Reliance Global Group launches beta version of advanced InsurTech solution for trade policies ahead of schedule

LAKEWOOD, New Jersey, Sept. 30, 2024 (GLOBE NEWSWIRE) — Reliance Global Group, Inc. (Nasdaq: RELI) (“Reliance”, “we” or the “Company”) today announced the official beta launch of its highly anticipated AI-powered Quote & Bind InsurTech solution for commercial insurance policies. The new solution, initially scheduled for release in the fourth quarter of 2024, went live ahead of schedule, providing RELI Exchange agency partners with immediate access to this cutting-edge technology.

The solution, now available on the RELI Exchange platform, enables agents to generate real-time quotes and instantly bind commercial insurance policies from their dashboard. This advanced system covers a wide range of commercial lines of insurance, including workers’ compensation, general liability, cyber liability, business owners’ policies, and executive insurance such as Directors and Officers Insurance (D&O) and Employment Practices Liability Insurance (EPLI).

The early launch of Quote & Bind aims to rapidly increase RELI Exchange partners’ revenue streams by streamlining the traditionally labor-intensive process of quoting trade policies. Agents can now offer customers faster, more competitive quotes and instantly bind insurance coverage, transforming the way insurance transactions are completed using AI automation.

With the solution currently in beta, RELI Exchange is already collecting valuable user feedback to refine and improve the platform. The company expects this AI-powered feature to significantly contribute to premium volume growth and anticipates millions of dollars in new premiums to be added to its books in the coming year.

Ezra Beyman, Chairman and CEO of Reliance, commented: “We are excited to officially launch our AI-powered Quote & Bind solution ahead of schedule, marking an important step forward for both our company and our agency partners. By delivering this innovative tool early, we ensure our agents can take advantage of new revenue opportunities now. The solution’s ability to seamlessly quote and bind larger commercial policies is expected to increase agent efficiency and generate significant premium increases for the Company with minimal operating costs. This early launch further strengthens our commitment to providing cutting-edge technology to our agency partners and enabling them to succeed in an increasingly competitive marketplace.”

Moshe Fishman, Chief Insurtech and Operations Officer at Reliance, added: “The early launch of this feature is a game-changer for our agents, enabling them to easily enter lucrative trade policy markets. The ability to price and link these larger policies using AI-powered automation not only increases efficiency, but also creates enormous revenue potential. Just one commercial policy can have the same impact as dozens of smaller policies, which means agents can add significant premiums to their books with minimal effort. We believe this will position both our agents and Reliance for exponential growth in the coming months and years.”

About Reliance Global Group, Inc.

Reliance Global Group, Inc. (NASDAQ: RELI) is an InsurTech pioneer using artificial intelligence (AI) and cloud-based technologies to transform and improve efficiency in the insurance agency/broker industry. The B2B InsurTech platform, RELI Exchange, provides independent insurance agencies with a complete set of business development tools, enabling them to successfully compete with large national insurance agencies while reducing back-office costs and burdens. The consumer business platform, 5minutinsure.com, uses artificial intelligence and data mining to deliver competitive online insurance quotes to everyday consumers looking to purchase car, home and life insurance in minutes. In addition, the Company has its own portfolio of selected retail insurance agencies that are leaders and pioneers in their regions throughout the United States, offering a wide range of insurance products. More information about the Company can be found on the website https://www.relianceglobalgroup.com.

Forward-Looking Statements

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 fact contained in this press release may constitute forward-looking statements and are not guarantees of future results, condition or results and involves a number of risks and uncertainties. In some cases, forward-looking statements can be identified by terminology such as “may”, “should”, “potential”, “continued”, “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates ” and similar expressions and include statements such as the Company has built a best-in-class InsurTech platform, making RELI Exchange an even more compelling value proposition, and further accelerating the development of the platform, introducing several other services in the near future to RELI Exchange agency partners, building RELI Exchange into the largest network of agency partners in the U.S., moving the Company in the right direction and the Company’s highly scalable business model delivering significant shareholder value. Actual results may differ materially from those contained in forward-looking statements due to a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission and elsewhere, as well as risks and uncertainties relating to: business The Company’s ability to generate anticipated revenues and the ability to transform RELI Exchange into the largest network of agency partners in the U.S. and other factors described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 as the same may be updated from time to time . The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with the statements contained herein and elsewhere, including the risk factors contained in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2023, the Company’s quarterly reports on Form 10-Q, the Company’s current reports on Form 8-K and subsequent filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements contained herein. All forward-looking statements speak only as of the date of this press release.

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