By Greg Boutin, CEO, Relay Platform —
94% of brokers declare that “Faster quotes would help close more business.”
Our Toronto-based venture Relay Platform emerged on the InsurTech scene in 2020 with a compelling platform helping brokers and cedents source and manage facultative reinsurance placements. Since then, we expanded into insurance, with a focus on commercial lines. We saw rapid success in the US first, with our ability to get agents and brokers faster to a client proposal, by automating more of the quote chasing and comparison process, working on top of your typical broker management systems.
We just launched in Canada, building on our recent win of the InsurTech North pitch challenge, and a fresh funding round of US$5.2M as reported by this publication.
Here are some of the key highlights of our value proposition:
- Client Proposals that convert more. Brokers and wholesalers are embracing Relay to semi-automate their client proposal. Relay generates more compelling proposals by truly capturing placement data from inception and quotes from any source in any format. Faster & Smarter Proposals significantly increase retention and renewal rates.
- Actionable Placement Insights. Relay focuses on ensuring that users actually use the solution for placements from start to finish. As a result, we are able to capture true win-loss, time to quote and quote to bind ratios. Forward-looking brokers and wholesalers truly understand how game-changing this is. Relay is interested in equipping them with Smart recommendations on pricing, terms, and guidance on markets and capacity.
- Tackling hardening markets call for smarter tech. The key issue isn’t the lack of technology. It is that the technology in place does not help brokers in their day-to-day, and thus get relegated to an after-the-fact role to store policies and issue invoices. The rest becomes analog. Instead, technology should augment brokers first by making it a snap to capture data, and embracing the tools brokers use: email, excel, PowerPoint, and more importantly, their human intuition.
- The Ultimate 2021 Survey on Quote-Bind-Issue and API instant quoting tech in Commercial Lines. We commissioned a major survey on Quote-Bind-Issue technology in Commercial Lines. 25 pages of data, for all brokers, underwriters, business line leaders, technologists and innovators. Absolute must-read for brokers, underwriters, and their management. Get your free copy here while it’s up.
- Market Success. Relay placed over $2.15Bn in coverage, we signed contracts with both major names and growth brokers, and we did not lose a single client during that period. All our pilots converted to active, paid partnerships.
The bottom line: Brokers are being asked for more. More quotes, more explanation, more results. In turn, they need better support, more insights, and technology that delivers growth, not just cut costs.
Relay enables real-time digital panels of carriers and MGA-MGUs that substantially increase success rates for agents and brokers. The solution unifies application questions, compiles instant and manual quotes into a Competitive Differentiation Table™, and delivers a configurable, analytics-powered Smart Client Proposal™ designed to better meet the needs of commercial clients. Our “I5” solution excels at Cyber, Professional Liability and Specialty Lines in particular, and is rapidly expanding. We facilitate billions in coverage across insurance and facultative reinsurance every year. With a rapidly growing client base in North America, Relay also counts among the few Lloyd’s accredited London market e-platforms. For more information, please visit www.relayplatform.com.
Source: Relay Platform