How It Works
Relay is always adding new features and enhancements. Here are the top features our customers love:
Digitize Placement Data painlessly, to boost your (Re)insurance Time-to-Close
Are your insurance or reinsurance placements slow and highly manual? It's time to upgrade! Relay lets you capture data from various sources (e.g. email, spreadsheet, acrobat forms, and other systems) and structure your placements fast! Whether simple or layered, because they are digital, quotes come back faster from capacity providers, and you save on re-keying and keep it all in one place.
Access Any Market Faster. Relay reaches to all capacity providers - They do not need to be on Relay to quote. And now with The Risk Network, we extend your reach!
Connect better with carriers and reinsurers. Digitize and augment your connections, leveraging Relay for additional capacity. Relay is building digital bridges to key capacity providers, but can also manage quote requests by email. Partners can choose to quote by email as usual or use Relay for more functions. Either way, your deals get tracked and organized for you, and Relay speeds up responses to your clients.
Optimize your Book of Business for growth, exposure and recoveries
Relay provides the most intuitive interface in the placement industry. It starts with unique analytics on response and acceptance rates by carrier/reinsurer, which helps you improve how you place business. With our powerful reports on your book of business, you also track exposure and match claims across a single source of truth. Analyze failed placements, track your exposure by AM Best ratings, or look for outliers in our visual interface, it's all there, and we improve it every week!
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 insurance and reinsurance is a time-sensitive and error-prone business. 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. Reinsurance cedents 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. Start streamlining your process, and getting quotes faster, all in one place, today.
So why shouldn't I be tracking our placements 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 broker. Why do I need Relay?
Relay is built to make brokers considerably more effective. Brokers shine at providing advice and relevant connections. Relay shines at administering your placements and supporting all the details related to securing capacity and its negotiations. That part is getting automated, even by your broker - we can help you better integrate together. Relay can integrate your broker systems with other internal sources of data to provide you with your own system of record. If you are a broker, Relay can help you provide additional value to clients, and be white-labelled and integrated with your own system. Relay believes the role of brokers will evolve and become even more important - 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.