LAKEWOOD, N.J., July 11, 2022 — Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) (“Reliance”, “we” or the “Company”), which combines artificial intelligence (AI) and cloud-based technologies with the personalized experience of a traditional insurance agency, announces the launch of RELI Exchange, a business-to-business (B2B) InsurTech platform and agency partner network for insurance agents and agencies.
Mr. Ezra Beyman, Chairman and CEO of Reliance, commented, “RELI Exchange is a first-in-class technology platform and agency partner network. For agents and agencies that join our network, RELI Exchange is designed to provide instant and competitive insurance quotes from more than thirty insurance carriers nationwide. The platform reduces back-office burden and expenses by eliminating paperwork, thereby providing agents more time to focus on selling policies. RELI Exchange builds on the artificial intelligence and data mining backbone of 5MinuteInsure.com, a platform we designed to target the direct-to-consumer market. At the time we introduced 5MinuteInsure.com, we stated that our longer-term goal was to make the platform more broadly available to independent agents nationwide. The launch of RELI Exchange is the realization of that goal, providing our proven technology to the more than 80 agency partners already within our network. The RELI Exchange partner network, formerly known as Barra & Associates, is now generating more than $10 million in annualized premiums. Unlike a franchise model, we designed RELI Exchange with low barriers to entry and a compelling value proposition that we believe will help us attract many new agency partners—providing them with the tools to make their businesses better.”
Grant Barra, Senior Vice President of Operations, stated, “When Reliance acquired Barra & Associates earlier this year, we immediately recognized that the RELI Exchange InsurTech platform could significantly enhance the competitive advantages we provide our agency partners. We believe the addition of this platform will allow us to significantly expand our agency partner network and, in turn, support the growth of their respective businesses by simplifying the sales process. We have already onboarded multiple agency partners to the platform, such as Larson Insurance, Jay Kim Agency, and DS Insurance Agency LLC, and the initial feedback has been extremely positive. You can see what RELI agents are saying about us here: https://youtu.be/0X6xOlJxSdI.”
Mr. Beyman continued, “We have heard great things from our in-house agents using RELI Exchange, as well our first outside agency partners that have adopted the platform. They are already reporting on the positive results the platform is having on their business. We are not aware of any other offerings with the speed and flexibility of RELI Exchange. Given the versatility of this platform, we look forward to aggressively adding new agency partners to our network and believe this may have a multiplier effect on our business. Using the proprietary software that RELI Exchange has developed, our agency partner network is highly scalable, which we believe provides us the ability to grow this business line significantly at almost no additional cost. By combining the low barriers to entry of our agency network, with our state-of-the-art technology, our goal is to build RELI Exchange into the largest agency partner network in the country.”
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) is combining advanced technologies, with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy includes both an organic expansion, including through 5minuteinsure.com, as well as acquiring well managed, undervalued and cash flow positive insurance agencies. Additional information about the Company is available at https://www.relianceglobalgroup.com/.
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. 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. 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.
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