Reliance Global Group Provides Year-End Update on RELI Exchange

Rhea-AI Summary

Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) reports a more than 60% increase in total RELI Exchange policies after onboarding Fortman Insurance under the new 'One-Firm' approach. The company has added two new insurance carriers, bringing the total to 35 carriers on the RELI Exchange platform. Additionally, there are now 365 agents on the platform, positioning RELI Exchange for further growth heading into 2024.

Insights

Financial Analyst

The recent update from Reliance Global Group regarding their InsurTech platform, RELI Exchange, indicates a significant increase in policy volume, which is a critical metric for the company's performance and future prospects. The addition of Fortman Insurance and two new carriers, expanding the network to 35 carriers, is likely to enhance the company's product offerings and market competitiveness.

The reported 60% increase in policies suggests robust growth and may reflect positively on the company's revenue streams. This growth, coupled with the platform's AI and machine learning capabilities, could streamline operations and potentially reduce costs, contributing to an improved bottom line.

Investors should consider the implications of this expansion within the context of the growing U.S. insurance market. With a market valuation projected to increase to $3.4 trillion by 2027, Reliance's strategic positioning could afford them a larger market share and greater influence in the industry.

However, it is important to monitor how the integration of new agencies and carriers will be managed to maintain service quality and customer satisfaction. Additionally, the scalability of the RELI Exchange platform and the company's ability to continue innovating in a competitive InsurTech landscape will be key factors in sustaining long-term growth.

Industry Analyst

The InsurTech sector is rapidly evolving and Reliance's update showcases their commitment to staying at the forefront of this transformation. The 'One-Firm' approach and the expansion to 365 agencies could lead to increased efficiency and a more cohesive service experience for clients.

Furthermore, the use of AI and machine learning for quick and diverse insurance quotes is a significant technological advantage that aligns with industry trends towards digitalization and personalized customer experiences. This tech-forward approach may attract tech-savvy consumers and enhance agent productivity.

It is essential to consider the competitive landscape and how Reliance's growth strategy aligns with consumer demands and industry shifts. While the expansion is promising, the company must continue to innovate and adapt to maintain a competitive edge in a market with many established players and emerging startups.

Insurance Industry Expert

The strategic growth of RELI Exchange within the insurance industry is noteworthy, particularly in how it expands choice and flexibility for both agents and customers. By offering a wide range of carriers, Reliance is positioning itself as a one-stop-shop for insurance solutions, which could lead to increased customer loyalty and higher retention rates.

However, with the expansion into 46 states, regulatory compliance and the management of a diverse portfolio of insurance products become increasingly complex. The company must ensure robust compliance frameworks are in place to navigate the varied insurance regulations across different states.

The long-term success of RELI Exchange will depend on the platform's ability to maintain competitive pricing, high-quality customer service and the continuous integration of innovative technologies to meet the evolving needs of the market.

Reports more than 60% increase in total RELI Exchange policies following
onboarding of Fortman Insurance under new “One-Firm” approach

Adds two new insurance carriers, resulting in 35 carriers now within the network

365 agents now on the RELI Exchange platform

RELI Exchange positioned for further growth heading into 2024

LAKEWOOD, NJ, Dec. 19, 2023 (GLOBE NEWSWIRE) -- Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), today provided an update on its business-to-business InsurTech platform, RELI Exchange.

Ezra Beyman, CEO of Reliance, stated, "Since the launch of RELI Exchange last year, the platform has rapidly become one of the premier agency partner networks in the country. At the same time, we continue to enhance the platform to provide an even more compelling value proposition for both existing agency partners and potential agency partners. Notably, we have witnessed a more than 60% increase in total RELI Exchange policies following the onboarding of Fortman Insurance under our new and fully integrated “One-Firm” approach.  Additionally, RELI Exchange continues to add new commercial insurance carriers to its already robust lineup, allowing our agency partners to expand their business further by providing competitive insurance quotes across a variety of insurance products.  With the recent addition of two new carriers, we now offer coverage from more than 35 insurance carriers nationwide.  Through our AI and machine learning algorithms, agents can provide quotes from a wide array of carriers across the nation in just a few minutes, ensuring that their clients are getting a diverse and competitive selection to choose from. All of this has served to accelerate the growth of the platform as evidenced by the fact we now have more than 365 agencies in our exclusive Agency Partner network. Moreover, our agency partners have competitive offerings in all 46 states in which we operate. With the U.S. insurance market’s vast potential, valued at approximately $2.7 trillion in 2021 and anticipated to grow by 26% to $3.4 trillion by 2027, we believe that the success of the RELI Exchange platform positions the Company to continue its growth and gain market share heading into 2024.”

About Reliance Global Group, Inc.

Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) 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.  Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those risk factors described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as the same may be updated from time to time. 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

How much did RELI Exchange policies increase by after onboarding Fortman Insurance?

RELI Exchange policies increased by more than 60% after onboarding Fortman Insurance.

How many insurance carriers are now part of the RELI Exchange network?

There are now 35 insurance carriers within the RELI Exchange network.

How many agents are currently on the RELI Exchange platform?

There are currently 365 agents on the RELI Exchange platform.

What is the anticipated growth of the U.S. insurance market by 2027?

The U.S. insurance market is anticipated to grow by 26% to $3.4 trillion by 2027.

What is the total value of the U.S. insurance market in 2021?

The U.S. insurance market was valued at approximately $2.7 trillion in 2021.