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New offering catapults the commission earning ability of RELI Exchange agency partners
LAKEWOOD, N.J., July 30, 2024 (GLOBE NEWSWIRE) -- Reliance Global Group, Inc. (Nasdaq: RELI) (“Reliance”, “we” or the “Company”) today unveiled its new, advanced AI-powered Quote & Bind cutting-edge InsurTech solution for commercial policies, designed to significantly enhance the capabilities of RELI Exchange agency partners. The Company plans to launch the new offering in the fourth quarter of 2024.
The new Quote & Bind solution, integrated within the RELI Exchange platform, leverages artificial intelligence, enabling agents to provide real-time commercial insurance quotes from multiple carriers and bind policies in real time from the RELI Exchange agent dashboard. These new commercial lines of insurance include workers' compensation, business owners, general liability, cyber liability, and inland marine, as well as executive lines, such as directors & officers (D&O) insurance and employment practices liability insurance (EPLI).
"Our new AI-powered Quote & Bind solution is a game-changer for both Reliance and our agency partners," commented Mr. Ezra Beyman, Chairman and CEO of Reliance. "By unlocking the ability to quote and bind larger commercial policies, we are empowering our agents to boost revenue and achieve new levels of success. When our agency partners substantially increase their commissions, RELI Exchange also reaps considerable benefits from our share of the commission. Additionally, this feature offers unparalleled convenience for both customers and agents."
"We are excited to bring this revolutionary feature to our platform," commented Moshe Fishman, Director of Insurtech and Operations at Reliance. "Our AI-driven technology ensures that agents can provide real-time quotes and bind coverage with ease and efficiency. By expanding our offering to new lines of commercial insurance, we are empowering our agents to supercharge their revenue. A single commercial policy can sometimes amount to the same commission revenue as 100 new homeowner policies. We view this as a significant organic growth opportunity for the Company and this new offering illustrates our commitment to providing state-of-the-art tools and resources to our agency partners. RELI Exchange remains dedicated to revolutionizing the insurance industry by providing agency partners with cutting-edge technology and innovative solutions.”
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, 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.