Relay Platform (Relay), an innovative provider of solutions which enable the digital transformation of commercial insurance and reinsurance submissions, is pleased to announce the launch of a new broker-carrier API solution, I5, which rapidly creates client quotes and proposals. Relay successfully deployed the solution at NFP, a leading property and casualty (P&C) insurance broker and consultant specializing in corporate benefits, retirement, and individual solutions.
Read More: Curioinvest Launches Capital Dex, the Decentralized Exchange Primarily For Security Tokens
In 2020, Relay successfully brought a reinsurance electronic placing (e-placing) product to market for facultative reinsurance and made the coveted “Insurtech100 List.” In launching I5, Relay is applying the same sleek placement interface and analytics, dynamic quote comparison and management dashboard, and support for both API (automated) and email quotes to digitizing P&C insurance panels, or rather, a shortlist of carriers in a select line of business with pre-negotiated terms and conditions.
Insurance panels make it easier to consolidate volumes and simplify recurring transactions for brokers while also providing ideal conditions for digitization. At NFP, Relay’s I5 is enabling transformation in the company’s fast-growing cyber practice.
“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.”
Read More: GlobalFintechSeries Interview with Joe Ehrhardt, CEO & Founder at Teslar Software
As part of an ambitious broker enablement strategy, NFP’s cyber liability practice leadership sought a versatile digitization solution that embraced API-driven, instant quotes while still handling traditional email quotes from partner carriers. With focused, collaborative efforts, it took only a few weeks to deploy Relay’s I5, and the approach can be replicated for any line.
“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.”
Read More: Why Application-Layer Security Is The Future Of Fintech
