Relay launches commercial insurance quoting solution
Relay Platform announced the launch of a new broker-carrier API solution, I5, which creates client quotes and proposals. Relay deployed the solution at NFP’s cyber practice.
Founded in 2018, the Toronto-based startup has its roots in a reinsurance platform and has secured $3 million in funding with NFP Ventures as its lead investor. Today the company is a team of ~25 people.
“Integrating technology in our broker capabilities allows us to offer more robust solutions and enhance communication with our clients,” said Akhil Chopra, managing director and head of NFP’s cyber liability practice. “Partnering with Relay and deploying their transformational workstream platform improved our client response and acceptance rates with carriers. We also became more efficient in dealing and communicating with our trading partners via API, while capturing real-time placement data and metrics. We are already formulating plans to replicate this success in other product lines.”
“Brokers spend a lot of time chasing quotes,” said Greg Boutin, Relay CEO and Reactions Magazine’s Innovator of the Year. “With a tightening environment and rising insurance rates this year, clients are often asking for more price comparisons than usual. A minute spent by a broker re-keying information to secure new quotes is a minute they cannot use to prospect or build relationships with clients. I5 is built to solve that problem with digitized carriers while still preserving and improving relationships with more traditional carriers still relying on emails. And, it does it for layered, complex policies just as well as for simpler ones, working alongside policy administration and other systems to increase success rates and volumes.”