By Greg Boutin, CEO, Relay Platform —
Relay makes progress; thanks to the team!
Relay is growing faster than it ever has, and we were already growing fast! We have now facilitated over 412 placements and close to $3 billions in coverage limits in both insurance and reinsurance. That’s almost triple the 1.25 billions we had facilitated only 5 months ago, which itself was double the volume from 5 months prior.
All from paying customers who understand that we have entered a new era of time-based competition, and value the importance of instant quotes and capacity in Commercial Lines. It’s much harder to compete on price and terms than it is on speed and service, as every broker knows.
I have so many updates to share that this blog cannot possibly do them all justice. Just today, we are announcing our new partnership with DXC Technology as a front end electronic placement portal and market connectivity solution for their next generation offering, DXC Assure for Broking. Read the press release on Insurance-Canada.ca or on our website!
We closed major contracts for our holistic insurance placement solution in Commercial Lines. Relay I5 is attracting growing interest from brokers, carriers and MGA-MGUs for its unique ability to unify questionnaires, handle both simple and complex placements, secure and combine quotes both electronically and manually, and assemble both a Competitive Differentiation Table™ (avoiding the carrier commoditization of comparative raters) and a Smart Client Proposal™ that converts more business.
Unlike any other system in existence, we can do all that across commercial lines, for retail and wholesale brokers, with real analytics on placement speed (because professionals actually use the system to place…) and failed placements (because they use it from the placement’s inception). But most of all, assembling a fully-optimized, analytically-enabled proposal in real time is the game-changing innovation here. It saves hours from brokers and increases close rates.
We now read and extract quote information from PDF to populate your Competitive Differentiation Table™ and Smart Client Proposal™ automatically. No other system does that effectively yet.
That’s not all. While we have supported multilayer quoting (“mud maps”) for two years now, we are now pleased to officially support multi-tower placements as well. Email us at [email protected] to show you.
In May, we raised US$5.2M led by Drive Capital, with participation from Highline Beta. We headline-sponsored the Commercial Lines Innovation USA event. announced a partnership with IVANS, and the deployment of our reinsurance solution Relay F1 at BMS Re.
We won the 2021 Insurtech North Startup Pitch competition and are a finalist at the Insurance Insiders Honours Awards 2021.
Yet we didn’t forget the most important thing of all: we are just the tech, and this business is about people. It starts within, so we now have 27 collaborators, including several insurance and reinsurance experts from big-name companies, and we just posted over 12 roles to support our growth in North America and now the UK too. Underwriting teams from large reinsurers, insurers and MGA-MGUs were added through APIs or email quoting, too, and we engaged with many of them directly or through brokers.
We continue to listen. Listening and understanding the needs of professionals are the key to our continuous growth. Hard to believe, but some things do not change.
Book a demo today to see our progress for yourself.
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