Relay Continues to Push Innovation in Cyber Insurance With New At-Bay Partnership
At-Bay brings comprehensive Cyber coverage, active risk monitoring services to Relay’s platform
New York, NY – November 30, 2021 – Relay Platform (Relay), is pleased to welcome At-Bay to its thriving suite of carriers, MGA-MGUs, and reinsurers offering instant quotes (API) through their platform. The integration with Relay Platform offers brokers instant quotes, augmented communication, and seamless access to At-Bay’s comprehensive Cyber Liability coverage and active risk monitoring services.
Relay, an innovative provider of solutions enabling the digital transformation of commercial insurance and reinsurance submissions, is designed to facilitate the transition to data-first insurance placements, instant quoting, and superior connectivity to markets. The Relay I5 platform allows insurance brokers to visually structure placements, rapidly identify and approach the most relevant markets, and access tools to help increase win rates.
At-Bay offers instant, bindable Cyber quotes via API up to $3 million in limits for businesses up to $100 million in revenue. At-Bay Cyber policies provide broad first- and third-party coverage, including costs related to ransomware, social engineering, business interruption, system failure, breach response, and data restoration.
At-Bay’s REST API is designed to be modular, fast, and easy to maintain while offering multiple endpoints and insurance options for flexible deployment. The API provides an end-to-end journey, from quoting to binding to policy issuance, and delivers a 90% quote ratio for in-appetite submissions that ensures customers consistently receive bindable quotes from At-Bay.
“Connecting broker and carrier systems directly through API is transformational to the insurance value chain, allowing all participants to operate and grow more efficiently,” said Nyles Oppenheimer, SVP, Strategy & Partnerships at Relay. “We’re thrilled to add another forward-thinking, differentiated partner to our platform and look forward to bringing At-Bay’s leading contributions to more brokers.”
Every Cyber policy from At-Bay includes active risk monitoring at no additional charge. The proprietary service is a combination of frequent scans to detect vulnerable businesses and an in-house security team to help businesses and their brokers resolve issues before attackers can exploit them. By employing active risk monitoring, At-Bay’s ransomware claims frequency is seven times lower than the industry average, as detailed in the recently published report: “Overcoming Ransomware: A Blueprint for Thriving in a Digital World.”
“Brokers are looking for better ways to assess and manage cyber risk, and At-Bay’s active risk monitoring is the solution to the dynamic market conditions we are currently seeing,” said Kristie Felton, Head of Partnerships at At-Bay. “Our partnership with Relay is an opportunity to not only provide more brokers with instant, bindable quotes, but to also empower brokers with actionable insights and cyber security expertise that can be shared with their clients.”
Relay unifies carriers, MGA-MGU applications and sources capacity through both real-time and manual quotes to produce a comprehensive Smart Client Proposal™ that saves hours a day and boosts success rates for agents and brokers in all Commercial Lines. Through Relay, At-Bay will offer its integrated REST API that enables partners to generate quotes in less than 2 minutes and bind and sign entirely online.
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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. Visit www.relayplatform.com or email [email protected] for more information.
At-Bay is the cyber MGA for the digital age. By combining world-class technology with industry-leading insurance expertise, At-Bay was designed from the ground up to empower businesses to thrive in the digital world. As a Cyber MGA (managing general agent), At-Bay underwrites insurance policies through HSB Specialty Insurance Company, rated A++ by A.M. Best Company and part of Munich Re. At-Bay is backed by Acrew Capital, Glilot Capital, the HSB fund of Munich Re Ventures, Icon Ventures, ION Crossover Partners, Khosla Ventures, Lightspeed Venture Partners, M12, entrepreneur Shlomo Kramer, and Qumra Capital. www.at-bay.com