Reliance Global Group Launches Beta Version of Advanced Quote & Bind InsurTech Solution for Commercial Policies, Ahead of Schedule
Reliance Global Group (Nasdaq: RELI) has launched the beta version of its AI-powered Quote & Bind InsurTech solution for commercial policies ahead of schedule. Initially set for Q4 2024, this early release gives RELI Exchange agency partners immediate access to the technology. The solution enables real-time quotes and instant binding of commercial insurance policies, covering various lines including workers' compensation, general liability, and cyber liability.
This advanced system is expected to enhance revenue streams for RELI Exchange partners by streamlining the quoting process for commercial policies. The company anticipates millions of dollars in new premiums being added to its books in the coming year. The early launch reinforces Reliance's commitment to delivering state-of-the-art technology to its agency partners, positioning both agents and the company for significant growth in the commercial insurance market.
Reliance Global Group (Nasdaq: RELI) ha lanciato la versione beta della sua soluzione InsurTech Quote & Bind basata su intelligenza artificiale per le polizze commerciali con largo anticipo. Inizialmente prevista per il quarto trimestre del 2024, questo rilascio anticipato offre ai partner agenziali di RELI Exchange accesso immediato alla tecnologia. La soluzione consente preventivi in tempo reale e la stipula immediata di polizze assicurative commerciali, coprendo varie categorie tra cui l'assicurazione contro gli infortuni sul lavoro, la responsabilità civile generale e la responsabilità civile informatica.
Si prevede che questo sistema avanzato incrementerà i flussi di entrate per i partner di RELI Exchange, semplificando il processo di preventivazione per le polizze commerciali. L'azienda prevede milioni di dollari in nuovi premi aggiunti ai propri registri nel prossimo anno. Il lancio anticipato rafforza l'impegno di Reliance a fornire tecnologia all'avanguardia ai propri partner agenziali, posizionando sia gli agenti che l'azienda per una crescita significativa nel mercato delle assicurazioni commerciali.
Reliance Global Group (Nasdaq: RELI) ha lanzado la versión beta de su solución InsurTech Quote & Bind impulsada por IA para pólizas comerciales antes de lo previsto. Inicialmente programado para el cuarto trimestre de 2024, este lanzamiento anticipado brinda a los socios de agencias de RELI Exchange acceso inmediato a la tecnología. La solución permite cotizaciones en tiempo real y la vinculación instantánea de pólizas de seguros comerciales, cubriendo varias líneas, incluidas compensación laboral, responsabilidad civil general y responsabilidad cibernética.
Se espera que este sistema avanzado mejore los flujos de ingresos para los socios de RELI Exchange al agilizar el proceso de cotización para pólizas comerciales. La empresa anticipa millones de dólares en nuevas primas que se añadirán a sus libros en el próximo año. El lanzamiento anticipado refuerza el compromiso de Reliance de ofrecer tecnología de vanguardia a sus socios de agencias, posicionando a los agentes y a la empresa para un crecimiento significativo en el mercado de seguros comerciales.
Reliance Global Group (Nasdaq: RELI)는 상업용 보험을 위한 AI 기반의 Quote & Bind InsurTech 솔루션의 베타 버전을 예정보다 일찍 출시했습니다. 처음에는 2024년 4분기로 예정되어 있었던 이 조기 출시로 RELI Exchange 에이전시 파트너는 즉시 기술에 접근할 수 있게 되었습니다. 이 솔루션은 실시간 견적 제공과 상업 보험의 즉각적인 바인딩을 가능하게 하며, 근로자 보상, 일반 책임 및 사이버 책임 등 다양한 분야를 포함합니다.
이 고급 시스템은 상업 정책의 견적 과정을 간소화하여 RELI Exchange 파트너의 수익 흐름을 증대시킬 것으로 예상됩니다. 회사는 내년에 수백만 달러의 새로운 보험료가 장부에 추가될 것으로 예상하고 있습니다. 조기 출시는 파트너 기관에게 첨단 기술을 제공하려는 리라이언스의 약속을 강화하며, 에이전트와 회사 모두가 상업 보험 시장에서 상당한 성장을 이룰 수 있도록 위치를 잡아줍니다.
Reliance Global Group (Nasdaq: RELI) a lancé la version bêta de sa solution InsurTech Quote & Bind alimentée par l'IA pour les polices commerciales en avance sur le calendrier. Initialement prévu pour le quatrième trimestre 2024, ce lancement anticipé donne aux partenaires d'agence de RELI Exchange un accès immédiat à la technologie. La solution permet des devis en temps réel et une liaison instantanée des polices d'assurance commerciales, couvrant diverses lignes y compris l'indemnisation des travailleurs, la responsabilité civile générale et la responsabilité civile numérique.
Ce système avancé devrait augmenter les flux de revenus pour les partenaires de RELI Exchange en rationalisant le processus de devis pour les polices commerciales. L'entreprise prévoit des millions de dollars de nouvelles primes ajoutées à ses livres au cours de l'année à venir. Le lancement anticipé renforce l'engagement de Reliance à fournir une technologie de pointe à ses partenaires d'agence, positionnant à la fois les agents et l'entreprise pour une croissance significative sur le marché de l'assurance commerciale.
Reliance Global Group (Nasdaq: RELI) hat die Beta-Version seiner KI-gestützten InsurTech-Lösung Quote & Bind für gewerbliche Policen vorzeitig gestartet. Ursprünglich für das vierte Quartal 2024 geplant, bietet dieses vorzeitige Release den Agenturpartnern von RELI Exchange sofortigen Zugang zur Technologie. Die Lösung ermöglicht Echtzeit-Angebote und sofortige Bindung von gewerblichen Versicherungen, die verschiedene Bereiche wie Arbeiterunfallversicherung, allgemeine Haftpflicht und Cyber-Haftung abdecken.
Dieses fortschrittliche System wird voraussichtlich die Einnahmequellen erhöhen für die Partner von RELI Exchange, indem der Angebotsprozess für gewerbliche Policen optimiert wird. Das Unternehmen erwartet, dass im kommenden Jahr Millionen von Dollar an neuen Prämien hinzugefügt werden. Der vorzeitige Start festigt das Engagement von Reliance, modernste Technologie an seine Agenturpartner zu liefern und positioniert sowohl die Agenten als auch das Unternehmen für ein signifikantes Wachstum im Markt für gewerbliche Versicherungen.
- Early launch of AI-powered Quote & Bind InsurTech solution for commercial policies
- Covers a wide range of commercial insurance lines
- Streamlines quoting process and enhances revenue streams for RELI Exchange partners
- Anticipates millions of dollars in new premiums in the coming year
- Positions the company for significant premium growth with minimal operational overhead
- None.
Insights
The early launch of RELI Exchange's AI-powered Quote & Bind solution for commercial policies is a significant development in the InsurTech space. This technology addresses a important pain point in the industry by automating the complex and time-consuming process of quoting and binding commercial insurance policies.
The solution's ability to cover a wide range of commercial lines, including workers' compensation, general liability and cyber liability, positions RELI Exchange to capture a larger market share. The instant quoting and binding capability is likely to attract more agents to the platform, potentially leading to exponential growth in premium volume.
From a financial perspective, this could translate into substantial revenue growth for Reliance Global Group. Commercial policies typically carry higher premiums and commissions compared to personal lines, which could significantly boost the company's top and bottom lines. The company's expectation of "millions of dollars in new premiums" in the coming year seems plausible given the efficiency gains and market potential.
However, investors should monitor the adoption rate among agents and any technical issues during the beta phase. The success of this solution will ultimately depend on its reliability, accuracy and user-friendliness in real-world applications.
The early release of RELI Exchange's AI-powered Quote & Bind solution demonstrates the company's strong execution capabilities in the InsurTech space. This technology leverages artificial intelligence to automate a traditionally manual and complex process, which is a significant leap forward in the insurance industry's digital transformation.
The solution's ability to generate real-time quotes and instantly bind policies for various commercial insurance lines showcases advanced AI capabilities in risk assessment and underwriting. This level of automation in commercial insurance is particularly noteworthy, as these policies are typically more complex than personal lines.
From a technological standpoint, the platform's potential to scale rapidly with minimal operational overhead is impressive. This scalability could provide Reliance with a significant competitive advantage and allow for rapid market expansion.
However, as with any AI-driven solution, there may be challenges related to data accuracy, algorithm bias and regulatory compliance. Investors should pay attention to how the company addresses these potential issues during the beta phase and beyond.
New AI-powered feature launches early, positioning RELI Exchange for substantial premium growth and commission revenue boost
LAKEWOOD, N.J., Sept. 30, 2024 (GLOBE NEWSWIRE) -- Reliance Global Group, Inc. (Nasdaq: RELI) (“Reliance”, “we” or the “Company”) today announced the official launch of the beta version of its highly anticipated AI-powered Quote & Bind InsurTech solution for commercial policies. Initially scheduled for release in Q4 2024, the new solution has been launched ahead of schedule, giving RELI Exchange agency partners immediate access to this cutting-edge technology.
The solution, now live on the RELI Exchange platform, enables agents to generate real-time quotes and bind commercial insurance policies instantly from their dashboard. This advanced system covers a wide range of commercial insurance lines, including workers' compensation, general liability, cyber liability, business owner’s policies, and executive coverages such as directors & officers (D&O) insurance and employment practices liability insurance (EPLI).
The early launch of the Quote & Bind solution is set to rapidly enhance revenue streams for RELI Exchange partners by streamlining the traditionally labor-intensive quoting process for commercial policies. Agents can now offer clients faster, more competitive quotes and bind coverage instantly, transforming how commercial insurance is transacted with the help of AI automation.
With the solution now in beta, RELI Exchange is already gathering valuable feedback from its users to refine and enhance the platform. The Company expects this AI-driven feature to contribute significantly to premium volume growth and anticipates millions of dollars in new premiums being added to its books in the coming year.
Ezra Beyman, Chairman and CEO of Reliance, commented, “We are excited to have officially launched our beta version of the AI-powered Quote & Bind solution ahead of schedule, marking a major step forward for both our company and agency partners. By delivering this innovative tool early, we are providing our agents with the ability to capitalize on new revenue opportunities now. The solution’s ability to quote and bind larger commercial policies seamlessly is expected to boost agent efficiency and generate significant premium growth for the Company with minimal operational overhead. This early launch further reinforces our commitment to delivering state-of-the-art technology to our agency partners, and empowering them to succeed in an increasingly competitive market.”
Moshe Fishman, Director of Insurtech and Operations at Reliance, added, “The early launch of this feature is a game-changer for our agents, allowing them to tap into lucrative commercial policy markets with ease. The ability to quote and bind these larger policies with AI-based automation not only increases efficiency but also creates tremendous revenue potential. Just one commercial policy can have the same impact as dozens of smaller policies, meaning agents can add substantial premiums to their books with minimal effort. We believe this positions both our agents and Reliance for exponential growth in the coming months and years.”
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 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
What is the new feature Reliance Global Group (RELI) has launched?
When was the RELI Quote & Bind solution originally scheduled for release?
What types of commercial insurance policies does the new RELI solution cover?
How is the new RELI Quote & Bind solution expected to impact revenue?
