News Release – DXC Technology and Relay Platform to Collaborate on Boosting Brokerage Close Rates While Streamlining the End-to-End Insurance Value Chain
DXC Technology and Relay Platform to Collaborate on Boosting Brokerage Close Rates While Streamlining the End-to-End Insurance Value Chain
Retail and wholesale brokers are the focus of new solution combining Relay Platform and DXC Technology capabilities
New York, NY – JULY 21, 2021 – Relay Platform announced today that it has signed a provider and distribution agreement with DXC Technology (NYSE: DXC) to seamlessly connect brokers with capacity providers for automatic risk rating, accelerating the quotation process and removing frictional costs.
Leveraging its insurance expertise and capabilities across the Enterprise Technology Stack, DXC will integrate Relay’s innovative and intuitive electronic placement portal with its global broking platforms, including its next generation offering, DXC Assure for Broking. DXC Assure for Broking is an end-to-end integrated solution for commercial insurance brokers that addresses brokers’ biggest challenges by driving straight-through processing, managing IT costs and supporting the business life cycle, from product innovation and new business capture to accounting, claims and renewals.
The collaboration between Relay and DXC will contribute to the far-reaching transformation of the London Market, advancing its role in writing and servicing complex risks. Both companies are strong advocates for the modernization agenda in London and the need for a data-driven approach. Relay is also approved by Lloyd’s as a recognized electronic placement system for open market property & casualty (P&C) business, generating additional synergies for the collaboration.
Relay combines quotes from the new underwriting APIs emerging in commercial lines, along with traditional email quotes from expert underwriters. This approach increases success rates of both high-volume simple placements and multilayered, high-ticket placements across all P&C lines of business, including facultative reinsurance, resulting in increased revenue. Relay is actively leading the electronic revolution in commercial lines such as cyber, professional and management liability, commercial property, specialty lines and more.
“This is a win for all forward-thinking corporations in insurance and reinsurance. With insurance experience, global networks, and proven solutions, DXC constitutes a powerful commercial and technical provider for our venture,” comments Greg Boutin, Relay CEO. “With our unifying placement portal for brokers and their ecosystem, Relay proposes to increase close rates and remarketing ratios through Proposal Automation, enhanced through Data Extraction and soon by Machine Learning recommendations. Integrated with DXC’s policy administration systems, our intuitive solution will help deliver the key metrics brokers need to boost placement close rates.”
“DXC is committed to delivering excellence for our customers by leveraging our Enterprise Technology Stack capabilities and helping them achieve their business model ambitions,” said Thomas Sebastian, general manager, Insurance EMEA, DXC Technology. “Our collaboration expands DXC’s insurtech ecosystem. With an end-to-end solution that seamlessly integrates Relay’s technology with DXC’s leading policy administration systems, we are creating new opportunities in innovation for insurance and reinsurance brokers.”
About DXC Technology
DXC Technology (NYSE: DXC) helps global companies run their mission-critical systems and operations while modernizing IT, optimizing data architectures, and ensuring security and scalability across public, private and hybrid clouds. The world’s largest companies and public sector organizations trust DXC to deploy services across the Enterprise Technology Stack to drive new levels of performance, competitiveness, and customer experience. Learn more about how we deliver excellence for our customers and colleagues at DXC.com.
With Relay, brokers drastically increase their close rates by securing and comparing quotes and creating winning proposals faster, for both renewal and new business. Relay is the single-entry multi-carrier comparative-rating solution that can handle all P&C lines, across all mediums including both instant (“API”) and email quoting, at any level of complexity. Relay facilitated billions in bound coverage across insurance and reinsurance since launching in April 2020. With an exponentially growing client base in North America, Relay also counts among the few Lloyd’s accredited London market e-platforms, and recently launched its I5 Automated Proposal portal for Cyber and other P&C lines.