Reliance Global Group Announces Advanced Quote & Bind InsurTech Solution for Commercial Policies Launching in Q4 2024
Reliance Global Group (Nasdaq: RELI) has announced the launch of an advanced AI-powered Quote & Bind InsurTech solution for commercial policies, set to debut in Q4 2024. This new offering, integrated into the RELI Exchange platform, aims to significantly enhance the capabilities of agency partners by enabling real-time quotes from multiple carriers and instant policy binding. The solution covers various commercial insurance lines, including workers' compensation, business owners, general liability, cyber liability, inland marine, and executive lines such as D&O and EPLI.
CEO Ezra Beyman describes the new solution as a 'game-changer' that will empower agents to boost revenue and achieve new levels of success. The company expects to benefit considerably from its share of increased commissions generated by agency partners. Moshe Fishman, Director of Insurtech and Operations, highlighted that a single commercial policy could potentially generate commission revenue equivalent to 100 new homeowner policies, representing a significant organic growth opportunity for Reliance.
Reliance Global Group (Nasdaq: RELI) ha annunciato il lancio di una soluzione InsurTech avanzata alimentata dall'IA per le polizze commerciali, che debutterà nel quarto trimestre del 2024. Questa nuova offerta, integrata nella piattaforma RELI Exchange, mira a migliorare significativamente le capacità dei partner agenziali consentendo preventivi in tempo reale da più compagnie e l'emissione immediata delle polizze. La soluzione copre vari rami dell'assicurazione commerciale, inclusi l'assicurazione contro gli infortuni sul lavoro, le polizze per imprenditori, la responsabilità civile generale, la responsabilità informatica, la marittima interna e i rami esecutivi come D&O e EPLI.
Il CEO Ezra Beyman descrive la nuova soluzione come un 'cambiamento radicale' che permetterà agli agenti di aumentare i ricavi e raggiungere nuovi livelli di successo. L'azienda prevede di beneficiare notevolmente della sua quota di commissioni aumentate generate dai partner agenziali. Moshe Fishman, Direttore dell'Insurtech e delle Operazioni, ha evidenziato che una singola polizza commerciale potrebbe potenzialmente generare ricavi da commissioni equivalenti a 100 nuove polizze per proprietari di casa, rappresentando un'importante opportunità di crescita organica per Reliance.
Reliance Global Group (Nasdaq: RELI) ha anunciado el lanzamiento de una solución InsurTech avanzada impulsada por IA para pólizas comerciales, que debutará en el cuarto trimestre de 2024. Esta nueva oferta, integrada en la plataforma RELI Exchange, tiene como objetivo mejorar significativamente las capacidades de los socios de la agencia al permitir cotizaciones en tiempo real de múltiples aseguradoras y la vinculación inmediata de pólizas. La solución abarca diversas líneas de seguros comerciales, incluidos la compensación de trabajadores, propietarios de negocios, responsabilidad civil general, responsabilidad cibernética, marina interior y líneas ejecutivas como D&O y EPLI.
El CEO Ezra Beyman describe la nueva solución como un 'cambio de juego' que empoderará a los agentes para aumentar los ingresos y alcanzar nuevos niveles de éxito. La empresa espera beneficiarse considerablemente de su parte en comisiones incrementadas generadas por los socios de la agencia. Moshe Fishman, Director de Insurtech y Operaciones, destacó que una sola póliza comercial podría generar ingresos por comisiones equivalentes a 100 nuevas pólizas para propietarios de viviendas, lo que representa una significativa oportunidad de crecimiento orgánico para Reliance.
Reliance Global Group (Nasdaq: RELI)는 2024년 4분기에 출시될 예정인 상업 보험을 위한 AI 기반 고급 InsurTech 솔루션의 출범을 발표했습니다. 이 새로운 제공은 RELI Exchange 플랫폼에 통합되어 있으며, 다양한 보험사로부터 실시간 견적을 제공하고 즉시 보험을 체결할 수 있도록 하여 에이전시 파트너의 능력을 상당히 향상시키는 것을 목표로 하고 있습니다. 이 솔루션은 산재 보상, 사업주 보험, 일반 책임, 사이버 책임, 내륙 해양 및 D&O 및 EPLI와 같은 임원 보험을 포함한 다양한 상업용 보험 라인을 포괄합니다.
CEO 에즈라 베이먼(Ezra Beyman)은 이 새로운 솔루션을 '게임 체인저'로 설명하며, 에이전트들이 수익을 증대시키고 새로운 성공의 수준을 달성할 수 있도록 할 것이라고 밝혔습니다. 이 회사는 에이전시 파트너가 생성하는 증가된 커미션의 배분으로부터 상당한 이익을 얻을 것으로 기대하고 있습니다. 보험 기술 및 운영 이사인 모셰 피쉬먼(Moshe Fishman)은 단일 상업 정책이 100개의 새로운 주택 소유자 정책에 해당하는 수수료 수익을 생성할 수 있다고 강조하며, 이는 Reliance에 대한 중요한 유기적 성장 기회를 나타냅니다.
Reliance Global Group (Nasdaq: RELI) a annoncé le lancement d'une solution InsurTech avancée alimentée par l'IA pour les polices commerciales, prévue pour le quatrième trimestre 2024. Cette nouvelle offre, intégrée à la plateforme RELI Exchange, vise à améliorer considérablement les capacités des partenaires d'agence en permettant des devis en temps réel provenant de plusieurs assureurs et une liabilité instantanée des polices. La solution couvre diverses lignes d'assurance commerciale, y compris la compensation des travailleurs, les propriétaires d'entreprise, la responsabilité civile générale, la responsabilité cybernétique, la marine intérieure et des lignes exécutives telles que D&O et EPLI.
Le PDG Ezra Beyman décrit la nouvelle solution comme un 'coup de maître' qui permettra aux agents d'augmenter leurs revenus et d'atteindre de nouveaux niveaux de succès. L'entreprise s'attend à bénéficier considérablement de sa part des commissions accrues générées par les partenaires d'agence. Moshe Fishman, directeur de l'Insurtech et des opérations, a souligné qu'une seule police commerciale pourrait générer des revenus de commission équivalents à 100 nouvelles polices pour propriétaires de maison, représentant une occasion de croissance organique importante pour Reliance.
Reliance Global Group (Nasdaq: RELI) hat den Start einer fortschrittlichen, KI-gesteuerten InsurTech-Lösung für kommerzielle Policen angekündigt, die im vierten Quartal 2024 auf den Markt kommt. Dieses neue Angebot, das in die RELI Exchange-Plattform integriert ist, zielt darauf ab, die Fähigkeiten der Agenturpartner erheblich zu verbessern, indem es Echtzeitangebote von mehreren Anbietern und sofortige Policenbindung ermöglicht. Die Lösung deckt verschiedene Linien der gewerblichen Versicherung ab, darunter Arbeitnehmerentschädigung, Geschäftsinhaber, allgemeine Haftpflicht, Cyberhaftpflicht, interne Marine und exekutive Linien wie D&O und EPLI.
CEO Ezra Beyman beschreibt die neue Lösung als 'Wendepunkt', der es Agenten ermöglicht, ihre Einnahmen zu steigern und neue Erfolge zu erzielen. Das Unternehmen erwartet, erheblich von seinem Anteil an den erhöhten Provisionen zu profitieren, die von den Agenturpartnern generiert werden. Moshe Fishman, Direktor für Insurtech und Betrieb, hob hervor, dass eine einzige kommerzielle Police potenziell Provisionsumsätze in Höhe von 100 neuen Wohngebäudeversicherungen generieren könnte, was eine bedeutende organische Wachstumschance für Reliance darstellt.
- Launch of advanced AI-powered Quote & Bind solution for commercial policies in Q4 2024
- Expansion into new commercial insurance lines, including workers' compensation, business owners, and executive lines
- Potential for significant increase in commission revenue for both agency partners and RELI Exchange
- Enhanced efficiency and convenience for customers and agents through real-time quoting and binding capabilities
- None.
Insights
Reliance Global Group's announcement of an AI-powered Quote & Bind solution for commercial policies is a significant development in the InsurTech space. This technology has the potential to streamline the insurance process and boost revenue for both Reliance and its agency partners.
The solution's ability to provide real-time quotes from multiple carriers and bind policies instantly is a major efficiency gain. This could lead to increased sales conversions and improved customer satisfaction. The expansion into commercial lines, including workers' compensation, business owners and cyber liability policies, opens up a lucrative market segment.
However, it's important to note that the planned launch is in Q4 2024, which is over a year away. This timeline suggests that the technology is still in development and there may be challenges or delays in implementation. The success of this initiative will largely depend on the accuracy and reliability of the AI algorithms, as well as the willingness of insurance carriers to integrate with this platform.
From an investor's perspective, this move could potentially lead to significant revenue growth for Reliance Global Group. Commercial policies typically carry higher premiums and, consequently, higher commissions. As noted in the announcement, a single commercial policy could generate the same commission as 100 homeowner policies. However, investors should be cautious about overly optimistic projections and monitor the company's progress in developing and implementing this technology over the next year.
The announcement of Reliance Global Group's new Quote & Bind solution for commercial policies presents a potentially significant revenue opportunity for the company. By expanding into higher-value commercial insurance lines, Reliance could see a substantial increase in commission income.
However, it's important to consider the financial implications of this development:
- Development Costs: The company will likely incur significant expenses in developing and implementing this AI-powered solution over the next year.
- Revenue Potential: While the potential for increased commissions is promising, it's important to note that commercial insurance is a highly competitive market. The success of this initiative will depend on the solution's ability to offer competitive rates and streamlined service.
- Market Adoption: The uptake of this new technology by agency partners and end customers will be critical to its success. There may be a learning curve and potential resistance to change.
Investors should closely monitor Reliance's financial reports over the coming quarters to assess the impact of development costs on the company's bottom line. Additionally, once the solution is launched, key metrics to watch will include the growth in commercial policy sales, average commission per policy and any changes in customer acquisition costs.
While this announcement signals a potentially lucrative direction for Reliance, it's important to maintain a balanced view. The full financial impact won't be clear until after the solution's launch in Q4 2024 and its success will depend on execution and market reception.
New offering catapults the commission earning ability of RELI Exchange agency partners
LAKEWOOD, N.J., July 30, 2024 (GLOBE NEWSWIRE) -- Reliance Global Group, Inc. (Nasdaq: RELI) (“Reliance”, “we” or the “Company”) today unveiled its new, advanced AI-powered Quote & Bind cutting-edge InsurTech solution for commercial policies, designed to significantly enhance the capabilities of RELI Exchange agency partners. The Company plans to launch the new offering in the fourth quarter of 2024.
The new Quote & Bind solution, integrated within the RELI Exchange platform, leverages artificial intelligence, enabling agents to provide real-time commercial insurance quotes from multiple carriers and bind policies in real time from the RELI Exchange agent dashboard. These new commercial lines of insurance include workers' compensation, business owners, general liability, cyber liability, and inland marine, as well as executive lines, such as directors & officers (D&O) insurance and employment practices liability insurance (EPLI).
"Our new AI-powered Quote & Bind solution is a game-changer for both Reliance and our agency partners," commented Mr. Ezra Beyman, Chairman and CEO of Reliance. "By unlocking the ability to quote and bind larger commercial policies, we are empowering our agents to boost revenue and achieve new levels of success. When our agency partners substantially increase their commissions, RELI Exchange also reaps considerable benefits from our share of the commission. Additionally, this feature offers unparalleled convenience for both customers and agents."
"We are excited to bring this revolutionary feature to our platform," commented Moshe Fishman, Director of Insurtech and Operations at Reliance. "Our AI-driven technology ensures that agents can provide real-time quotes and bind coverage with ease and efficiency. By expanding our offering to new lines of commercial insurance, we are empowering our agents to supercharge their revenue. A single commercial policy can sometimes amount to the same commission revenue as 100 new homeowner policies. We view this as a significant organic growth opportunity for the Company and this new offering illustrates our commitment to providing state-of-the-art tools and resources to our agency partners. RELI Exchange remains dedicated to revolutionizing the insurance industry by providing agency partners with cutting-edge technology and innovative solutions.”
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI) is an InsurTech pioneer, leveraging artificial intelligence (AI), and cloud-based technologies, to transform and improve efficiencies in the insurance agency/brokerage industry. The Company’s business-to-business InsurTech platform, RELI Exchange, provides independent insurance agencies an entire suite of business development tools, enabling them to effectively compete with large-scale national insurance agencies, whilst reducing back-office cost and burden. The Company’s business-to-consumer platform, 5minuteinsure.com, utilizes AI and data mining, to provide competitive online insurance quotes within minutes to everyday consumers seeking to purchase auto, home, and life insurance. In addition, the Company operates its own portfolio of select retail “brick and mortar” insurance agencies which are leaders and pioneers in their respective regions throughout the United States, offering a wide variety of insurance products. Further information about the Company can be found at https://www.relianceglobalgroup.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions and include statements such as the Company having built a best-in-class InsurTech platform, making RELI Exchange an even more compelling value proposition and further accelerating growth of the platform, rolling out several other services in the near future to RELI Exchange agency partners, building RELI Exchange into the largest agency partner network in the U.S., the Company moving in the right direction and the Company’s highly scalable business model driving significant shareholder value. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission and elsewhere and risk as and uncertainties related to: the Company’s ability to generate the revenue anticipated and the ability to build the RELI Exchange into the largest agency partner network in the U.S., and the other factors described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 as the same may be updated from time to time. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, the Company’s Quarterly Reports on Form 10-Q, the Company’s recent Current Reports on Form 8-K and subsequent filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Contact:
Crescendo Communications, LLC
Tel: +1 (212) 671-1020
Email: RELI@crescendo-ir.com
FAQ
When will Reliance Global Group (RELI) launch its new commercial insurance Quote & Bind solution?
What types of commercial insurance will be covered by RELI's new Quote & Bind solution?
How does the new Quote & Bind solution benefit RELI Exchange agency partners?
What technology does Reliance Global Group (RELI) use in its new Quote & Bind solution?
