Relay partners with Insurercore
Toronto-based reinsurance platform Relay Platform partnered with UK-based insurance networking platform Insurercore to provide a “comprehensive solution” to insurance and wholesale brokers looking for capacity, and to those insurance companies, MGAs, and MGUs offering it.
Insurercore allows brokers and agencies to create “rich profiles, more clearly express business needs, and connect faster to products and insurance companies.” Once matched and connected, Relay provides insurance companies with an environment to structure, price (or re-price), and bind policies. Relay generates customer proposals through rapid quote acquisition and comparison, whether instant or email-based. Under this new agreement, Relay’s North American users will now have access to Insurercore’s growing UK network and vice-versa.
“This marks the beginning of a new era in the insurance space, with the first complete, contemporary ‘capacity find and bind’ solution. Our insurtech ventures share a similar DNA anchored in offering practical innovative solutions that help brokers connect to capacity faster and remove obstacles to assembling client proposals that close more deals.” – Greg Boutin, Relay CEO and Reactions Magazine Innovator of the Year.
Insurercore’s platform offers access to over 3,000 users, 2,000 companies, and 550 insurance products. Relay facilitated over $1.2 billion in coverage across P&C lines since its launch in April 2020, and recently launched its P&C broker-carrier I5 portal starting with cyber insurance.
“This is an exciting time for Insurercore, but also for the UK commercial insurance market in general. By integrating our current offering with a Lloyd’s approved placement platform, the Relay/Insurercore partnership brings commercial US brokers instant access to the London Market. For UK wholesale brokers and carriers, this collaboration fulfills our vision of enabling deal-centric connectivity. Call it networking with a purpose. It’s a win-win-win partnership, and one that we expect to see flourish over years to come.” – Peter Clarke, managing director at Insurercore.