(Image source: Relay homepage.)
Relay Platform Inc., a Toronto-based InsurTech with the mission of making the process of structuring and securing reinsurance and large insurance placements simpler and faster, has become a Licensed Integrator Partner of ACORD Solutions Group (ASG; Pearl River, N.Y.), enabling it to further operationalize the global ACORD Standards for its customers in the insurance and reinsurance industry. Relay is the first North American participant in the ASG Licensed Integrator Partner program, which already includes several European solution providers.
Relay describes its focus as providing a user-centric, simple interface to structure, secure, and track complex risk placements more quickly and easily. The vendor lets users, such as underwriters and ceding teams, easily input data from various formats and turn them into visual coverage towers (also known as “mud maps”) which can be used to secure quotes, both directly and through brokers. Relay’s investors include Fortune-500 American Family Insurance (Madison, Wisc.), NFP Ventures (New York), Plug and Play (Sunnyvale, Calif.), and Highline Beta (Toronto).
As an initial step in its collaboration with ASG, Relay reports that it has licensed the ACORD Transcriber solution for dynamic document delivery and automation. Relay says it will use ACORD Transcriber to automatically extract key fields from Adobe Acrobat and MS Excel documents and import them into the Relay platform, thereby greatly speeding up data acquisition, processing, and subsequent enrichment.
“The partnership with ASG allows Relay to focus on our core strength, which is understanding the needs of underwriters, ceding teams, reinsurance and insurance brokers, to create a collaboration solution that they are eager to use,” comments Greg Boutin, CEO, Relay. “We see that as a key precondition to any successful digitization effort in this industry. We believe that turning various documents into smaller, recognized bits of data—which can then be copied and shared in smart ways to make the whole process more integrated and smoother for all participants—is a pretty exciting functionality that will save the industry significant time and costs, while alleviating legal and financial risks.”
Improving the Speed, Accuracy, and Efficiency of Data Exchange
ACORD Data Standards are widely used throughout the insurance industry, accounting for half of global gross written premiums. The industry-owned ACORD Transcriber solution operationalizes these Standards to automatically download, extract, and populate data in various document formats, enabling direct systems integration and straight-through processing.
“ACORD Solutions Group is committed to improving the speed, accuracy, and efficiency of data exchange throughout the global (re)insurance industry,” comments Chris Newman, Managing Director, Global, ACORD. “The complementary objectives and capabilities of Relay and ASG will enable us to leverage the best in next-generation technology and user design in order to improve the operational workflow of risk placements.”