Reliance Global Group Expands RELI Exchange Commercial Quote & Bind InsurTech Platform Following Successful Beta Launch
Rhea-AI Summary
Reliance Global Group (Nasdaq: RELI) announced a major expansion of its Commercial Quote & Bind InsurTech solution on RELI Exchange, following its successful beta launch in late 2024. The expansion includes additional carriers and product offerings to the platform's agent distribution channel, with plans to introduce more business lines and carriers in upcoming months.
The enhanced platform aims to empower insurance agents with advanced InsurTech solutions to improve efficiency and business growth. The system allows agents to quote and bind a wider range of commercial insurance policies, optimizing the insurance purchasing experience through automation.
According to CEO Ezra Beyman, these enhancements will enable agents to connect with more prospects, write more policies, and increase their earnings. The company's goal is to position RELI Exchange as the industry's leading comprehensive agency partner platform.
Positive
- Successful expansion of Commercial Quote & Bind InsurTech platform
- Addition of new carriers and product offerings to distribution channel
- Enhanced automation capabilities for insurance policy processing
- Platform improvements aimed at increasing agent efficiency and revenue
Negative
- None.
Insights
The strategic expansion of RELI Exchange's Commercial Quote & Bind platform marks a pivotal development in the company's InsurTech trajectory. The successful beta launch validation has led to a calculated platform enhancement that addresses three critical value drivers:
Carrier Network Expansion: By increasing the number of carriers and product offerings, RELI is building a stronger network effect - a important competitive moat in the InsurTech space. Each additional carrier exponentially increases the platform's utility for agents, potentially creating a self-reinforcing growth cycle that could accelerate market penetration.
Operational Leverage: The automation-driven platform demonstrates significant operational leverage potential. As more carriers and products are integrated, the marginal cost of processing additional policies decreases, while the platform's value proposition to agents increases. This scalability characteristic is particularly attractive in the insurance distribution sector, where traditional models often face linear growth constraints.
Revenue Diversification: The expansion into new lines of business suggests a strategic move toward revenue diversification. This approach not only helps mitigate risk but also positions RELI to capture a larger share of agents' business portfolios. The focus on commercial insurance products is particularly noteworthy, as this segment typically offers higher premiums and commissions compared to personal lines.
However, investors should note that while the platform expansion represents positive momentum, the absence of specific performance metrics from the beta launch makes it challenging to quantify the immediate revenue impact. The success of this expansion will largely depend on agent adoption rates and the platform's ability to demonstrate measurable efficiency gains in policy binding and servicing.
LAKEWOOD, N.J., Feb. 18, 2025 (GLOBE NEWSWIRE) -- Reliance Global Group, Inc. (Nasdaq: RELI) (“Reliance”, “we” or the “Company”) today announced a significant expansion of its Commercial Quote & Bind InsurTech solution on RELI Exchange, building off the highly successful beta launch late last year. This expansion brings additional carriers and more product offerings to RELI Exchange’s agent distribution channel, with plans to continuously introduce new lines of business and carriers in the coming months.
“At Reliance, our mission is to empower agents with best-in-class InsurTech solutions that maximize efficiency and drive business growth,” said Ezra Beyman, Chairman and CEO of Reliance. “By expanding our network of carriers and product lines, we are providing our agency partners with the tools they need to serve clients more quickly and effectively. These enhancements will enable agents to connect with more prospects, write more policies, and ultimately build their businesses and increase their earnings.”
“Strategic technology integration remains a key driver of our continued success, and the enhanced RELI Exchange platform is a testament to this commitment. With its ability to seamlessly quote and bind a broader range of commercial insurance policies, RELI Exchange continues to strengthen its position as a leading InsurTech provider—leveraging automation to optimize the insurance purchasing experience for both agents and their clients,” added Mr. Beyman.
“This expansion marks another milestone in our vision to make RELI Exchange the most powerful and comprehensive agency partner platform in the industry,” said Moshe Fishman, Director of InsurTech and Operations at Reliance. “By continuously adding new carriers and insurance products, we are ensuring that our agents remain at the forefront of the industry, equipped with the latest technology to drive their success.”
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, while 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 risks 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 new features were added to RELI Exchange in February 2025?
How will the RELI Exchange platform expansion benefit insurance agents?
What are Reliance Global Group's (RELI) future plans for RELI Exchange?
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