Reliance Global Group Announces Successful Launch of 5MinuteInsure.com

Rhea-AI Summary

Reliance Global Group, Inc. (NASDAQ: RELI; RELIW) has launched 5MinuteInsure.com in Ohio, marking the start of a nationwide rollout. This platform uses AI to provide personalized insurance quotes in under 2 minutes and allows users to bind coverage within 5 minutes. Customers report savings up to 60% on premiums, exemplified by a client reducing their payment from $2,000 to $800. The CEO projects rapid growth in the online insurance market, supported by partnerships with 16 carriers and approval in 46 states.

Positive

• Successful launch of 5MinuteInsure.com in Ohio, beginning nationwide rollout.
• Customers report savings of up to 60% on insurance premiums.
• Rapid adoption of AI technology in the insurance sector.
• Partnerships with 16 insurance carriers, expanding offerings.
• Platform approved for use in 46 states.

Negative

• None.

Customers reported savings of up to 60% on insurance policies

LAKEWOOD, NJ, Sept. 13, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Reliance Global Group, Inc. (Nasdaq: RELI; RELIW), which combines AI and cloud-based technologies with the personalized experience of a traditional insurance agency, today announced that it has successfully launched 5MinuteInsure.com in Ohio, the first state in the Company’s planned nationwide rollout. 

5MinuteInsure.com is a tool developed by Reliance Global that utilizes artificial intelligence and data mining to provide competitive insurance quotes in under 2 minutes, with the ability to bind coverage within 5 minutes, with minimal data input via a smartphone, tablet or computer. 5MinuteInsure.com combines the best of a traditional insurance agency, including the option for direct agent interaction, with the ability to bind a policy online.  Through 5MinuteInsure.com, consumers can compare live quotes for auto insurance between multiple carriers, as well as instantly purchase coverage on the same single platform. This is a major differentiating factor from lead generator comparison sites that compare non-binding quotes and often sell personal information to third-party providers. 

Ezra Beyman, CEO of Reliance Global Group, commented, “I am very pleased to announce the successful launch of 5MinuteInsure.com in Ohio.  The goal of this platform is to tap into the growing number of online shoppers by providing them a seamless one-stop solution to compare quotes and instantly bind a policy.  The feedback from customers has exceeded our expectations. As an example, one of our first clients was able to reduce their premium from approximately $2,000 to just $800 on a comparable policy with a new carrier, representing a 60% savings.

“Unlike other sectors, insurance has been one of the last to adopt technology and move online. Based on customer feedback, we believe 5minuteinsure.com is poised to rapidly establish a dominant position in the multi-billion dollar insurance market by taking advantage of the migration of insurance from offline to online.  At the same time, we continue to add insurance carriers to our network and now offer insurance products from a total of 16 carriers and are approved in 46 states. We plan to roll out our 5MinuteInsure.com platform in additional states in the near future and look forward to providing further updates as we progress.”  

About Reliance Global Group, Inc.

Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) is combining advanced technologies, with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy includes both an organic expansion, including through 5MinuteInsure.com, as well as acquiring well managed, undervalued and cash flow positive insurance agencies.  Additional information about the Company is available 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. 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. 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

What is the significance of the launch of 5MinuteInsure.com?

The launch marks the beginning of a nationwide rollout and integrates AI for competitive insurance quotes.

How much can customers save using 5MinuteInsure.com?

Customers reported saving up to 60% on their insurance premiums.

In how many states is 5MinuteInsure.com approved for use?

The platform is currently approved in 46 states.

What technology does 5MinuteInsure.com utilize?

The platform uses artificial intelligence and data mining to provide insurance quotes.

How quickly can users bind insurance coverage on 5MinuteInsure.com?

Users can bind coverage within 5 minutes after receiving quotes.