04: First taste of venture studio
Reinsurance is insurance for insurance companies. To protect themselves from huge losses in a disaster, an insurance company pays another company to share some of the risks. But these contracts often become stuck, waiting for other parties to respond or take the next step. The more time it takes to agree on what’s covered and the cost, the greater the risk for the insurance company.
We discovered the key to solving this problem wasn’t more specialized software, but simplifying the way people work together. What if there was a way to bring everyone onto the same page, using tools they already know and trust?
That’s where Relay comes in. Relay combines familiar tools into a single platform, where all contracts to be created, shared, managed, and tracked in one place. This gives companies clear, real-time insights into each team’s efforts and the collaborators involved, turning data from a liability into a competitive advantage.
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Relay is a platform that speeds up collaboration on insurance proposals between multiple companies, helping them lower the risk of financial loss.
At Highline Beta, I worked with American Family Insurance to challenge traditional industry practices. I helped design, sell, and test the early version of Relay with their customers.In 2020, Relay closed a $3M seed round, and officially released their offering to the public. In 2022, Relay was acquired.
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