I’m thrilled to be writing to you during my first week as CEO at Relay Platform. By the time you finish reading this letter, at least ten more Cyber attacks will have occurred, with the average loss exceeding $4 million if the attack is successful. Cyber threats continue to grow, as does the cyber insurance market; some project the market may grow to $33 billion in DWP by 2027. Relay Platform is committed to supporting the Cyber Insurance market (and beyond) with tools and technology that simplify the broking process, streamlines work, and ultimately serves corporations to protect their customers, partners, and balance sheets as best as possible.
As we begin this new chapter of our journey together, I’d like to take a moment to thank Greg Boutin for all the work he has done to bring Relay Platform to where it is today. Greg and I are committed to a smooth transition over the next month. Although I bring nearly 20 years of broad insurance experience to Relay Platform, I believe in learning from history and building on the past. I look forward to learning everything I can from Greg and harnessing his knowledge from all of the success and challenges Relay has experienced since its founding in 2018.
In addition to this personal letter, Relay has shared a press release with the details of the transition and I encourage you to read it after this letter.
Now, let’s get (re)acquainted:
The Commercial Lines P&C market has long been one of challenging, yet manual and repetitive, work. As much as we love our industry for the meaningful customer and carrier relationships, the difficult problems to solve, the thrill of the negotiation, all while delivering best-in-class service for our clients, there is also substantial manual work, follow-ups, repetitive forms, and more that gets in the way of serving our clients the way we want. Relay Platform was founded on the simple premise that humans and technology can co-exist effectively in insurance, bringing much-needed tools to handle the science of the (often manual) work while facilitating the art of insurance brokerage.
After meeting the team, it was a simple decision to join Relay Platform and return back to my original roots in Cyber and other lines of business insurance. Each discussion I’ve had with the team has been highlighted by their passion for improving the daily lives of insurance professionals and the overall shift for insureds to improve the protection from risk for their businesses. I join this team energized by their work so far and their dedication to advancing our industry-leading capabilities.
To our customers, our commitment to you is simple: to be a natural extension of the way you and your teams work to better serve your clients with an ever-evolving platform and growing panel of insurers. We will continue to invest in our capabilities through all phases of your journey, including the sign-up process through getting quotes to binding coverage with leading insurers. Together, we will transform the insurance brokerage experience into a modern, 21st century way of doing business.
To our partners: I am personally committed to ensuring Relay Platform continues to operate as an independent multi-carrier platform with a fair playing field. I look forward to building trust and reigniting relationships, both long-standing and more recent, and (re)welcoming you to our platform focused on driving mutual value.
You’ve already made the commitment to start your journey with us and I look forward to delivering on the value you expect from placing your trust in our platform.
Thank you so much for taking the time to read this letter and of course for your ongoing commitment to Relay Platform. I look forward to meeting many of you over the coming weeks and months.