Building Risk Transfers in Excel, Word or PowerPoint is highly inefficient. Let Relay help you work smarter!
Are you still building placements and coverage towers by hand? Stop reinventing the wheel... Quota share, excess of loss, or layered insurance placement, Relay lets you structure your Risk Transfer in seconds. Then, because it's digital, you can share it and use it to seek and ensure coverage, compare quotes, and avoid unproductive re-keying! It's just like the old way, except faster, smarter, and connected!
Send to Any Markets you deal with now. They don’t need to be on Relay! Use email as you normally do, except now it’s far more organized.
No need to change how you work! Send email notifications to markets for quote requests, using Relay. They can opt to quote by email as usual, or use Relay themselves. Either way, your deals get tracked and organized for you! As a result, you have all the information in one place, across all parties, rather than in mailboxes, shared folders or siloed systems that can be purged, easily breached, or hard to retrieve data from.
Keep Track of who responded and what they quoted. Secure your audit trail, not just your coverage. Make better decisions with real-time reports.
Relay is designed to help your risk transfers, not to be used only as a record-keeping system after all is said and done. Paradoxically, it makes us much better at record-keeping! And because all your placements are in one place, along with a full log, reports become much easier too, whether for management, compliance, or audits. Find a document two years after a placement, track your exposure by AM Best ratings, or assess quote success rates, it's all there!
Relay Simplifies Risk Transfer for All Parties
“I spent an hour on an account just to learn a colleague was already on it. An hour I'd like to get back.”
For Ceding Teams
Before Relay, you're drowning in emails and struggle to keep track of who responded, what your options are, and who you need to follow up with. You waste time re-keying information and manually uploading supporting documents and certificates to shared folders and later trying to find them.
How Relay is better You standardize requests with templates. Relay extracts placements details to create a submission and automatically saves email attachments. All your email exchanges and documents are organized by placement for you. The status of each placement and each market response is a click away. Both you and providers get automatic reminders, so nothing gets overlooked. Reports for management are also a click away. Suddenly, you have time for those things you never have time for.
“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 Heads of Ceded Re
Before Relay, you have limited visibility into your business. When you ask staff for reports, they take days or weeks to prepare and have glaring gaps. You're not tracking your exposure effectively. You have approval procedures but no way of tracking compliance. Audits consume your staff for days or weeks. And now you also need to comply with new file sharing security constraints from IT.
How Relay is better 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? No need to pull staff away from their work. The answers are at your fingertips. When an auditor wants information, it takes a minute to give them view access and leave them to it. Your staff use Relay for collaboration, not as an afterthought, so the audit trail is comprehensive and reliable, and security is built-in. Approval limits are clearly stated and enforced by Relay.
“I need reinsurance to quote on this risk, but I bet it’s too expensive and will take too long...”
For Insurance Underwriters Who Need Reinsurance
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 is better 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, visual Risk Tower and all. Now you spend more time actually generating business and growing professionally.
“We took too long to reply to our client about business we really needed. The request was buried in my mailbox.”
For Reinsurance Brokers & Providers
Before Relay, you are flooded with requests, and you struggle to keep track of all the follow ups that are needed. When requests come in, it's hard to prioritize at a glance which one matches your appetite. It takes time to organize everything and manually upload documents to the right folders. When a claim happens, you spend a lot of time digging up documents and looking for threads of conversations.
How Relay is better 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. When new requests come in, you see the key details at a glance, including the line of business and limits requested. You prioritize the right business and get more work done.
Relay for Reinsurance Brokers coming soon.
“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, and we still own our data.”
“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