Relay's new AI Capabilities are Intended to Assist Insurance Agents in Explaining Cyber Insurance - Worldinnews

Relay's new AI capabilities are intended to assist insurance agents in explaining cyber insurance

worldinnews.com -  Relay Platform, a platform that facilitates the placement of multiple carriers in commercial insurance, has released a new feature that simplifies the complexities of cyber insurance terminology for insurance agents and brokers.

The AI-powered function will allow brokers and agents to explain cyber insurance terminology to their clients in a straightforward manner, this will facilitate their ability to answer questions regarding the application, said Relay.

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Quoting and placing cyber and specialty insurance is difficult because of the technical language, the questions that are asked of the technical side and the different terminology that is used across multiple companies, Relay said. The new feature will allow brokers to ask Relay for help with a simple question in plain English and no more than 500 characters.

The new feature employs natural language processing and machine learning algorithms to deconstruct and simplify complex insurance terms and jargon, Relay said. It's immediately accessible to all insurance agents and brokers who use the company's software.

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Cyber insurance is increasingly prevalent in the insurance industry, as more businesses rely on technology to operate their businesses. This is because of the work of Relay's Edmund Lo, who is responsible for product and engineering at the company. However, the technical language and complex terminology associated with cyber insurance applications can be difficult for clients to comprehend. Our new AI-powered feature simplifies these concepts, which makes it easier for insurance agents and brokers to sell cyber insurance."

Last month, Relay introduced a new digital quoting feature. In October, the company announced a collaboration with a cyber analytics company called CyberCube.

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