Relay Platform - Frequently Asked Questions
What does the Relay platform do?
Relay organizes all risk transfer information and communications in one place. It is typically used by brokers and carriers to secure quotes, and by capacity providers to respond to quotes, either by email or through the platform. All benefit from cleaner, structured data, automated integration with email, excel, pdf and ACORD forms, as well as incredible integration capabilities. Relay provides real-time shareable information in a collaborative environment entirely focused on risk transfers.
Why should I transfer risk and place business through Relay?
There are too many reasons to list them all, so let's start with a simple few. We give you greater speed to market, visibility across your teams and risk transfers, the latest data extraction and reporting capabilities, and the ability to connect deal flow with placement success.
How much does Relay cost?
We are a subscription based fee model priced economically for everyone to start engaging through Relay today. Anyone can start with a free account, and upgrade to benefit from more functionality. You can issue, broker and respond to quotes on Relay for free. You can even respond to quotes without an account, even though a free account gives you more functionality, such as tracking those quotes in a more organized system than just your mailbox. Free accounts are just that, free. For more functionality, you can of course upgrade. See our Pricing page or contact us for more information.
Is Relay secure?
Relay system has been approved by multiple enterprise data security teams including large carriers and brokers.
- Bank-grade security: we rely on advanced, industry-recognized security safeguards to keep all of your data private and protected. With password-protected login, firewall protected servers and the same encryption technology (256 bit SSL) used by the world’s top banks, we have the security elements in place to give you peace of mind.
- User authentication: we provide login access to Relay with email and password. In addition, we offer two-factor authentication to provide a second level of security to your Relay accounts. Relay also supports SAML integration with enterprise authentication systems such as Microsoft Active Directory to provide Single Sign-On capabilities.
- Data encryption: we encrypt all data transmitted between you and Relay using industry-standard TLS (Transport Layer Security). Your data is also encrypted at rest when it is stored on our servers, and encrypted when transferred between data centres for backup and replication.
- Network protection: Relay system provides multiple layers of security controls to protect access to and within our environment, including firewalls, strict access control policies and network segregation. Relay’s security services are configured, monitored and maintained according to industry best practices.
Does Relay house capacity?
We do not provide capacity, but we help you connect better to it
Is Relay designed to replace brokers or their platforms?
Relay enhances the placement process for everyone, including brokers. Everyone can collaborate more effectively if your value chain uses Relay, but no one is forced to as they can also just respond to emails sent by Relay. Relay focuses first on the internal production process of the risk transfer, to structure and digitize it, and not just the transactional and document parts, which come after and are the core focus of most other systems. If you are a cedent, you can just use Relay to organize your risk transfer information internally before submitting to your broker by email, or you can invite them to join and collaborate with you on the platform. If you are a broker, we can help your business achieve even closer collaboration with carriers and support business you didn't previously - contact us.
Which markets are participating in Relay? How many capacity providers did Relay sign up so far?
All the major ones have already responded to quotes managed through Relay. All Reinsurers, Reinsurance Brokers and Insurance Carriers can easily receive business from Relay by email or in their account (with free accounts available). If you do not see a market, please feel free to invite them to answer quotes. There is no sign-up requirement for a carrier, broker or reinsurer to respond to quotes, as Relay handles emails. In that respect, every capacity provider is available through Relay.
Will I see a summary of the deal terms and conditions before I send it out for quote?
Yes, if you use the Relay interface instead of responding directly to a Relay email. The submission process includes a one-page summary of all information to be exchanged with the market.
As a capacity seeker or broker, can I track how successful I have been with each market?
Yes, you can generate a report by market and line of specialty to review deal success and response rates. Relay greatly enhances your visibility into the performance of capacity providers.
Can other Capacity Providers see what other markets quote?
No. They would only see their own quote. However, once a portion of capacity has been taken by another market, the portion will be shown as unavailable to other markets, without revealing the name of the provider.
How does Relay bill me, for paid accounts?
You can simply enter your credit card information in Relay and upgrade to SCALE or GROW. Your credit card will be billed monthly or annually (depending which billing plan you have chosen). The user with billing owner permission will also receive an invoice when your credit card is charged. Of course, we accept other payment methods - please get in touch with us for those.
Do I need approval from legal in my company before I can answer quotes on Relay?
Did you require approval for Microsoft Outlook or Gmail? Relay fully integrates with email, and is no different in that regard from an email client. That said, Relay also adds a lot more security and legal compliance. For instance, emailing sensitive files puts participants at risks of breach. With Relay, those can easily be secured on the platform. They can be emailed, still, but only once the right permissions have been obtained by all participants. Relay also ensures that whatever data is provided is better protected both from an IT security and a legal standpoints. If you engage with those departments for a confirmation, please make sure to mention that Relay fully supports email responses, as per your likely previous method.
What if some Capacity Providers do not want to respond through Relay?
There is no cost or risk to the Reinsurer for responding through the Relay platform. Relay sends your request for a quote just like MS Outlook or Gmail would. In addition, capacity providers can also respond by email. Should they still not want to respond through Relay, we suggest you let them know this is the system you are using - all reinsurers and brokers we engaged with have told us they would accept business through any platform so far. We would appreciate knowing if any provides a different perspective, so we can reach out and help you keep all activity within the platform.
Does Relay link to our accounting, policy administration or claims systems?
Yes, through an integration project, like most other placement systems, but we made it much easier with our architecture. Contact us for more information.
Can I invite and assign a placement to my teammate or manager?
Yes the platform is designed to help with internal and external collaboration. You can assign a risk transfer to a teammate and share status of current deals with your manager, who can also be invited.
How do I upload emails, attachments and loss runs?
Documents like loss runs can be attached when creating the submission. Additional files can also be sent and track between both parties via the email conversation tracking in Relay. They can also be emailed directly to the placement email. Once the submission has been sent no more documents can be added, but then you can use the broadcast feature to share docs with all markets.
Can other Capacity Providers see which markets I have asked to participate in the deal?
No, they would only have access to see the information you provided to them and for them to generate a quote or decline.
Can I send notifications through the system or communicate with placement partners?
Yes, Relay has a fully featured messaging system with in-app and email notifications. Capacity Providers and Reinsurance Brokers can respond in the app or via email.
What type of APIs are currently available for use?
Relay is built on an API architecture, so things are flexible in that regard. We suggest that you contact [email protected] and share your specific needs.