BMS Re partners with insurtech Relay to streamline reinsurance placements

Reinsurance broker  BMS Re has partnered with insurtech  Relay, a property and casualty (P&C) quote-bind-issue platform, in an effort to streamline reinsurance placements, and create consistent submissions with improved analytics.

The broker has integrated Relay's F1 Platform in the US as its electronic placement system to support its recently bolstered facultative reinsurance arm.

Relay's portal is designed to increase the ease of doing business between brokers and their clients and markets. It facilitates and integrates quotes from all reinsurers whether through email or API instant quoting, while significantly reducing the time it takes to market a reinsurance placement and update clients.

BMS said the tightening market environment makes it more critical than ever for brokers to focus on relationship-building instead of administrative and quote-chasing tasks. The platform will allow BMS Re to visually structure placements, rapidly identify and approach the most relevant markets, and automate subsequent steps to increase close rates.

Starting with Relay’s whitelabeled solution, BMS Re has since configured its environment to create consistent submission packages, automate document generation and streamline market access. The company hopes implementing Relay will pave the way to rapid process improvements and additional insights that will benefit BMS Re’s US client base.

Pete Chandler, president and CEO of BMS Re US, said: “We are thrilled to announce our partnership with Relay. The timing couldn’t be better following the results of our market survey which showed that a third of respondents had yet to decide upon an e-trading strategy. With the results in mind, and as a continuation of our digital strategy including our recently announced Pathlight Analytics, we are investing in our digital future by leading from the front. This was a significant decision for BMS Re as we have a commitment to innovate and invest in technology to improve the experience for our business partners and colleagues.”

Greg Boutin, CEO of Relay, added: “ Relay’s next-generation placement interface and analytics, dynamic quote comparison and management dashboard will offer BMS Re access to consistent submission packages, improved reinsurer connectivity and data capture efficiencies. Relay is primed to tech-enable the modern broker, cedent and reinsurer through APIs while still catering to all traditional methods of business.”

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