The ultimate guide for carriers, MGA-MGUs and their partners —
By Greg Boutin, CEO, Relay Platform —
The insurance and reinsurance industry is re-shaping and re-tooling at a record pace. A once-in-a-lifetime opportunity has opened up for brokers, agents, and underwriters to close the digital divide and secure a key competitive advantage for years to come. Those who do not will experience a rapid decline and be forced into increasingly narrower niches.
The most exciting digitization technology making waves in the industry today is the quoting API. These APIs allow for bindable quotes to be pushed directly into the portals of trusted partners, on demand, 24/7. API technology is commonly used quoting Personal Home & Auto Insurance, is becoming increasingly widespread in Small Commercial, and is now entering Commercial Insurance Specialty Lines.
The Relay Platform team has published what we believe to be the most comprehensive set of best practices for the creation, maintenance and upgrade of underwriting APIs. We felt the industry needed it, so we decided not to keep them to ourselves.
In May 2021 and in association with Intelligent Insurer, Relay Platform published the first comprehensive survey of insurance brokers and underwriters on Quoting APIs and the Automation of the Quote-Bind process in Commercial Lines. As mentioned in the foreword, “APIs change everything for Commercial Lines,” we highlighted the time-warping effect of well-designed quoting APIs from Carriers and MGA-MGUs.
As an insurtech company bringing distribution and underwriting closer together, we at Relay Platform have a lot of experience working with different quoting APIs. We have seen what works and what does not, and we have a wish list, too! With more commercial insurance players showing interest in APIs to advance their business, we now want to pass that knowledge along in the form of several key best practices for developing a quoting API.
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