After two years of development and testing with large participants, Toronto-headquartered insurtech Relay has released its first fully-fledged online Software-as-a-Service solution.
The firm, which has also just recently secured $3 million in its latest funding round, says the platform is able to secure and track complex risk placements quickly and easily.
The platform is designed to allow users such as underwriters, ceding teams, reinsurance intermediaries and commercial insurance brokers, turn data from various formats into visual coverage towers.
Those can then be used to secure quotes, both directly and through brokers, as well as manage and optimize placement portfolio more holistically and in full compliance with security regulations.
Relay’s first solution focuses on facultative reinsurance placements, with maintenance costs and bank-grade security all included in subscription plans.
The platform is fully accessible online through a self-serve portal, and does not require lengthy, costly setup and training.
“The Relay Team is excited to see the fruits of our labor now accessible to all,” said Relay Chief Executive Officer Greg Boutin.
“We engaged with hundreds of potential users to create a better experience for anyone dealing with risk transfers. For instance, we heard that easy collaboration was key, and so we chose to fully support third-party emails, spreadsheets, and rapid system integrations.
“This even led us to allow quotes from any capacity provider without a paid account, and thus circumvent the chicken-and-egg problem that has afflicted other placement solutions.”
NFP Ventures EVP & Managing Director Shawn Ellis added, “Relay is built from the ground-up with users in mind, to improve the operational workflow of risk placements.
“It fits perfectly in our investment portfolio, being focused on providing immediate tangible benefits to users through great design and functionality.
“Relay helps dramatically lower transaction costs for anyone transferring risk on a regular basis, be it insurance brokerage networks, or reinsurance participants and intermediaries.”
