Reliance Global Group Enhances InsurTech Solutions for Agencies
Reliance Global Group Advances InsurTech with New Solution
Reliance Global Group, Inc. (NASDAQ: RELI) has announced a significant advancement in the insurance technology sector with the launch of its beta version of an AI-powered Quote & Bind solution for commercial insurance policies. Originally slated for a later release, this innovative tool is now available on the RELI Exchange platform, offering agency partners immediate access to next-level technology.
Efficiency and Immediate Access for Agency Partners
This groundbreaking system allows agents to generate real-time quotes and instant binding of commercial insurance policies directly from their dashboard. Covering an extensive array of insurance lines, including workers’ compensation, general liability, and cyber liability, the solution stands out, particularly for executive coverages such as directors & officers (D&O) insurance and employment practices liability insurance (EPLI).
Transforming Commercial Insurance Operations
The timely launch of the Quote & Bind solution is poised to enhance revenue opportunities for RELI Exchange partners. By simplifying the historically arduous quoting process, agents are now equipped to provide clients with rapidly competitive quotes and immediate coverage binding. This transformation, driven by AI, reshapes the conventional methods of conducting commercial insurance transactions.
Gathering Feedback for Continuous Improvement
As the beta version is operational, RELI Exchange is actively collecting feedback from its user base. This engagement is crucial for the continuous enhancement of the platform. Reliance anticipates that this integration of AI technology will substantially increase premium volume, predicting the addition of millions in new premiums as a result of this innovative solution.
Leadership Perspective on the Launch
Chairman and CEO of Reliance, Ezra Beyman, expressed his enthusiasm about launching the beta version ahead of schedule. He emphasizes that this crucial step enables agency partners to seize new revenue opportunities without delay. The Quote & Bind solution is designed not only to facilitate the quoting and binding of larger commercial policies but also to significantly enhance operational efficiency and overall growth potential.
Unlocking Lucrative Markets for Agents
Moshe Fishman, Director of Insurtech and Operations at Reliance, further elaborated on the potential of this early launch. He describes the solution as a game-changer for agents, allowing them to enter profitable commercial policy markets effortlessly. With the ability to efficiently quote and bind larger policies using AI automation, agents can significantly increase their premium collections with reduced effort thereby capitalizing on substantial market opportunities.
Commitment to Innovation and Technology
Reliance Global Group stands at the forefront of InsurTech innovations, utilizing artificial intelligence and cloud technologies to streamline processes in the insurance industry. The RELI Exchange platform not only provides independent agencies with a robust set of tools to compete against larger firms but also diminishes traditional operational burdens. In addition, the consumer-oriented platform, 5minuteinsure.com, promises quick and competitive insurance quotes, enhancing accessibility for customers.
About Reliance Global Group, Inc.
Reliance Global Group, Inc. is a pioneering InsurTech company, renowned for its innovative approaches to modernizing the insurance agency and brokerage landscape. With a portfolio that includes retail insurance agencies and technology-driven platforms, the company embraces AI to foster growth and efficiency in the sector. This commitment to providing essential resources and competitive advantages continues to bolster its reputation in the industry.
Frequently Asked Questions
What is the new InsurTech solution launched by Reliance Global Group?
The newly launched solution is an AI-powered Quote & Bind system for commercial insurance, allowing agents to generate quotes and bind policies instantly.
How does this technology improve the insurance quoting process?
This technology streamlines the traditionally lengthy quoting process, enabling agents to provide faster quotes and bind coverage immediately.
What types of insurance policies does the solution cover?
The solution covers a wide range of commercial insurance lines, including workers' compensation, general liability, and various executive coverages.
What benefits does the early launch provide for agency partners?
The early launch allows agency partners to leverage new revenue opportunities and efficiently tap into the commercial policy market.
How does Reliance Global Group support its agency partners?
Reliance Global Group provides advanced tools and technologies to enable agency partners to compete effectively and reduce operational burdens.
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