Reliance Global Group, Inc.
Reliance Global Group, Inc. (NASDAQ: RELI, RELIW) is an InsurTech company combining advanced technologies, with the personalized experience of a traditional insurance agency model. Reliance Global Group’s growth strategy includes acquiring well managed, undervalued, and cash flow positive agencies, as well as organic expansion, including through its digital agency 5MinuteInsure.com and its B2B-focused InsurTech platform RELI Exchange .
IR Website: relianceglobalgroup.com
Headquarters: Lakewood, NJ
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Successful track record of acquiring cash flow positive 'offline' home and auto agencies, and utilizing technology to more cost effectively service the acquired policies and enhance profitability
Capitalizing on consumer shift to ‘online’: more and more customers search for insurance online, but consumers prefer the personal touch of an agent
5MinuteInsure.com is Reliance Global Group's online business-to-consumer platform designed to drive traffic to the Company’s agencies and affiliate agents, and utilizes artificial intelligence and data mining, to provide competitive insurance quotes within 5 minutes, with minimal data input
RELI Exchange is Reliance Global Group's B2B InsurTech platform and agency partner network for insurance agents and agencies, designed to give independent agents an entire suite of business development tools, allowing them to effectively compete and win against national agencies.
By implementing artificial intelligence, robotic process automation (RPA) and automatic shopping for best rates at renewals, Reliance can:
Dramatically reduce cost
Allow agents to focus on selling new policies
Create a digitally empowered and scalable insurance agency model
Ability to rapidly expand Reliance’s agency network nationwide and drive margin expansion
Disrupting the Insurance Industry
With 5MinuteInsure, Reliance Global combines the best of digital and the human element by providing customers quotes from multiple carriers within minutes. Much like how Expedia transformed travel, bringing greater choices and tools for travelers to compare prices, 5MinuteInsure.com is doing the same thing within the insurance industry.
All of this leads to strong value for consumers by providing a significant cost savings for Reliance Global’s customers. As an example, one of their first clients was able to reduce their premium from approximately $2,000 to just $800 on a comparable policy with a new carrier, representing a 60% savings.
RELI Exchange is a business-to-business (B2B) InsurTech platform and agency partner network for insurance agents and agencies, designed to give independent agents an entire suite of business development tools, allowing them to compete and win against national agencies. It builds on the artificial intelligence and data mining backbone of 5MinuteInsure.com, while simultaneously offering back-office services for independent agents, allowing them to more quickly scale their business.
The company is now approved to offer insurance products from more than 30 carriers, including their recent additions of Lemonade and Hippo, and is approved to sell insurance in 49 states.
Numerous acquisition targets within a highly fragmented market
Ownership and management of portfolio companies remain engaged
Focus on acquiring growing and profitable businesses, for below-market prices
Ability to leverage cash flow of acquiree through low-cost debt financing and provide earn-outs as part of consideration
Economies of scale through first-class technology infrastructure and national sales/marketing platform
Few insurance agencies have the size and scale to compete at a national level
Management expertise in acquisitions, operations, and financial management
Reliance Global’s access to capital supports the growth of the acquired companies
Rapidly Growing InsurTech Market
The U.S. insurance broker and agency industry generated revenue of $182 billion in 2020. The market has grown steadily over the past 5 years due to macroeconomic growth, beneficial legislation, and positive trends within the insurance sector.
The InsurTech industry is poised to disrupt the insurance industry, in much the same way the fintech market has disrupted the financial services industry. InsurTech refers to the use of technology innovations designed to squeeze out savings and efficiency from the current insurance industry model. The industry itself is projected to grow to a $11.2 billion global industry by the year 2027, as per AllTheResearch. InsurTech is disrupting an industry once known for having to call individual agents with little price transparency, and much like its FinTech forefathers, streamlines the transaction processes and provides significant economic value for consumers.
Reliance Global brings its 30 plus years of insurance industry experience to 5MinuteInsure.com and RELI Exchange. Reliance Global backs 5MinuteInsure.com and RELI Exchange with a combined blend of technology and insurance expertise, through advanced innovation, a network of independent agents, and solid relationships with top-rated insurance companies. As a result, 5MinuteInsure.com literally brings its customers success in minutes, and RELI Exchange helps lead agents to similar success.
5MinuteInsure.com is a platform designed to drive online traffic to the Company’s agencies and affiliate agents.
5MinuteInsure.com will be utilized in conjunction with current and planned agency acquisitions, as well as affiliated agencies
Today, there is growing competition among insurance agents to attract referrals from a limited pool of realtors, mortgage bankers, mortgage brokers, and auto dealers throughout the US
5MinuteInsure.com is a new and proprietary tool being developed by Reliance Global to tap into the growing number of online insurance shoppers
5MinuteInsure.com utilizes artificial intelligence and data mining, to provide competitive insurance quotes within 5 minutes, with minimal data input
Approved to offer insurance products from more than 30 carriers and approved in 49 states
RELI Exchange: A Highly Scalable InsurTech Platform
RELI Exchange is a business-to-business (B2B) InsurTech platform and agency partner network for insurance agents and agencies that builds on the artificial intelligence and data mining backbone of 5MinuteInsure.com. RELI Exchange:
Provides instant and competitive insurance quotes from more than thirty insurance carriers nationwide
Reduces back-office burden and expenses by eliminating paperwork, thereby providing agents more time to focus on selling policies
Unlike a franchise model, RELI Exchange is designed with low barriers to entry and a compelling value proposition that they believe will help them attract many new agency partners—providing them with the tools to make their businesses more successful
Significantly enhances competitive advantages of the agency partners.
Aggressively adding new agency partners to the network; expected to have a multiplier effect on the business.
Combines the low barriers to entry of their agency network, with state-of-the-art technology;
Goal to build RELI Exchange into the largest agency partner network in the country.
Here are some quotes from actual RELI Exchange Agency Partners:
"The platform that we have available to us is very good. Basically, was able to start selling with a team to back me up out of the gates. Competitive in just about every piece of business I have submitted thus far."
“Solid business opportunity, being an Agency Owner is like starting a franchise without the royalty payment. Management has an aligned interest in my ability to succeed. Very happy with the decision to partner with this company.”
“I am in love with the support provided, systems that I can use, and the lead programs available to make growing my agency easy."
“Positive, energetic people that support you. Great products, even better platform, and awesome technology. Access to data and programs that makes marketing easier. Put in the work and you will make serious money.”
Learn more at reliexchange.com.
In 2021, revenue increased 33% to $7.3 million, reflecting continued growth and execution of the business model
Revenue for the first quarter of 2022 increased by approximately 82% to $4.2 million versus $2.3 million for the same period last year
Year-over-year growth reflects the continued execution of the insurance agencies
Agencies continue to generate positive cash flow on a standalone basis
Ended the first quarter of 2022 with approximately $6 million of cash and restricted cash
Solid balance sheet to execute on the growth objectives, both organic and through acquisitions
Recent launch of 5MinuteInsure.com and RELI Exchange expected to generate operating savings at the agency level by reducing back-office expense
To download the Reliance Global Group, Inc. investor presentation, please fill out the form below.
Over 100 Years of Combined Industry Experience
Chairman, Chief Executive Officer
Mr. Beyman brings nearly three decades of entrepreneurial experience in real estate and ten years in insurance. His portfolio of commercial and residential properties at one point consisted of more than 40,000 residential units, as well as several insurance companies. In 1985, he founded his first mortgage brokerage, which rapidly grew into the third largest licensed mortgage brokerage in America by 2008. He also expanded to real estate acquisition, having grown his portfolio to over three billion dollars.
Chief Financial Officer
Prior to serving as the CFO of Reliance Global Group Inc., Mr. Lebovics served as the Finance Manager for IDW Media Holdings, where he was responsible for dealing with financial reporting, financing, and M&A, as well as other finance related operations. Additionally, Mr. Lebovics served as Director of Business Development at IDT Corporation. Mr. Lebovics brings extensive corporate finance experience, including senior roles at PwC and Nippon Life Global Investors. Mr. Lebovics has an MS in Accounting from Fairleigh Dickenson University, an MS in Real Estate with a concentration in Finance and Investment from NYU, and a BS in Business Management from Touro College.
Executive Vice President, Insurance Division
Mr. Beyman oversees the overall insurance operations of Reliance, including strategy and developing/implementing operational tools. He holds insurance licenses in most of the continental United States, and is involved heavily in marketing, maintaining state of the art technological models, financial management and distributions, and entity creation and maintenance.
Joel Markovits, CPA
Chief Accounting Officer
Mr. Markovits brings over 9 years’ experience with financial reporting in both the public and private sectors. Prior to joining Reliance, Mr. Markovits was a senior manager at KPMG LLP, where he led some of the larger and more complex audit engagements, including serving as lead audit senior manager on a global $16 billion (annual revenues) enterprise reporting on both US GAAP and IFRS standards. He was also a data & analytics specialist and technology leader at KPMG for its largest US Business Unit overseeing the development and deployment of technological capabilities that enhance data analyses and audit processes. Mr. Markovits is a Certified Public Accountant in the State of New Jersey since November 2013.
Director of Insurtech
Mr. Fishman brings a unique perspective to the insurance sales process. Prior to starting his own insurance agency, Mr. Fishman was a recognized guru in the travel industry leveraging the technology in the travel sector. This tech savviness has been applied into the insurance and financial services industries with the founding of Fishman Insurance Agency as well as Tekeno Financial. Mr. Fishman is one of the driving talents of Reliance’s 5MinuteInsure.com insurance comparing and purchasing platform.
Senior Vice President of Operations
Grant oversees the RELI Exchange Agency Partner Network expansion, and is integrating Reliance Global Group’s proprietary Insurtech offerings to accelerate growth.
Mr. Barra brings over 18 years of experience in the insurance industry. In 2008, he founded Barra & Associates and served as CEO until its acquisition by Reliance Global Group in 2022. Barra & Associates quickly grew to become a recognized provider of both personal and commercial insurance products, including property and casualty, life, health and other insurance products.
Vice President, Acquisitions
Prior to joining Reliance, Mr. Fortman had spent the last 18 years operating, owning and expanding his families multiple line insurance agency at Fortman Insurance Services. Along with being a principal of the agency, he also specializes in sales, retention, growth and service for the agencies large book of Employee Benefit clients. In November 2021, he was promoted to VP of Acquisitions of the Reliance Global Group.
He brings an extensive level of agency management experience as well as providing growth strategies for newly acquired agencies.
Julie A. Blockey
General Manager, CLU, ChFC. RHU. REBC, CASL
As an agent in Montana for the past 35 years, Julie has learned to appreciate the diverse needs of businesses and families. She strives alongside her staff to find the best solution for every possible need. She welcomes the opportunity to be of service to those she works with.
Chief Operating Officer, US Benefits Alliance
Mark has over 20 years of experience working as a broker in the health and life insurance industry. Over the course of that time, he founded Employee Benefits Solutions, LLC in 2003, My Family Health Insurance, a General Agency in 2013, and The Referral Depot in 2014. In 2018, he sold his businesses to Reliance Global Group and now plays an active role in agency acquisitions, national agent recruitment, and alignment of key insurance carrier partnerships.
Risks & Disclosures
This communication is neither an offer to sell nor a solicitation of an offer to buy, nor a recommendation of any securities of the company mentioned herein.
Reliance Global Group, Inc (the “Company”) and its counsel have reviewed the content of this page as well as the accompanying presentation (“Company Presentation”) displayed on this page. To the best of its knowledge, the Company does not believe this content to be misleading or inaccurate in any material respect, nor does it believe there are any material omissions with respect to such content. The Company does not believe the contents of the page or the Company Presentation to contain any non-public material information.
Information and opinions presented in the Company Presentation are provided by the Company, and b2i Digital makes no representation as to their accuracy or completeness. The information contained on this page is not intended to constitute any form of advice, and the information provided is not intended to provide a sufficient basis on which to make an investment decision. It is not investment research, nor does it constitute a research recommendation, as it does not constitute substantive research or analysis. This information is not to be relied upon in substitution for the exercise of independent judgment.
Information, opinions and estimates contained on this page or in the Company Presentation reflect judgments by the Company as of the original date of publication by the Company and are subject to change without notice. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied is made regarding future performance.
A complete description of the risks and uncertainties relating to the Company and its securities can be found in the company's filings with the U.S. Securities and Exchange Commission available for free at www.sec.gov.
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