Relay Platform Inc. (“Relay”) is a state-of-the-art SaaS platform equipping brokers, wholesalers, and their capacity providers with the leading whitelabelled electronic placement solution in both P&C insurance and facultative reinsurance. With exceptional support for mid-market and large commercial lines of business, Relay delivers best-in-class instant API-based and email quoting capabilities, along with client-winning proposals. The insurtech venture is growing rapidly in North America and is approved by Lloyd’s as one of the few London market e-platforms. It won multiple awards in 2020, including Insurtech100 and Reaction’s Innovator of the Year.
Relay Speeds up Risk Placements for All Parties
“I have to request dozens of multiline quotes to 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Before Relay, you are tired of orchestrating it all with outdated tools.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.
“If we integrated better with brokers, I could focus more on actually assessing risk and generating the best quote"
For Insurance Underwriters
Before Relay, you receive request for quotes in many different formats, and mostly by email or in siloed systems that do not talk to your own platforms. If you happen to need facultative reinsurance on those too, it adds even more delays. 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 Now you get a placement both by email and in Relay, an intuitive interface with brokers that can import a placement straight into your system, or connect to your API. You can also use Relay for your reinsurance needs, once management approve markets and approval limits. Relay notifies you of replies and keeps all conversations and documents in one place. You can easily integrate Relay with your policy admin system in days, not months, so reinsurance requests are created automatically. Spend more time closing business than administering requests.
“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.
“We took too long to reply to our client and lost the business. The request was buried in my mailbox.”
For Reinsurance Underwriters
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.
“Relay improved my quote acceptance rate by providing instant quotes where possible and tracking the quotes we had to request by email. It then updates my client proposals automatically, even multiline. I cannot live without it anymore!”
“We direly needed our own aggregated records and better analytics across placements, with reports to improve our quoting speed and performance. Relay has made all the difference in that regard.”
“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, and lets us work with all our brokers.”