Digitize Placement Data painlessly, to boost your (Re)insurance Time-to-Close
Are your insurance or reinsurance placements still manual? It's time to upgrade! Relay lets you capture data from other sources (e.g. email, spreadsheet, acrobat forms, and other systems) and structure your placements faster. That includes large, complex placements. Because it's digital, you get quotes back faster from capacity providers, save on re-keying, and have all your placement information in a single place.
Access Any Market Faster. Relay reaches to all capacity providers - They do not need to be on Relay to quote. And now with The Risk Network, we extend your reach!
Connect better with (re)insurance capacity providers. Digitize and augment your connections, leveraging Relay and The Risk Network for additional capacity. Relay is building digital bridges to key capacity providers, but also issues quote requests by email. (Re)insurers can choose to quote by email as usual, or use Relay themselves. Either way, your deals get tracked and organized for you, and Relay speeds up your access to capacity.
Optimize your Book of Business for growth, exposure and recoveries
Relay provides the most intuitive interface in the placement industry. It starts with unique analytics on response and acceptance rates by capacity providers, which helps you improve how you place (re)insurance. With our powerful reports on your book of business, you also track exposure and match claims across a single source of truth. Analyze failed placements, track your exposure by AM Best ratings, or look for outliers in our visual interface, it's all there, and evolving rapidly too!
Relay Simplifies Risk Transfer for All Parties
“It took my staff a week to pull together the report and turns out we lost track of some facultative placements. That was an eye opener.”
For Reinsurance Cedents
Before Relay, you have limited visibility into your business. You are drowning in emails and struggle to keep track of which capacity provider you need to follow up with. You waste time re-keying information and manually uploading supporting documents and certificates to shared folders. The ceding team lead is worried about authority levels, timely renewals, and recoveries. Reports take days to prepare and have glaring gaps. You are not tracking your exposure effectively. You have approval procedures but no way of tracking compliance. When a claim or even an audit happens, the team spends a lot of time digging up documents and looking for threads of conversations. It is painful.
How Relay solves those problems The status of each placement and each market response is a click away. All email exchanges and documents are organized by placement. You can standardize requests with Excel, word, or PDF templates, and integrate with your Policy Administration system. Relay extracts placements details to create a submission and automatically saves email attachments. Providers get automatic reminders, so nothing gets overlooked, and Relay makes sure they have signed off on legal terms and conditions. Reports for management are also a click away. Approval limits are clearly stated and enforced. Security is built in, so the risk of breaches and information loss is alleviated. Suddenly, you have both peace of mind and time to think more strategically. You know your portfolio’s exposure to reinsurers in real-time. Want it by risk and rating? Need to assess the performance of your placement partners? Are they competitive? Do they even reply? The answers are at your fingertips. When an auditor or a claim manager wants information, it takes a minute to give them visibility. The team uses Relay for collaboration, not as an afterthought, so everything is easier.
“I have to create a complex client submission and then re-key it and submit it to dozens of capacity providers. It is going to take me hours”
For Insurance & Reinsurance Brokers
Before Relay, you are tired of orchestrating it all with outdated tools. You're drowning in emails and struggle to keep track of which capacity provider responded to which placements, what your options are, and whom you need to follow up with. You have difficulty receiving clean submission data from your clients, and always have to go back to them for a missing piece. Then you waste time re-keying information and manually uploading supporting documents and certificates to shared folders and later trying to find them. You also build manual updates for clients in excel and powerpoint, which isn't a smart use of your time.
How Relay solves those problems Relay makes sure you get clean and structured placement data, that you can then augment and share with capacity providers. It helps you communicate with everyone about a new placement or a renewal, and organize all responses for you. Relay extracts placements details to create a submission and automatically saves email attachments. The status of each placement and each market response is a click away. Both you and providers get automatic reminders, so nothing gets overlooked. You use Relay to create sharp-looking reports and update for your clients and management. Finally, you have time to think more strategically and fulfill your responsibilities the way you always thought it should be done.
“I need reinsurance to quote on this risk, but I bet it’s too expensive and will take too long...”
For Insurance Underwriters
Before Relay, you send out requests for reinsurance, but it just takes too long to get a response. It also takes too long to figure out what coverage you have already and how much you are allowed to place. You are constantly going in and out of systems and re-entering information. You even lost insurance business to a competitor, because you couldn’t quote fast enough.
How Relay solves those problems You can create a placement by email or import a placement straight from spreadsheets. Approved markets and approval limits are set up for you, so you can hit Send without worrying. Relay notifies you of replies and keeps all conversations and documents in one place. You can even integrate Relay with your insurance policy system (in weeks, not months) so reinsurance requests are created automatically. Now you spend more time actually generating business and growing professionally.
“We took too long to reply to our client and lost the business. The request was buried in my mailbox.”
Before Relay, requests comes in emails or you have to pull files from disparate broker systems and log into other platforms for each change. Many requests do not match your risk appetite, and you struggle to respond in a timely manner and complete the follow ups that are needed. You are sending acrobat quotes back to clients, who would prefer a more structured format. It takes time to organize everything and collaborating on a treaty renewal is quite messy. You have little to no metrics on your response time and acceptance rates.
How Relay solves those problems All your email exchanges and documents are organized by placement for you. The status of each placement and each client response is a click away. Both you and clients get automatic reminders, so nothing gets overlooked. Reports for management are also a click away, showing you useful metrics to improve your performance and focus on the right business. When new requests come in, you see the key details at a glance, including the line(s) of business and limits requested. Clients can also turn your quotes into structured data using Relay, and you are suggesting to others that they use too as it makes everyone's life easier. You prioritize the right business and get more work done.
“Before Relay, we didn't respond to a lot of quote requests because reinsurance would take too long and be too pricey. Relay has helped me address both issues and improve my quote acceptance rate.”
“We work with a broker but not everything goes through her, and I also need my own aggregated records. With Relay, we get it all in one place across providers, with reports to improve our reinsurance performance.”
“The Relay team has created the system that we in reinsurance have been missing all these years. It really puts people at the center, as opposed to trying to replace us.”
Relay for Insurance Brokers and MGA/MGUs
If you are a Commercial Insurance Broker or a MGA/MGU, on Property or Specialty risks for example, you spend a lot of time layering large placements, too, and then calling and emailing insurers to secure coverage in the open market.
Relay's platform is meant to help you by greatly speeding up this process, assisting you with all the risk structuring and coordination work. You can focus on what you do best and put your best foot forward for your clients.
Don't wait to connect if this is of interest. Sign up today! And we'd love your inputs so we can make Relay as useful to you as possible