The 5 Main (High-Level) Benefits of Relay
In our last blog post, we spoke about how Relay differs from other so-called “Placement Platforms”. Now let’s talk about benefits. There are many, but they can be categorized in five main ones:
- CAPACITY. Relay provides a faster, more attractive way for cedents and brokers to structure stronger, cleaner submissions for capacity providers, which increases success rate and turns into more opportunities closed. This is becoming even more compelling in the context of scarcer capacity.
- Relay digitizes a previously manual part of the process and reduces transaction costs overnight for capacity seekers, brokers and providers. Relay can achieve up to 50% transaction cost reduction (this does not include broker fees, although certain brokers are willing to review their fees for cleaner submissions) by eliminating the back-and-forths for information, which drives efficiencies through the value chain. Relay also eliminates the hidden cost and risk of poor and lost records due to an over-reliance on emails;
- For reinsurers, Relay provides its basic quote service in Fac for free, unlike all other commercial platforms. Relay also offers better integrations, including turning email, pdf and ACORD forms into structured data, and is actually used in the creation of the placements, rather than adding work.
- VISIBILITY. Relay excels at digitizing placements early and enriching that information through easy online collaboration. It supports emails fully, unlike any other platform currently. Users use it to work, not just to report. Relay cuts through the incredible fragmentation that is plaguing the industry in attempts to achieve “lock-in”, and instead offers a one-stop-shop for cedents and other risk seekers.
- CONNECTIVITY. Relay increases speed-to-market by better connecting information, parties and systems. Read Relay CEO’s article on the topic: Agile and social digitisation of risk transfers in a time of remote teams and enhanced competition and watch out for an upcoming announcement.
- INNOVATION. Relay is evolving very rapidly, with major functionality launches about every 6 weeks. Users do not buy just the product as it is today, but a subscription to an innovation service.
We know a better product is one thing. To be sustainable, it must also come from a successful company. So in our next post, we speak about our current traction and main successes.