Relay launches commercial insurance quoting solution
The Canadian intelligent insurance platform, Relay, has launched a new solution for commercial insurance quoting, that speeds up the process and rapidly creates client quotes and proposals.
The new broker-carrier API solution, called 15, has been successfully implemented at NFP – a leading, international property and casualty (P&C) broker that specialises in corporate benefits, retirement and individual customer solutions.
Relay’s cutting-edge SaaS platform has a reputation in the marketplace for its innovative solutions that enable the digital transformation of commercial insurance and reinsurance. The launch of I5 enables much faster delivery of proposals from panels of P&C carriers to appointed insurance brokers – as evidenced through its success at NFP.
The solution will save time, manpower and costs, as following up quotes can be a time-consuming business for insurance brokers.
“Brokers spend a lot of time chasing quotes,” points out Greg Boutin, Relay CEO and Reactions Magazine’s Innovator of the Year.
“With a tightening environment and rising insurance rates this year, clients are often asking for more price comparisons than usual. A minute spent by a broker re-keying information to secure new quotes is a minute they cannot use to prospect or build relationships with clients.”
Boutin adds, “I5 is built to solve that problem with digitised carriers while still preserving and improving relationships with more traditional carriers still relying on emails. 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 company has moved from strength to strength, achieving several breakthroughs over the past few months. 2020 saw Relay successfully bring a reinsurance electronic placing (e-placing) product to market for facultative reinsurance and made the coveted “Insurtech100 List.”
Relay is also growing rapidly in North America and is approved by Lloyd’s as one of the few London market e-platforms.
The launch of 15 shows Relay is applying the same placement interface and analytics, dynamic quote comparison and management dashboard, and support for both API (automated) and email quotes to digitising P&C insurance panels.
Insurance panels are critical because they make it easier to consolidate volumes and simplify recurring transactions for brokers while also providing ideal conditions for digitisation. At NFP, Relay's I5 is enabling transformation in the company's fast-growing cyber practice.
NFP’s cyber liability practice leadership sought a versatile digitisation solution that embraced API-driven, instant quotes while still handling traditional email quotes from partner carriers as part of an ambitious broker enablement strategy.
The team were focussed in their collaborations, and as a result, the time to deploy Relay's 15 was reduced to weeks. The approach can now be replicated for any line.
Akhil Chopra, managing director and head of NFP's cyber liability practise, explains, “Integrating technology in our broker capabilities allows us to offer more robust solutions and enhance communication with our clients.”
He continues, “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.”
Akur8’s US$30mn Series B to fuel US and APAC expansion
Still a relatively new company in the sector, Akur8’s progress since it was founded in 2018 has been characterised by cutting-edge tech, strategic growth, and a highly personable approach that clearly demonstrates the youthful innovation of insurtech itself.
The company strives to embody four key values:
- Challenging a status quo that doesn’t benefit customers
- “Disrupt the known, organise the unknown”
- Provide artificial intelligence (AI) tech with a distinctly human edge
- Create solutions that will endure the test of time
At the heart of Akur8’s business is its Transparent AI solution. Capable of empowering actuaries and pricing teams through better, faster decision making, the insurtech touts it as “the only solution that automates rate modeling while keeping full transparency and control.”
Transforming insurance pricing
In just two years, Akur8 has acquired over 30 customers in 10 countries - including high-profile insurers like Munich Re, Tokio Marine Kiln, AXA, and Generali - and established additional offices in London and New York. Now, the company is keen to develop its business in the US’ verdant insurance market and build its presence in APAC.
“The BlackFin team is thrilled to see Akur8 continue to spread its wings and deploy its next generation pricing platform across insurance carriers worldwide,” said Julien Creuzé, Partner. “We have built a great relationship with the Akur8 management team and it’s a pleasure to welcome new investors and continue this journey with them.”
Guillaume Beraud-Sudreau, Co-Founder and Chief Actuary at Akur8, added, “We are humbled by the trust that our clients and investors have placed in Akur8. Building the future of insurance pricing powered by Transparent AI has been our goal since the first day of R&D. Now this vision has become reality and we can’t wait to accelerate our growth to become the global reference in insurance pricing.”
Cover image source: Akur8