BMS Re streamlines reinsurance placements, creating consistent submissions with improved analytics
New York, NY (July 7, 2021) – BMS, the independent specialist insurance and reinsurance broker, is pleased to announce the selection of Relay Platform’s reinsurance solution “F1” by BMS Re in the US as its electronic placement system to support its fast-growing facultative arm.
BMS Re and Relay jointly deployed the InsurTech venture’s cutting-edge broker portal, which combines a wide range of innovative features – all designed to increase the ease of doing business between brokers and their clients and markets. Relay facilitates and integrates quotes from all reinsurers whether through email or API instant quoting, while significantly reducing the time it takes to market a reinsurance placement and update clients.
Starting with Relay’s whitelabeled solution, BMS Re has since configured its environment to create consistent submission packages, automate document generation and streamline market access. The solution paves the way to rapid process improvements and additional insights that will benefit BMS Re’s US client base.
Implementing Relay comes as a differentiating step in BMS Re’s expansion of their recently bolstered facultative reinsurance team. The tightening market environment makes it more critical than ever for brokers to focus on relationship-building instead of administrative and quote-chasing tasks.
Relay, an innovative provider of solutions enabling the digital transformation of commercial insurance and reinsurance submissions, is designed to facilitate the transition to data-first reinsurance placements, instant quoting, and superior broker-cedent connectivity to markets. As part of their ambitious reinsurance broker enablement strategy, the platform allows BMS Re to visually structure placements, rapidly identify and approach the most relevant markets, and iteratively automate subsequent steps to increase close rates.
Pete Chandler, President and CEO, BMS Re US, said: “We are thrilled to announce our partnership with Relay. The timing couldn’t be better following the results of our market survey which showed that a third of respondents had yet to decide upon an e-trading strategy. With the results in mind, and as a continuation of our digital strategy including our recently announced
Pathlight Analytics™, we are investing in our digital future by leading from the front. This was a significant decision for BMS Re as we have a commitment to innovate and invest in technology to improve the experience for our business partners and colleagues.”
Greg Boutin, Relay CEO and Reactions Magazine’s Innovator of the Year, added: “Relay’s next-generation placement interface and analytics, dynamic quote comparison and management dashboard will offer BMS Re access to consistent submission packages, improved reinsurer connectivity and data capture efficiencies. Relay is primed to tech-enable the modern broker, cedent and reinsurer through APIs while still catering to all traditional methods of business.”
Relay helps agents and brokers boost their close rates by combining instant and manual quotes from carriers, MGA-MGUs and reinsurers into winning proposals. Relay’s single-entry multi-carrier Quote-Bind-Issue solution handles all P&C lines, whether renewal or new business, simple or complex. Relay facilitates billions in coverage across insurance and facultative reinsurance every year. For more information, please visit www.relayplatform.com.
About BMS Group
BMS Group is a leading independent specialist (re)insurance broker. For 40 years, BMS has provided comprehensive, customised solutions in the fields of wholesale, reinsurance and direct insurance, and capital advisory through our teams of experts. Today, this experience and expertise, served with a spirit of creativity, allows BMS to offer a full range of integrated services. Designing individual, tailored solutions makes BMS the risk and capital management advisor clients want to work with time and again. For more information about BMS please visit www.bmsgroup.com.
Source: Relay PlatformTags: analytics, Connectivity, platform, reinsurance, Relay, United States (USA)