How It Works
Relay is always adding new features and enhancements. Here are the top features our customers love:
We rely on advanced, industry-recognised 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.
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.
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.
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.
Why should I bother with a new system? My current process is far from perfect, but change is hard...
Placing (re)insurance is a time-sensitive and error-prone business. Insurance brokers need to layer and secure large insurance deals, which takes a lot of back-and-forth. Underwriters need to know what reinsurance is already available, what reinsurance they need, and how fast it is going to take to get it. Ceding team need a tool to avoid wasting time on cutting-and-pasting quote requests, tracking responses, and putting together reports quickly. Reinsurance managers need to know what gets placed, whether their quotes are competitive, and that it was all done within established permissions and exposure requirements, with a full audit trail. Reinsurance represents about 10% of an insurers’ cost on average, with reinsurers overheads being 30-40% of that amount – we can do better as an industry. Start streamlining your process, and getting quotes faster, all in one place, today.
So why shouldn't I be tracking our risk transfers and quotes manually?
You may have become used to it, but you are wasting a lot of time completing repeat, grueling tasks. It is a time sink and certainly not an enjoyable pastime. Putting together reports is painful. On top of that, it is highly likely that your current process is creating potential for errors, even with all the care in the world. It is also creating legal risks - how many agreements have been left unsigned? Information is hard to track. Exposure isn't monitored in real-time. Sensitive attachments are emailed without safeguards, and mailboxes are easy to breach into... When you go on vacation, it is difficult to have someone pick up your load... The list goes on. You get the idea.
We already work with a reinsurance broker. Why do I need Relay?
Relay is not built to replace brokers, but to enhance your relationship. Brokers shine at providing advice and relevant connections. Relay shines at administering your risk transfers and supporting all the details related to securing capacity and its negotiations. That part is getting automated, even by your broker. Another important one: Relay does NOT own the data you share with us! Broker systems are useful, but there are certain things they can't do as well as Relay, because they work for the broker, not you. You need a system that doesn't create lock-in and ties you down. A system that handles small placements just as well as big ones. A system that ties into your systems, and speaks your language. If you are a broker and you're reading this: you know what we wrote here is true, already. Relay can be white-labelled, or integrated with your system. We play well with others - get in touch.
Is your system secure?
Please read the section above for all the details on how we ensure the safety of your data. We are far more secure than most systems out there, because we are built using the same technology as some leading cloud providers. If you are still relying on email, shared folders or old systems, then you are at high risk of a breach. We have passed the security requirements of many large insurance corporations, and we believe we've got you covered.