LONDON, May 7, 2020
LONDON, May 7, 2020 /PRNewswire/ -- As with so many industries, Covid-19 has become a huge disruptor that is forcing businesses to adapt – some with more success than others. But in the middle of enforced social distancing, how can insurers and reinsurers retain the connectivity that is so crucial to keeping the wheels turning?
Establishing trust and meeting face-to-face is an important element of reaching a deal in any business, but no more so than in the insurance and reinsurance sector, where agreements are built based on reputations, handshakes and business lunches.
Existing industry trends certainly are not making business any easier, warns Greg Boutin, CEO of Sofware-as-a-Service insurance solution Relay Platform, in an article in Business Reporter. With time-based competition finally entering the industry, access to insurance and reinsurance capacity tightening, and the evolution of risk transfer models leading to reinsurers, carriers and brokers moving into each other's businesses, we were already witnessing a perfect storm of challenges before C-19.
The industry is trying to adapt. Yet this evolution is poorly supported by the core systems that powers them. Companies need to move away from rigid, over-engineered 'mainframe' systems that cannot react flexibly to market dynamics, and put in place nimbler, more flexible digital solutions.
Those systems need to offer quicker access to capacity, to avoid practitioners missing out on deals. This calls for built-in digital support for increased social connectivity and the element of trust it fosters, which will remain a crucial aspect of risk transfer given its overall complexity.
"At Relay, we build a platform that connects people, data and systems all in one place, whether it's for insurance or reinsurance, and we wanted to put that at the service of the community," says Boutin, in a specially recorded video from his home office.
Emails, says Boutin, remain the number one way of completing placements for insurance professionals, so Relay fully supports it. Unlike other placement systems, no account is required to respond to quotes. "It is the most flexible way of interacting with the market and remaining connected. We believe that placements are all about connectivity. Relay is built around the end-user, around the people, because I believe you can take the risk transfer process out of the office, but you can't take people out of that process."
Relay is offering an extended trial period for insurers interested in trying out the service and offering feedback. It also offers free basic accounts. "Use it, see how much better your life could be – our job is all about connectivity. We are a team of digital natives whose only mission is to make your life better," says Boutin. "Don't let this crisis go to waste – use it to digitise."
To learn more about how Relay can help you connect and maintain trust for risk transfers, go to www.relayplatfrom.com
Notes for editors
This press release has been provided by Business Reporter (www.business-reporter.co.uk).
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About Relay Platform
Relay Platform is an online Software-as-a-Service solution helping ceding teams, insurance underwriters and brokers to structure and secure reinsurance and large insurance placements simpler and faster. Relay has launched and is evolving rapidly to offer risk transfer professionals a vastly better way to connect and transact online.
Relay was selected by investor Plug and Play as a Top 10 Insurtech Company for 2020, as a semi-finalist in the 2019 ACORD North-American Challenge, and as a finalist in the upcoming Insurtech North 2020 Pitch Competition. It is also backed by Fortune-500 American Family Insurance, NFP Ventures, and VC firm Highline Beta.