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1st August 2021
DXC Technology and Relay Platform to collaborate on boosting brokerage close rates while streamlining the end-to-end Insurance Value Chain
Retail and wholesale brokers are the focus of new solution combining Relay Platform and DXC Technology capabilities
Relay Platform has announced that it has signed a provider and distribution agreement with DXC Technology to seamlessly connect brokers with capacity providers for automatic risk rating, accelerating the quotation process and removing frictional costs.
Leveraging its insurance expertise and capabilities across the Enterprise Technology Stack, DXC will integrate Relay’s innovative and intuitive electronic placement portal with its global broking platforms, including its next generation offering, DXC Assure for Broking. DXC Assure for Broking is an end-to-end integrated solution for commercial insurance brokers that addresses brokers’ biggest challenges by driving straight-through processing, managing IT costs and supporting the business life cycle, from product innovation and new business capture to accounting, claims and renewals.
The collaboration between Relay and DXC will contribute to the far-reaching transformation of the London Market, advancing its role in writing and servicing complex risks. Both companies are strong advocates for the modernisation agenda in London and the need for a data-driven approach. Relay is also approved by Lloyd’s as a recognized electronic placement system for open market property & casualty(P&C) business, generating additional synergies for the collaboration.
Relay combines quotes from the new underwriting APIs emerging in commercial lines, along with traditional email quotes from expert underwriters. This approach increases success rates of both high-volume simple placements and multilayered, high-ticket placements across all P&C lines of business, including facultative reinsurance, resulting in increased revenue. Relay is actively leading the electronic revolution in commercial lines such as cyber, professional and management liability, commercial property, specialty lines and more.
“This is a win for all forward-thinking corporations in insurance and reinsurance. With insurance experience, global networks, and proven solutions, DXC constitutes a powerful commercial and technical provider for our venture,” comments Greg Boutin, Relay ceo. “With our unifying placement portal for brokers and their ecosystem, Relay proposes to increase close rates and remarketing ratios through Proposal Automation, enhanced through Data Extraction and soon by Machine Learning recommendations. Integrated with DXC’s policy administration systems, our intuitive solution will help deliver the key metrics brokers need to boost placement close rates.”
“DXC is committed to delivering excellence for our customers by leveraging our Enterprise Technology Stack capabilities and helping them achieve their business model ambitions,” said Thomas Sebastian, general manager, Insurance EMEA, DXC Technology. “Our collaboration expands DXC’s InsurTech ecosystem. With an end-to-end solution that seamlessly integrates Relay’s technology with DXC’s leading policy administration systems, we are creating new opportunities in innovation for insurance and reinsurance brokers.”
DXC Trends(10 articles)