Reliance Global Group, Inc.

Greetings and welcome to the Reliance Global first quarter 2023 financial results and business update conference call. At this time, all participants are in listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Ted Avis, Investor Relations. Ted, you may begin.

Thanks, Paul. Good afternoon, and thank you for joining Reliance Global Group's 2023 First Quarter Financial Results and Business Update Conference Call. On the call with us today are Ezra Baiman, Chairman and Chief Executive Officer of Reliance Global Group, and Joe Markovits, Chief Financial Officer of Reliance. Earlier today, the company announced its operating results for the three-month-ended March 31, 2023. The press release is posted on the company's website, www.relianceglobalgroup.com. In addition, the company will file its quarterly report on Form 10-Q with the U.S. Securities and Exchange Commission today as well, which can also be accessed on the company's website as well as the SEC's website at www.sec.gov. If you have any questions after the call or would like any additional information about the company, please contact Crescendo Communications at 212-671 Before Mr. Bayman reviews the company's operating results for the quarter ended March 31st, 2023, we would like to remind everyone that this conference call may contain forward-looking statements. All statements other than statements of historical facts contained in this conference call, including statements regarding our future results of our financial position, strategy and plans, and our expectations for future operations are forward-looking statements. The words anticipate, estimate, expect, project, plan, seek, intend, believe, may, might, will, should, could, likely, continue, design, and the negative of such terms, in other words, and terms of similar expressions, are intended to identify forward-looking statements. These forward-looking statements are based largely on the company's current expectations and projections about future events and trends that it believes may affect its financial condition, results of operations, strategy, short-term and long-term business operations, and objectives, and financial needs. These forward-looking statements are subject to several risks, uncertainties, and assumptions, as described in the company's Form 10-K filed with the U.S. Securities and Exchange Commission on March 30, 2023. Because of these risks, uncertainties, and assumptions, the forward-looking events and circumstances discussed in this conference call may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statement. You should not rely upon forward-looking statements as predictions of future events. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, level of activity, performance, or achievements. In addition, neither the company nor any person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The company disclaims any duty to update any of these forward-looking statements. All forward-looking statements attributable to the company are expressly qualified in their entirety by these cautionary statements, as well as others made in this conference call. You should evaluate all forward-looking statements made by the company in the context of these risks and uncertainties. With that, I will now turn the call over to Ezra Bayman, Chairman and Chief Executive Officer of Reliance Global Group. Ezra?

Thank you, Ted. Good afternoon, and thanks to everyone for joining us today. We are pleased to announce that our revenue grew 29% for the first quarter of 2023 compared to the same period in 2022, demonstrating the ongoing expansion and strong performance of our subsidiary operations. Reliance Exchange continues to outperform our forecast with over 250 partner agencies presently on our platform. We attribute the success to the extensive range of business tools provided to independent insurance agents, enabling them to effectively compete with and even surpass the larger national agencies. During the initial stages of rolling out Rely Exchange, our strategy was centered on recruiting newer, less experienced agency partners to the platform. However, with the platform's evolution and growth, we have shifted our focus to cater to more seasoned agents who possess robust client bases as we continue building out and growing the platform. Traditionally, most insurance agencies were bound to a single carrier, and due to the limited product offerings that particular carrier presented, they achieved a close rate of only 10% to 20%. On the Rely Exchange platform, we believe they can reach a close rate in excess of 80% due to their ability to offer a wider variety of competitive third-party quotes. We continually seek to introduce new products that our agency partners can present to their clients. In February 2023, we integrated a real-time life insurance quotation tool into both our rely exchange and 5minuteinsure.com platforms. This tool showcases life insurance quotes from over 15 life insurance companies and expands on the company's successful home and auto insurance offerings. The life insurance capabilities provide our relay exchange agency partners with the necessary technology to promptly compare life insurance policies and rates in less than one minute. This improvement will enhance client communication and speed up policy binding while adding a valuable new resource to their agency toolbox. The inclusion of the quotation tool on both the B2B and B2C platforms bolsters the value proposition for each platform. Additionally, it offers consumers complete transparency regarding the options available to them and the expected pricing. We remain dedicated to our mission of assisting clients in obtaining the appropriate insurance coverage to safeguard what matters most while guaranteeing they receive the best value for their investment. The Reliance Change platform experienced a significant upgrade in February as it implemented a state-of-the-art artificial intelligence engine that autonomously populates 90% of a customer's application, increasing efficiency for agents. Concurrently, a new tailor-made CRM system was rolled out, guiding agents through every step of customer engagement, sales, and closing by providing timely, smart coaching. While these AI-based improvements are significant, they are not intended to replace agents' experiences. experiences. Instead, they enhanced them, empowering agents to assess a greater number of quotes more quickly and provide a superior customer experience. These upgrades have further reinforced our position as a leading force in the inter-tech arena where our commitment to cut-engage A-based technologies has always distinguished us. This latest integration amplifies our stature as an inter-tech innovator. In March, we launched RELI University, and is an innovative training platform designed for our RELI Exchange agency partners. The new educational platform is unique in the independent insurance industry. This comprehensive learning resource equips both novice and seasoned agents with an in-depth knowledge of the entire suite of products, services, and tools available via RELI Exchange, keeps them informed regarding the latest carrier and industry and developments, and empowers them to grow their business. Rely University offers an extensive array of resources to optimize the success of our agency partners. Catering to both experienced insurance agents and those new to the field, Rely University is specifically designed to boost the productivity of each agency partner. Additionally, agents are encouraged to share feedback on improving productivity for their fellow agents, fostering a genuinely cooperative atmosphere. This collaborative spirit is a cornerstone of what we call the Rely Exchange agency partner community. It is extremely satisfying to watch agency partners help each other so that they can all write more business. Growing to more than 250 Rely Exchange agency partners in such a short span of time is something that we are very proud of at Reliance Global. Before I turn the call over to Joel to discuss our financial results for the 2023 first quarter, I would like to highlight that in February, I converted $645,000 of a $1.8 million company loan that I beneficially held into shares of Reliance Global at a price that was significantly above the closing market price at that time. The original loan was provided at extremely favorable terms to the company in order to accelerate the growth of Reliance Exchange while protecting the interests of all shareholders. By converting a portion of the node at a price significantly above the then market-market price, I further demonstrated my complete alignment with shareholders and utmost confidence in the bright future ahead for our business. In conclusion, as previously stated, VLI Exchange has seen a tremendous growth in agency partners since its inception in July of 2022, attributable to our team's outstanding dedication and steadfast commitment. Our business model is both unique and highly scalable, placing us at the forefront of the industry. We are proud of our strong first quarter results, which demonstrate the success of management's efforts to streamline operations and reduce costs, while at the same time growing revenues. It is important to note that our operating agencies on a standalone basis are performing well and operating profitably with healthy margins. We look forward to continuing this trajectory which we believe will position the company to become cash flow positive by later in the year. I would like now to turn the call over to Joel Markiewicz, Chief Financial Officer at Reliance Global, who will review the financial results for the quarter ended March 31, 2023. Joel.