Company: Relay Platform Inc.
Business Category: A risk transfer platform for insurance and reinsurance practitioners
Maturity Status: Startup (less than 3 years since product went into production)
Product or Service: Relay Platform for Insurance & Reinsurance Risk Transfers
Area: Both Property & Casualty insurance and Life & Health insurance
Relay is an online Software-as-a-Service solution helping ceding teams, insurance underwriters, MGAs and brokers to structure and secure reinsurance and large insurance placements simpler and faster. It has been recently featured by Insurance-Canada.ca, Intelligent Insurer, Insurance Insider, Reinsurance News, Coverager, ACORD, and several other outlets.
The platform is accessible as a self-serve sign-up from www.relayplatform.com. Complete functionality can be tested in full for free for 30 days with free basic risk transfer functionality or an enhanced monthly subscription afterwards.
Relay started with facultative reinsurance placements (launched in March 2020) but is rapidly expanding in both layered insurance placements (April 2020) and treaty/programs reinsurance (July 2020). Strategic opportunities are massive, in a market that has become ripe for digitization – whether driven by initiative such as Lloyd’s CEO blueprint/PPL (which Relay could feed), the drive towards virtualization and ILS coverage sources from the COVID crisis, or the ongoing needs from insurance providers, brokers and MGAs to collaborate and aggregate data upstream of various siloed solutions (including insurance policy admin systems).
What makes us an InsurTech:
Today, Relay allows users to turn data from various sources and formats into risk transfers, including visual coverage towers, then use them to secure and manage quotes, in the most intuitive interface ever built in (re)insurance – by the industry (based on inputs from over 500 practitioners) and for the industry.
Major features & technology used:
Grounded in usability, Relay excels at data extraction and visualization, already integrating closely with email, excel, acrobat and faster than other platforms with any accounting, pricing or underwriting system. It manages notifications and reminders, permissions, and authorized markets, while boosting the level of compliance (including integration with AM Best ratings), reporting, and market intelligence. Relay’s focus is on UX/UI, with ML and character recognition under the hood.
News & Updates
See the latest Relay news.
Relay was selected by investor Plug and Play Insurtech as a Top 10 Insurtech Company for 2020, is also backed by Fortune-500 American Family Insurance, NFP Ventures, and Highline Beta, and is the first licensed North American partner of ACORD Solutions Group. Relay was also selected as a semi-finalist in the US Acord challenge in 2019, a Plug and Play Insurtech class 7 graduate, Global Insurance Accelerator insurtech week guest, and is a current finalist of the Canadian Insurtech North Wolf Pack pitch challenge. For more information, please visit www.relayplatform.com.
Source: Relay Platform Inc.
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