5 Minute Insure
5 Minute Insure (5MinuteInsure.com) is an insurance technology platform subsidiary owned by parent company Reliance Global Group, Inc. (Nasdaq: RELI;RELIW) that was launched in 2021.[1][2] The company is headquartered in Lakewood, New Jersey and its affiliated companies are licensed to operate in 49 states with a network of over 30 insurance carriers including Lemonade, Hippo, Progressive, Nationwide and others.[3][4][5]
The parent company, Reliance Global Group, Inc., was founded as Ethos Media Network Inc. in 2013, and purchased by Reliance Global Group Inc. in 2018, with a strategy that focuses on acquisition including wholesale and retail insurance agencies.[6] Reliance Global Group, Inc. is controlled by Reliance Global Holdings, LLC, a limited liability company based in New York.[1][7][8][9][10] Reliance Global Group, Inc. was incorporated in Florida.[11]
Through the 5 Minute Insure platform and RELI Exchange, parent company Reliance Global Group. Inc. combines the use of artificial intelligence (AI) and other advanced, cloud-based technologies with the “personalized experience of a traditional insurance agency model.”[12][13] The business-to-consumer online platform allows consumers the ability to compare and buy auto and homeowners insurance “in a timely and effective manner.”[14]
5 Minute Insure uses advanced technology to build a base of customers via online insurance shoppers by driving this online traffic to Reliance’s agent affiliates. Through artificial intelligence and data compilation, 5 Minute Insure provides consumers with insurance quote comparisons in a personalized and timely manner with minimal customer input using devices like smartphones, laptops, or tablets.[15] Customer profiles are analyzed through the system, which draws on various data points to make customized recommendations resulting in competitive quote comparisons.[16]
The 5 Minute Insure direct-to-consumer insurance website that provides instant quotes from multiple carriers shares its powerful technology with its affiliated website, RELI Exchange. RELI Exchange is a highly scalable B2B (business to business) Insurtech platform, and has played a core role in Reliance Global Group’s ability to attract new agents now surpassing over 100 agency partners.[17]
History
In February 2021, the 5 Minute Insure insurance online platform was initially launched by parent company Reliance Global Group, Inc. in Beta utilizing artificial intelligence and data mining to provide online shoppers with comparative insurance quotes with minimal data input.[2] Founded in August 2013 as Ethos Media Network Inc, and later acquired by Reliance Global Group, Inc., owns and operates 5 Minute Insure and insurance brokerage and auxiliary businesses via numerous subsidiaries.[8][18]
Through their affiliated companies, 5MinuteInsure.com has launched its fully operational digital insurance agent offering home and car insurance.[19] (20) In September 2021, Ohio became the first state in the planned national rollout to launch the online platform.[20] By 2022, the company expanded into 49 states with licenses to sell auto and home insurance while expanding their network to 30+ carriers nationwide.[4]
RELI Exchange’s proprietary software and cloud-based platform for agents was launched in July 2022 and does not require upfront payment or recurring franchise fees from agency partners. They just need to sign up. The simple process of becoming agency partners has contributed to the increase of over 100+ agency partners.[17] In 2022, Reliance Global Group acquired Barra & Associates to leverage the 5MinuteInsure.com insurtech platform as a strategic solution for growth in the independent insurance agents market.[4]
As Founder, Chairman, and current Chief Executive Officer of Reliance Global Group, Inc., Ezra Beyman has decades of experience as a successful businessman focusing on insurance, finance, and real estate, handling billions of dollars in transactions. He also founded Empire Equity Group, Inc. in 1983, a mortgage brokerage firm licensed in New York State with over 200 offices in the United States growing to the third largest licensed brokerage in the US before its sale in 2008.[21][22][23]
In February 2021, Ezra Beyman appointed Moshe Fishman as Director of Insurance Operations to launch the 5 Minute Insure and RELI Exchange platforms. As founder of CoverageX LLC, an online platform that compares, selects, purchases, and services insurance policies, Fishman brought with him technology expertise. His insurance experience in property and casualty insurance stemmed from previously serving as President of Fishman Insurance Agency, which serviced the commercial real estate market.[24]
Headquarters
5 Minute Insure and its parent company, Reliance Global Group, Inc. are located at 300 Boulevard of the Americas, Suite 105 in Lakewood, New Jersey, Ocean County. The building is located five minutes from Garden State Parkway (Exit 89), off Pine Street and Cedarbridge Avenue.[9][23][25][26]
Products and Services
The 5 Minute Insure online platform compares insurance quotes and currently sells auto and home insurance coverage through Fortman Insurance Services, which is a wholly-owned subsidiary of Reliance Global Group Inc.[27] The platform combines advanced technology, including AI (Artificial Intelligence), and the “human touch” of a traditional insurance agency to compare, quote, and sell insurance coverages.[4]
In July 2022, Reliance Global Group Inc., announced the launch of RELI Exchange, a highly scalable insurtech platform to “accelerate agency partner network growth” as part of its organic growth strategy along with 5 Minute Insure.[28]
As of October 2022, 5 Minute Insure has expanded its network “to include more than 30 insurance carriers nationwide” and is licensed to sell insurance policies in 49 U.S. states.[3]
Innovations/Inventions
The proprietary software developed for 5 Minute Insure by Reliance Global Group, Inc. provides online insurance shoppers with personalized, competitive insurance coverage quotes from leading insurance carriers with the ability to select and buy insurance without talking with an agent.[16]
Board of Directors/Advisory Board
Board of Directors for Reliance Global Group, Inc.:[29]([30][31][32][33][34]
| Name/Title | Current Board Membership |
| Ezra S. Beyman - Chairman & Chief Executive Officer | Reliance Global Holdings LLC, Reliance Global Group, Inc. |
| Ben Fruchtzweig - Director | Reliance Global Group, Inc. |
| William Lebovics - Chief Financial Officer | Reliance Global Group, Inc. |
| Alex Blumenfrucht - Board Member | Reliance Global Group, Inc. |
| Scott Korman - Independent Director | Reliance Global Group, Inc., Tofutti Brands, Inc., WellGen, Inc. |
| Sheldon Brickman - Independent Director | Reliance Global Group, Inc. |
References
- ↑ 1.0 1.1 "Reliance Global Group Announces Beta Launch of 5MinuteInsure.com". Investors Hub. Retrieved 2022-10-20.
- ↑ 2.0 2.1 "Reliance Global Group Announces Beta Launch of 5MinuteInsure.com". www.streetinsider.com. Retrieved 2022-10-20.
- ↑ 3.0 3.1 "Reliance Global Group Expands Network to Over 30 Insurance Carriers Nationwide and Now Licensed in 49 States". AP NEWS. 2022-06-21. Retrieved 2022-10-20.
- ↑ 4.0 4.1 4.2 4.3 @marketwirenews. "Reliance Global Group Expands Network to Over 30 Insurance Carriers Nationwide and Now". Market Wire News. Retrieved 2022-10-20.
- ↑ Coverager (2021-08-10). "5 Minute Insure partners with Hippo and Lemonade". Coverager - Insurance news and insights. Retrieved 2022-10-20.
- ↑ "RELI Stock Price | Reliance Global Group Inc. Stock Quote (U.S.: Nasdaq)". MarketWatch. Retrieved 2022-10-20.
- ↑ "Reliance Global Holdings LLC - Company Profile and News". Bloomberg. 2022-10-20. Retrieved 2022-10-20.
- ↑ 8.0 8.1 Inc, Reliance Global Group (2019-10-29). "Reliance Global Group, Inc. Announces Purchase and Sale Agreement to Acquire Contiguous Multi-Family Property and Provides Corporate Update". GlobeNewswire News Room. Retrieved 2022-10-20.
- ↑ 9.0 9.1 Inc, Reliance Global Group (2019-10-29). "Reliance Global Group, Inc. Announces Purchase and Sale Agreement to Acquire Contiguous Multi-Family Property and Provides Corporate Update". GlobeNewswire News Room. Retrieved 2022-10-20.
- ↑ "Reliance Global Group Inc". U.S. News. 2022-10-20. Retrieved 2022-10-20.
- ↑ MarketScreener. "RELIANCE GLOBAL GROUP, INC. Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q) | MarketScreener". www.marketscreener.com. Retrieved 2022-10-20.
- ↑ "Reliance Global Group Announces RELI Exchange Surpasses 100 Agency Partners". Investors Hub. Retrieved 2022-10-20.
- ↑ "How the Global Pandemic Has Intensified the Focus on Innovation in Insurance Industry". InsuranceNewsNet. Retrieved 2022-10-20.
- ↑ "RELI.OQ - Reliance Global Group Inc | Stock Price & Latest News | Reuters". www.reuters.com. Retrieved 2022-10-20.
- ↑ "Reliance Global Group acquires healthcare insurance agency $1.95 million". 2021-05-15. Retrieved 2022-10-20.
- ↑ 16.0 16.1 Kaufman, Chayale (2022-02-02). "How this NJ-Based Tech Startup is Changing The Home & Auto Insurance Game". The Lakewood Scoop. Retrieved 2022-10-20.
- ↑ 17.0 17.1 Inc, Reliance Global Group (2022-09-29). "Reliance Global Group Announces RELI Exchange Surpasses 100 Agency Partners". GlobeNewswire News Room. Retrieved 2022-10-20.
- ↑ "Ezra Beyman - President @ Empire Equity Group - Crunchbase Person Profile". Crunchbase. Retrieved 2022-10-20.
- ↑ "How the Global Pandemic Has Intensified the Focus on Innovation in Insurance Industry". InsuranceNewsNet. Retrieved 2022-10-20.
- ↑ "Reliance Global Group launches of 5MinuteInsure.com | Seeking Alpha". seekingalpha.com. Retrieved 2022-10-20.
- ↑ "Empire Equity Group - Crunchbase Company Profile". Crunchbase. 2022-10-20. Retrieved 2022-10-20.
- ↑ "Home - Ezra Beyman | Real Estate Professional | New York, New York". ezrabeyman.net. Retrieved 2022-10-20.
- ↑ 23.0 23.1 "Ezra Beyman, Reliance Global Group Inc: Profile and Biography". Bloomberg.com. Retrieved 2022-10-20.
- ↑ "Reliance Global Group Announces Appointment of Industry Pioneer and Entrepreneur Moshe Fishman....Cont". Benzinga. Retrieved 2022-10-20.
- ↑ "5 Minute Insure | Better Business Bureau® Profile". www.bbb.org. Retrieved 2022-10-20.
- ↑ "Boulevard 300 | Office Space In Lakewood, NJ". Boulevard 300. Retrieved 2022-10-20.
- ↑ Coverager (2021-12-21). "5 Minute Insure available in 8 more states". Coverager - Insurance news and insights. Retrieved 2022-10-20.
- ↑ Sherris, Jacinta. "Reliance Announces Launch of RELI Exchange, A Highly Scalable Insurtech Platform That Will Accelerate Agency Partner Network Growth - Reliance Global Group (NASDAQ:RELI)". Benzinga. Retrieved 2022-10-20.
- ↑ "RELIW | Reliance Global Group Inc. Wt Company Profile & Executives - WSJ". www.wsj.com. Retrieved 2022-10-20.
- ↑ "RELIW Company Profile & Executives - Reliance Global Group Inc. Wt - Wall Street Journal". www.wsj.com. Retrieved 2022-10-20.
- ↑ "RELIW Company Profile & Executives - Reliance Global Group Inc. Wt - Wall Street Journal". www.wsj.com. Retrieved 2022-10-20.
- ↑ "RELIW Company Profile & Executives - Reliance Global Group Inc. Wt - Wall Street Journal". www.wsj.com. Retrieved 2022-10-20.
- ↑ "RELIW Company Profile & Executives - Reliance Global Group Inc. Wt - Wall Street Journal". www.wsj.com. Retrieved 2022-10-20.
- ↑ "RELIW Company Profile & Executives - Reliance Global Group Inc. Wt - Wall Street Journal". www.wsj.com. Retrieved 2022-10-20.
External Links
Business data for Reliance Global Group, Inc. (RELI): Google Sec filings Yahoo
Business data for Reliance Global Group, Inc. (RELIW): Google Sec filings Yahoo
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