By Greg Boutin, CEO, Relay Platform —
This month, Relay Platform is delighted to share that our growth rate is accelerating to unprecedented levels as we establish ourselves as the preferred cyber insurance quoting solution for wholesale and retail brokers. Every single month since October 2021, we saw 60% and 75% growth in the number of placements and quotes received by brokers through Relay – and we had not even launched the majority of the customers we have now signed!
With many implementations coming to fruition, and Relay supporting many of the largest brokerages in the US and Canada, we aim even higher! We want to double submissions monthly. Compounding month over month, this would mean over 400,000% annualized growth. If you think it sounds crazy, do the math. I had to in order to believe it, I will admit.
So, how is it possible?
Quite simply, we have further focused our efforts on what we call our “Want Cyber Insurance with that?” strategy.
We build on a major trend: given the rise of cyber risk everywhere, brokerages increasingly see it as a requirement to provide cyber insurance quotes to their clients. It minimizes their own exposure, and it is good for business.
Until recently though, there was no good, channel-neutral tool to do this well and fast. Enter Relay. We now integrate with nine leading cyber MGAs and carriers, both admitted and non-admitted, for semi-automated quotes and incredible digital client-ready proposals, with ever-improving analytics and management reports.
We listened to agents, brokers and underwriters. The team got it done, and works every day to ensure that quotes flow through even when APIs (the carrier quoting pipes) change.
We are still a multi-line platform, serving many specialty lines and even facultative reinsurance. We just launched Management Liability, in fact. But we nailed Cyber, with our MGA and carrier partners, and many others.
So, if you want to start offering Cyber to all business clients, think Relay.
Don’t miss Relay Platform in the webinar “How Broker Tech Can Unlock the Potential of Your Commercial Distribution Team” on Wednesday, April 27. at 1pm (ET), presented by Insurance-Canada.ca. Register here!
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