By Ryan Smith
Relay Platform, a multi-carrier placement platform for commercial insurance, has announced the launch of new functionality that simplifies complex cyber insurance terms for insurance agents and brokers.
The AI-powered feature will enable brokers and agents to explain cyber insurance terms to their clients in a clear and concise way, making it easier for them to answer application questions, Relay said.
Quoting and placing cyber and specialty insurance can be daunting because the technical jargon, confusing underwriting questions and varied terminology across multiple carriers can be intimidating, Relay said. The new functionality will allow brokers to ask Relay for help explaining a complex question in plain English and in 500 characters or fewer.
The new feature uses natural language processing and machine learning algorithms to analyze and simplify complex insurance terms and jargon, Relay said. It is available immediately to all insurance agents and brokers who use the company’s platform.
“Cyber insurance is an increasingly important component of the insurance industry, as more businesses rely on technology to operate their businesses,” said Edmund Lo, head of product and engineering at Relay. “However, the technical language and complex terminology associated with cyber insurance applications can be difficult for clients to understand. Our new AI functionality simplifies these terms, making it easier for any insurance agent and broker to offer cyber coverage.”
Last month, Relay rolled out a new digital quoting functionality. In October, the company announced a partnership with cyber analytics firm CyberCube.
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