Reliance Global Group Expands its RELI Exchange Artificial Intelligence-Based InsurTech Platform with CRM Integration

Rhea-AI Summary

Reliance Global Group (NASDAQ: RELI, RELIW) has announced significant enhancements to its InsurTech platform, RELI Exchange. The upgrades include new customer relationship management (CRM) tools that streamline operations and reduce costs for agency partners. The AI engine now pre-populates 90% of customer applications, allowing agents to focus on providing comprehensive policy comparisons. CEO Ezra Beyman noted that these developments follow the launch of a real-time life insurance quotation tool, positioning Reliance as a leader in the InsurTech space.

Positive

• Enhanced AI-based CRM tools improve workflow and reduce costs for agency partners.
• 90% of customer application data now auto-populated, increasing efficiency for agents.
• Launch of new real-time life insurance quotation tool enhances service offerings.

Negative

• None.

Provides enhanced sales tools and streamlines operations for agency partners

Auto-population of customer data saves agents’ time, while providing
customers more comprehensive insurance policy comparisons

LAKEWOOD, N.J., Feb. 13, 2023 (GLOBE NEWSWIRE) -- Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) with the personalized experience of a traditional insurance agency, today announced that it has significantly enhanced its AI-based, InsurTech platform with new customer relationship management (CRM) tools to further enhance workflow, streamline operations, and reduce costs for insurance agency partners utilizing RELI Exchange.

Moshe Fishman, Director of InsurTech at Reliance Global Group, commented, "Our strategy to leverage AI technology has revolutionized the process by which insurance policies are obtained, making it more automated than ever before. The enhanced AI engine powering our RELI Exchange platform now pre-populates 90% of a customer's application, providing agents with an improved and streamlined process. The new custom CRM system facilitates the entire customer engagement, sales and closing process, allowing the system to provide ‘smart coaching’ guidance where needed. In addition, our RELI Exchange sales directors will benefit from the CRM system, as it will help directors better track prospects, and support agency partners through the sales cycle. These enhancements to the AI-based platform are not meant to replace the agent experience, but rather enhance their interactions with customers, by enabling them to compare more quotes in a shorter amount of time, while focusing on the overall experience."

Ezra Beyman, CEO of Reliance Global Group, stated, "We are excited to integrate our advanced AI engine and custom CRM system into our RELI Exchange InsurTech platform. This upgrade follows the recent launch of our real-time, life insurance quotation tool, which compares life insurance policies from over 15 insurance carriers, and builds upon our successful home and auto insurance offerings. We have always been at the forefront of AI-based technologies and, with this integration, we are further elevating our position as an InsurTech leader."

About Reliance Global Group, Inc.

Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) an InsurTech pioneer, is working to transform the traditional insurance agency model by combining artificial intelligence (AI) with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy includes the organic expansion of 5MinuteInsure.com, its online business-to-consumer platform that utilizes artificial intelligence and data mining, to provide competitive insurance quotes within 5 minutes, and RELI Exchange, its B2B InsurTech platform and agency partner network for insurance agents and agencies, designed to give independent agents an entire suite of business development tools and the ability to effectively compete with national agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the "safe harbor" provisions of the U.S. 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. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “projects,” “forecasts,” “proposes,” and similar expressions. 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 SEC and elsewhere and risks and uncertainties related to: the Company’s ability to provide agents on the RELI Exchange network with a potential new revenue stream accretive to the profitability of their existing businesses; the ability of the RELI Exchange to attract new agency partners and provide them with the tools to make their businesses operate more efficiently and become more profitable; the Company’s ability to move independent agents to the RELI Exchange platform; the Company’s ability to add new products and services in the future, accelerate the growth of the platform and build RELI Exchange into what it hopes to be the largest agency partner network in the country; the Company’s ability to generate revenue as anticipated; the Company’s ability to maintain compliance with the NASDAQ listing requirements; and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and its subsequent filings with the SEC, including subsequent periodic reports on Form 10-Q and current reports on Form 8-K. The information in this release is provided only as of the date of this release, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law.

Contact:

Crescendo Communications, LLC
Tel: +1 (212) 671-1020
Email: RELI@crescendo-ir.com

FAQ

What enhancements has Reliance Global Group made to its InsurTech platform RELI Exchange?

Reliance Global Group has enhanced its RELI Exchange platform with AI-based CRM tools that streamline operations and reduce costs for agency partners.

What percentage of customer applications is auto-populated in the new Reliance system?

The new AI engine in RELI Exchange pre-populates 90% of customer applications.

Who is the CEO of Reliance Global Group?

The CEO of Reliance Global Group is Ezra Beyman.

When was the press release announcing the new RELI Exchange features issued?

The press release was issued on February 13, 2023.

What is the stock symbol for Reliance Global Group?

The stock symbols for Reliance Global Group are RELI and RELIW.