Commercial insurance startup Relay Platform raises $5.2 million
Relay Platform , a P&C portal provider, raised $5.2 million in seed financing, bringing its total funding to $8.25 million. The round is led by Drive Capital, a Columbus-based venture capital firm, with participation from Highline Beta, the Canadian venture capital firm that incubated Relay.
Working on top of traditional policy administration systems, Relay’s white label solution is used daily by retail/wholesale brokers and cedents across commercial lines. With Relay, they tackle the challenges of securing competitive quotes in hardening markets, remarketing more business profitably, and boosting quote-to-bind ratios and renewal rates. Management teams are embracing the solution to streamline placements, improve margins, and extend their market reach.
Relay accelerates the insurance transaction and automates the client proposal for brokers. It does this by combining quotes from carriers, MGA-MGUs, and reinsurers from any source and in any format. Quotes can originate from human underwriters or from automated, instant-quoting systems, and Relay will deliver them as dynamic, fully customizable, client-ready proposal documents.
Relay supports both high-ticket and high-volume placements across a wide range of industry participants in all commercial lines. Current implementations tackle Cyber, Executive Risk, Professional Liability, Commercial Property, Private Clients, Terrorism, Financial Institutions, and Surety.