Insurtech Relay launches new commercial insurance digital quoting solution

Canada and US-based insurtech venture Relay Platform, which is approved by Lloyd’s as one of the London market e-platforms, has launched a new broker-carrier API-driven quoting solution for the commercial insurance and reinsurance industry.

Relay’s software-as-a-service (SaaS) solution focuses on P&C insurance and facultative reinsurance placements. The platform aims to provide a user-friendly interface to structure, secure and track complex risk placements quickly and easily.

The company's new API solution, called I5, uses analytics and dynamic quote comparison and management dashboard to create instant quotes and proposals.

“Brokers spend a lot of time chasing quotes. With a tightening environment and rising insurance rates this year, clients are often asking for more price comparisons than usual," said Greg Boutin, CEO of Relay.

"I5 is built to solve that problem with digitized carriers while still preserving and improving relationships with more traditional carriers still relying on emails," Boutin explained. "And, it does it for layered, complex policies just as well as for simpler ones, working alongside policy administration and other systems to increase success rates and volumes.”

The solution has been deployed at property and casualty (P&C) insurance broker NFP's cyber liability practice.

Akhil Chopra, managing director and head of NFP’s cyber practice, said: “Partnering with Relay and deploying their transformational workstream platform improved our client response and acceptance rates with carriers. We also became more efficient in dealing and communicating with our trading partners via API, while capturing real-time placement data and metrics. We are already formulating plans to replicate this success in other product lines.”

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