CHARLOTTE, NC – January 12, 2021 – TechAssure, the international nonprofit association of insurance and risk management experts for technology-related risks, has announced a new partnership with insurtech company Relativity6. TechAssure members will pilot a cyber insurance program for Relativity6’s AI-based platform that allows retail insurance agents and brokers to identify opportunities within their client base.
“Cyber insurance is increasingly regarded as the most critical insurance policy for small to mid-sized businesses in every industry. Using Relativity6’s AI, TechAssure members can better identify opportunities to provide cyber to their clients that are not currently covered,” said TechAssure Executive Director, Garrett Droege. “The insurance industry must innovate and partner with those companies that are seeking to modernize the industry. TechAssure members have always been at the forefront of innovation in the industry and we are pleased to partner with the next evolution of the insurance brokerage community.”
Founded at MIT, Relativity6’s account rounding technology counts customers like Hub International, Westwood Insurance and many others in the top 100. Relativity6’s partners grow premium and commission revenue by 10-20% annually and are able to reduce E&O exposure by offering product recommendations and recording those offers. CEO, Alan Ringvald, added, “Partnering with TechAssure is very exciting for Relativity6. TechAssure members are regarded as some of the best in the industry and we look forward to empowering them with new technology to better serve their clients.”
More About Techassure
Established in 2000, TechAssure is a unique consortium of risk management experts serving innovative industries, such as technology, telecommunications, life sciences, clean tech, as well as the venture capital and private equity firms that fund them. Comprised of over 30 specialist firms located in technology hubs across the world, TechAssure members collectively serve over 5,000 clients and represent over $8 Billion in premium volume. The association also produces a proprietary annual benchmarking report for the industries it serves.
At Relativity6, we're obsessed with the industry classification problem and Artificial Intelligence. And more so, we're obsessed with solving the industry classification problem with AI. To that end, we've developed an algorithm that delivers 80%+ accuracy when classifying businesses across the globe via API with responses in under 1 second. All you input is a business's name and address.
Every day we iterate on our algorithms, feed them more data, and find techniques and strategies to get more accurate.
Check out the video below to see the Relativity6 Industry Classification API in action: