(Image source: NFP website.)
Relay Platform (Wilmington, Del.), a provider of solutions aimed at the digital transformation of commercial insurance and reinsurance submissions, has announce the launch of a new broker-carrier API solution, I5, which the vendor says rapidly creates client quotes and proposals. Relay reports that it has deployed the solution at NFP, a New York-based property/casualty insurance broker and consultant specializing in corporate benefits, retirement, and individual solutions.
Relay describes I5 as including a sleek placement interface and analytics, dynamic quote comparison and management dashboard, and support for both API (automated) and email quotes to digitizing property/casualty insurance panels, i.e.,, a shortlist of carriers in a select line of business with pre-negotiated terms and conditions. The vendor asserts that insurance panels make it easier to consolidate volumes and simplify recurring transactions for brokers while also providing ideal conditions for digitization. At NFP, Relay’s I5 is enabling transformation in the company’s fast-growing cyber practice.
“Integrating technology in our broker capabilities allows us to offer more robust solutions and enhance communication with our clients,” comments Akhil Chopra, managing director and head of NFP’s cyber liability practice. “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.”
As part of what Relay characterizes as an ambitious broker enablement strategy, NFP’s cyber liability practice leadership sought a versatile digitization solution that embraced API-driven, instant quotes while still handling traditional email quotes from partner carriers. With focused, collaborative efforts, it took only a few weeks to deploy Relay’s I5, with an approach can be replicated for any line, according to Relay.
“Brokers spend a lot of time chasing quotes,” comments Greg Boutin, CEO, Relay. “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. I5 is built to solve that problem with digitized 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.”