Online platform to compare quotes, direct leads to a local agent and bind policies within minutes
LAKEWOOD, N.J., Feb. 18, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Reliance Global Group, Inc. (Nasdaq: RELI), a company engaged in the acquisition and management of insurance agencies in the United States, today announced the beta launch of its 5MinuteInsure.com platform as the next step in expanding the Company's operations with the goal of establishing a national footprint. A video teaser of the new platform is also available at: https://youtu.be/yfWOvboPvjE.
5minuteInsure.com is a tool developed by Reliance Global to be utilized in conjunction with agency acquisitions, as well as affiliated agencies. It utilizes artificial intelligence and data mining to provide competitive insurance quotes within 5 minutes, with minimal data input. The purpose is to tap into the growing number of online shoppers in order to drive business to the Company's insurance agencies. Consumer prospects are then transferred to the geographically closest agent and/or affiliates.
Initially, the beta launch will be limited to Ohio, beginning with automotive insurance. However, the Company is in the process of opening the platform to home insurance as well, with a goal to expand in the ensuing months as practical and regulatory considerations permit.
Ezra Beyman, CEO of Reliance Global Group, stated, "The beta launch of 5minuteinsure.com allows customers to rapidly compare quotes online and directs them to an agent in their area who can answer questions and bind the policy. 5minuteinsure.com complements our "bricks and mortar" operations, as we can now route leads to the agents in our network. This should be a useful tool in driving business to our platform.
"Unlike other sectors, insurance has been one of the last to adopt technology and move online. We believe 5minuteinsure.com, combined with our core insurance business, will provide an attractive solution to consumers. Specifically, we are blending traditional "human touch" insurance agencies with the convenience and speed of the modern digital age, which consumers have come to expect. Through technology, we also look to reduce back-office paperwork, allowing agents to focus on what they are good at – selling policies. We also aim to enhance operational efficiency and drive margin expansion within our insurance agencies."
Mr. Beyman concluded, "Now that we have completed our Nasdaq listing, we are laser-focused on accelerating our business strategy. We believe the insurance market is ripe for expansion and poised for disruption through technology, and we look to 5minuteinsure to be our first venture into this space."
About Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI) is moving forward with its goal to operate in the insurance sector through its insurance brokerage agencies and online insurance businesses, and potentially other sectors. RELI's focus continues to be to grow the Company by pursuing an aggressive growth strategy of acquisition opportunities, including insurance agencies. Insurance agencies, as opposed to insurance carriers, bear no insurance risk. The Company is controlled by Reliance Global Holdings, LLC, a New York-based limited liability company, which is the owner and operator of numerous companies with core interests invested in real estate and insurance brokerage.
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.