Relay launches Management Liability Solution alongside Counterpart Insurance
New York, NY (Feb. 14, 2023) – Relay Platform, an innovative provider of solutions which enable the digital transformation of commercial insurance placements, is pleased to announce the launch of the company’s latest next generation API solution, Management Liability (ML) for Retail Agents and Brokers.
Relay Management Liability allows retail agents and wholesale brokers to generate quotes in seconds and bind Management Liability policies leveraging the partnership and first of its kind, direct API integration with Counterpart Insurance. Relay will support Management Liability coverages including Employment Practices Liability Insurance (EPL), Directors and Officers Insurance (D&O), and Fiduciary Liability Insurance.
Furthermore, agents and brokers will have the option to quickly add quotes for Management Liability policies including when writing Cyber deals to better serve their clients and generate additional cross-sell revenue.
Counterpart is the first Management Liability provider to utilize proprietary data and cutting-edge technology in response to ever-increasing settlement and legal expenses, which can easily bankrupt a small business. Claims expenses have spiked in recent years due to plaintiff friendly legal environments and unrestrained legal fees.
Relay Management Liability grants agents and brokers access to the sleek Relay placement interface, data exports, NAICS code recommendations, dynamic quote comparison, and management dashboard. Efficiencies continue to be delivered through Relay’s well-established automated PDF proposals and API (automated) quotes. Additionally, Relay Management Liability users have access to the Relay Risk Academy Education Portal — equipping agents and brokers with tools and resources to efficiently increase business and protect customers.
Connecting broker and carrier systems directly through APIs is transformational in delivering quotes to brokers in seconds. Relay unifies carriers & MGA-MGU applications and sources capacity through both real-time and manual quotes to produce a comprehensive Smart Client Proposal™ that saves hours a day and boosts success rates for agents & brokers in any Specialty Line.
“At Relay, we strive for material differentiation on all levels of our product offering,” said Anne Hasenstab, Chief Insurance Officer at Relay Platform. “A key component of this is identifying carrier partners led by top notch industry experts backed by financially sound capacity and a product suite that is both intuitive and innovative. Counterpart encapsulates all parts of this triad. We are tremendously excited to partner with the Counterpart team to take digital distribution in management liability to the next level.”
Relay is built for both modern and traditional brokers and agents. It equips them with a friendly interface to easily add specialty lines to their client proposals. Relay lets agencies and brokerage quickly add Cyber Insurance to any quote, and also supports Management Liability and Small Commercial/BOP. Forward-looking agencies and brokerages in North America use Relay to place more business, faster and better. For more information, visit www.relayplatform.com.
About Counterpart Insurance
Counterpart pairs trusted insurance experts with market-leading artificial intelligence to enable small businesses to do more with less risk. Counterpart’s management and professional liability products are available through 1,400 of the most respected brokers in the country, who help to tailor Counterpart’s broad coverage and extensive risk-management support needs of each small business owner. Counterpart’s underwriting is complemented by a suite of products and services that help brokers and insureds proactively manage exposures throughout the term of the policy. For more information, please visit yourcounterpart.com.
SOURCE: Relay PlatformTags: API, InsurTech, InsurTech Spotlight, launch, partnership, Relay