Agents and brokers can ask the platform to explain complex insurance terms in plain English, overcoming a traditional obstacle to the sale of Cyber and other specialty insurance policies
New York, NY - March 16, 2023 - Relay Platform (Relay), a leading multi-carrier placement platform for commercial insurance, announced today the launch of a new functionality that simplifies complex cyber insurance terms for insurance agents and brokers, and equips them to overcome one of the biggest problems they face when trying to sell Cyber and specialty insurance: understanding and explaining complex insurance terms and concepts to their clients.
With this powerful feature, unlocked by recent breakthroughs in Artificial Intelligence, agents and brokers can now explain cyber insurance terms to their clients in a clear and concise way, making it easier for them to answer application questions.
Quoting and placing cyber and specialty lines insurance today is a daunting task. The technical jargon, confusing underwriting questions and varied terminology across multiple carriers intimidate many brokers and agents, driving them away from offering the cyber protection their clients need. This new capability anchors brokers and agents further as a trusted advisor to their clients, as they can understand and communicate complex concepts more clearly.
For example, brokers can ask Relay for help to explain a complex question to a client in plain English and in 500 characters or less. For a complex question such as “Do you use endpoint protection (EPP) across your networks?,” Relay can provide additional clarification by stating that: “Endpoint protection (EPP) is a type of security system that helps protect the computers and devices in your network. It can help keep your information safe and secure by blocking malicious activity online. EPP can also help you stay compliant with data protection laws.”
This new AI capability also continues to establish Relay as the leading technological innovator in the cyber and specialty line placement space. The new feature uses natural language processing and machine learning algorithms to analyze and simplify complex insurance terms and jargon. It is available immediately to all insurance agents and brokers who use the company's platform, which is designed to help them place cyber insurance, as well as Management Liability and Small Commercial/BOP insurance.
"Cyber insurance is an increasingly important component of the insurance industry, as more businesses rely on technology to operate their businesses," said Edmund Lo, Head of Product & Engineering. "However, the technical language and complex terminology associated with cyber insurance applications can be difficult for clients to understand. Our new AI functionality simplifies these terms, making it easier for any insurance agent and broker to offer cyber coverage."
Relay already made a name for itself with its sleek placement interface, data exports, NAICS code recommendations, dynamic quote comparison, and management dashboard. Efficiencies continue to be delivered through Relay’s well-established API (automated) quote and automated PDF proposals. Relay users continue to have access to the Relay Risk Academy Education Portal — equipping agents and brokers with even more tools and resources to efficiently increase business and protect customers.
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Relay is built for both modern and traditional brokers and agents. It equips them with a friendly interface to easily add specialty lines to their client proposals. Relay lets agencies and brokerages offer Cyber Insurance quickly and simply, and also supports Management Liability and Small Commercial/BOP. Forward-looking agencies and brokerages in North America use Relay to place more business, faster and better.
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