BMS Re signs up for new electronic placement system
BMS Re, the independent reinsurance broker, has selected Relay Platform’s (Relay) F1 reinsurance platform as its electronic placement system to support its facultative arm in the US.
BMS Re and Relay jointly deployed the insurtech ventures’ broker portal, which combines various features designed to simplify business between brokers and their clients and markets. Relay facilitates and integrates quotes from all reinsurers whether through email or API instant quoting and reduces the time it takes to market a reinsurance placement and update clients.
Starting with Relay’s whitelabeled solution, BMS Re has since configured its environment to create consistent submission packages, automate document generation and streamline market access. The move is intended to deliver rapid process improvements and additional insights that will benefit BMS Re’s US client base.
BMS Re said the tightening market environment makes it more critical than ever for brokers to focus on relationship-building instead of administrative and quote-chasing tasks.
Relay is designed to facilitate the transition to data-first reinsurance placements, instant quoting, and superior broker-cedent connectivity to markets. The platform allows BMS Re to visually structure placements, rapidly identify and approach the most relevant markets, and iteratively automate subsequent steps to increase close rates.
Pete Chandler, president and chief executive officer (CEO) of BMS Re US, said the timing of the deal couldn’t be better, with its recent market survey revealing that a third of respondents had yet to decide upon an e-trading strategy. “With the results in mind, and as a continuation of our digital strategy including our recently announced Pathlight Analytics, we are investing in our digital future by leading from the front,” he said. “This was a significant decision for BMS Re as we have a commitment to innovate and invest in technology to improve the experience for our business partners and colleagues.”
Greg Boutin, Relay CEO, added: “Relay’s next-generation placement interface and analytics, dynamic quote comparison and management dashboard will offer BMS Re access to consistent submission packages, improved reinsurer connectivity and data capture efficiencies. Relay is primed to tech-enable the modern broker, cedent and reinsurer through APIs while still catering to all traditional methods of business.”
