NEW YORK – February 2, 2021 – NFP, a leading insurance broker and consultant that provides property and casualty (P&C), corporate benefits, retirement and individual solutions, today announced a strategic partnership with Relay Platform (Relay). Through this partnership, NFP has started to implement Relay’s I5 solution to support brokers and carriers by digitizing P&C insurance panels, a shortlist of insurers in select business lines with renegotiated terms and conditions that consolidate volumes and simplify recurring transactions for brokers.
As brokers work to digitize P&C insurance panels and specialty businesses, I5 offers a solution for complete quote collection, reducing the time and effort needed to assemble a client proposal by at least 50 percent. Using I5, brokers can organize and compare quotes digitally through a combination of traditional email-based and automated quotes, and dynamically generate client proposals, particularly for larger, more complex placements. The transformational, automated workstream creates more efficient lines of communication between brokers, clients and carriers, while allowing brokers to capture placement data and metrics in real time.
“Implementing I5 allows us to continue making process refinements that increase efficiency, strengthen relationships, and help us help our clients address their most significant and complex risks,” said Akhil Chopra, managing director and head of NFP’s cyber liability practice. “After the success we’ve seen with I5 in our cyber practice, we are excited to further integrate it into other specialties to support our larger clients.”
“I5 simplifies the quote collection and comparison process for brokers, provides clients with faster proposals and insights to make better decisions, and unlocks underwriting efficiencies for carriers,” said Greg Boutin, CEO of Relay. “NFP’s deployment of I5 is already producing benefits across several of the company’s most prominent P&C lines, and it allows brokers to spend more time building relationships with their prospects and clients and less time entering and re-entering information. We look forward to working with NFP in the future.”
NFP is a leading insurance broker and consultant providing specialized property and casualty, corporate benefits, retirement, and individual solutions through its licensed subsidiaries and affiliates. NFP enables client success through the expertise of over 5,800 global employees, investments in innovative technologies, and enduring relationships with highly rated insurers, vendors, and financial institutions. NFP is the 5th largest benefits broker by global revenue, 5th best place to work in insurance and 6th largest US-based privately-owned broker (Business Insurance); 9th commercial lines agency by P&C commercial lines revenue and 10th largest property and casualty agency (Insurance Journal); and 12th largest global insurance broker (Best’s Review).
About Relay Platform (Relay)
Relay Platform Inc. (Relay) is a state-of-the-art SaaS platform equipping brokers, wholesalers, and their capacity providers with the leading white-labelled electronic placement solution in both P&C insurance and facultative reinsurance. With exceptional support for mid-market and large commercial lines of business, Relay delivers best-in-class instant API-based and email quoting capabilities, along with client-winning proposals. The insurtech venture is growing rapidly in North America and is approved by Lloyd’s as one of the few London market e-platforms. It won multiple awards in 2020, including Insurtech100 and Reaction's Innovator of the Year. Visit www.relayplatform.com or email email@example.com for more information.