Fast-rising insurtech innovators join forces to help brokers tackle the hardening insurance markets.
NEW YORK & LONDON, February 25, 2021 – Relay Platform (Relay), a prominent North American property and casualty (P&C) Quote-Bind-Issue portal provider, is pleased to announce a new partnership with UK-based insurance networking platform Insurercore which will provide a comprehensive solution to insurance and wholesale brokers looking for capacity, and to those insurance companies, managing general agencies (MGAs), and managing general underwriters (MGUs) offering it.
Insurercore allows brokers and agencies to create rich profiles, more clearly express business needs, and connect faster to products and insurance companies. Once matched and connected, Relay provides insurance companies with an environment to structure, price (or re-price), and bind policies. Relay generates sleek customer proposals through rapid quote acquisition and comparison, whether instant or email-based. Under this new agreement, Relay’s North American users will now have access to Insurercore’s growing UK network and vice-versa.
“This marks the beginning of a new era in the insurance space, with the first complete, contemporary ‘capacity find and bind’ solution,” said Greg Boutin, Relay CEO and Reactions Magazine Innovator of the Year. “Our insurtech ventures share a similar DNA anchored in offering practical innovative solutions that help brokers connect to capacity faster and remove obstacles to assembling client proposals that close more deals.”
In a rapidly evolving and increasingly hard market, the partnership’s biggest offering combines professional networking with actual dealmaking in order to help brokers keep a pulse on all capacity providers in the interest of sourcing the best deal for clients.The partnership will also focus on “reducing the noise,” by accurately matching insurance professionals to the most appealing deals based on risk appetite derived from both Insurercore’s expressed profiles and Relay’s deep analytics on actual transactions. Participation will require a user’s pre-authorization, in line with industry norms.
Both companies are on a rapid upward trajectory. Insurercore’s platform offers access to over 3,000 users, 2,000 companies, and 550 insurance products. Relay facilitated over US$1.2Bn in coverage across P&C lines since its launch in April 2020, and recently launched its P&C broker-carrier I5 portal starting with cyber insurance. Insurercore’s established presence in the UK and Relay’s in North America will allow each company to support each other’s expansion in those core markets.
“This is an exciting time for Insurercore, but also for the UK commercial insurance market in general,” says Peter Clarke, managing director at Insurercore. “By integrating our current offering with a Lloyd’s approved placement platform, the Relay/Insurercore partnership brings commercial U.S. brokers instant access to the London Market. For UK wholesale brokers and carriers, this collaboration fulfills our vision of enabling deal-centric connectivity. Call it networking with a purpose. It’s a win-win-win partnership, and one that we expect to see flourish over years to come.”
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 over $1.25 billion bound across insurance and reinsurance since launching in April 2020. With a client base growing rapidly in North America and Relay counts among the few Lloyd’s accredited London market e-platforms. Relay integrates quickly with Agency Management or Policy Administration systems.
Insurercore is a Professional Network, exclusively for insurance professionals, that enables efficient and informed communication around risk and risk appetite. Detailed product listings, a bespoke ‘insurance search engine’, advanced analytics and a scrolling news feed are just some of the features that support this. Since the launch of our Beta in 2020, we have become the largest network of our type in Europe and boast nearly 2000 insurance companies and 560 products from across the UK and abroad.