurance partners. While supporting any P&C line and multi-line business, as well as facultative reinsurance, Relay uniquely simplifies the placement of mid-market and large business, including complex layered deals.
Through broker-led efforts with their preferred carrier partners, Relay secures high priority for API integrations from carriers, removing a major obstacle faced by many other insurtech solutions. Relay delivers deep analytics on placements, and the placing performance of both brokers and capacity providers. Those analytics support both pricing and terms negotiations, in addition to performance improvement opportunities.
The Relay portal integrates quickly with Agency Management, Policy Administration, Accounting and Claims Systems. Relay is engaged actively by several providers of those solutions, for deeper partnerships.
Relay is growing rapidly in North American, and is one of only a handful of Lloyd’s-approved London e-placing platforms. Over $650M in limits were already bound through Relay across commercial lines following its launch in 2020.
It has achieved extensive industry recognition, including Insurtech100, Top 10 Insurtech 2020 by Plug and Play, and Innovator of the Year by Reactions.
Powered by thoughtful design, deep analytics, and state-of-the-art technology, Relay is the easiest way for commercial brokers to structure, quote and present insurance and reinsurance online.
Relay allows brokers to speed up the placement by 50-90%, improve success rates of client proposals by 23% or more and drive up to 77% more business for select carriers. Relay allows brokers to better connect and engage with their clients, carriers, reinsurers and MGA/MGU partners; easily compare quote details side by side, manage both API and email quotes together and automatically organize both the submissions and the quotes in a way brokers can quickly update clients.
For management. Relay provides access to deep analytics on placement performance to support better negotiation on terms and prices.
Relay Platform Inc. (“Relay”) is a state-of-the-art SaaS platform equipping brokers, wholesalers, and their capacity providers with the leading white-labelled electronic placement solution in both P&C insurance and facultative reinsurance. With exceptional support for mid-market and large commercial lines of business, Relay delivers best-in-class instant API-based and email quoting capabilities, along with client-winning proposals. The insurtech venture is growing rapidly in North America and is approved by Lloyd’s as one of the few London market e-platforms. It won multiple awards in 2020, including Insurtech100 and Reaction’s Innovator of the Year. For more information, please visit www.relayplatform.com.
Source: Relay PlatformTags: Brokers, commercial lines, ICTA nomination, InsurTech, InsurTech Spotlight, portal, Relay