Intuitive trading platform revolutionizes how brokers can quote and bind cyber insurance
Chicago, IL (May 23, 2019) – CFC, the specialist insurance provider and pioneer in emerging risk, today announced its new cyber insurance platform, enabling brokers to instantly access and ‘self-serve’ CFC’s market-leading cyber insurance products for SME businesses.
“Online quote and bind systems have historically been cumbersome, simply shifting the workload from the insurer to the broker and lacking in terms of flexibility,” said Graeme Newman, Chief Innovation Officer at CFC. “CFC’s new platform truly revolutionizes the process, greatly increasing efficiency for all parties. By answering one simple question, brokers will be able to instantly access a set of bespoke quote options based on their pre-set preferences, create brand new quote variations using a set of intuitive sliders, and bind right away.”
Developed by CFC’s in-house technology and innovation team and powered by 20 years of cyber insurance underwriting and cyber claims data, CFC’s cyber platform boasts an intuitive interface and cutting-edge trading capabilities including:
- Single-question quoting: Using a single piece of client data, brokers can generate a comprehensive cyber insurance quote tailored to their client’s unique risk profile, as well as coverage variations most commonly requested by similar businesses.
- Broker self-service: Unlike traditional quote and bind platforms, CFC’s cyber platform provides greater self-service by enabling brokers to adjust quotes – including limits and deductibles – without underwriter involvement, as well as bind quotes with a single click.
- Limit & claims profile: In addition to a cyber quote, brokers receive a limit and claims profile based on their clients’ size, industry and location. These benchmarks give clients visibility into the most common limits purchased, and the most common claims made, by their peers. Brokers can also access industry-specific cyber claims resources and educational materials to help their clients better understand the benefits of cyber insurance.
- Instant access to CFC’s expert cyber underwriters: Brokers can connect with CFC’s cyber underwriting team, one of the largest in the world, through the platform in real-time, ensuring the same commitment to efficient, immediate service brokers have come to expect from CFC.
CFC’s award-winning cyber insurance policies offer comprehensive cover for cybercrime, business interruption, privacy liability and breach notification, and are backed by an industry-leading in-house cyber claims and incident response team. CFC’s cyber insurance customers also have access to best-of-breed risk management services and tools.
Newman continued, “Technology innovation is at the heart of what we do at CFC, and this new platform is only the first in what we hope is a long line of truly transformative tools to smooth the transaction process with our brokers, helping them to more quickly and seamlessly deliver service to clients.”
Launched at its inaugural US broker conference, CFC Summit, taking place this week in Chicago, CFC’s new cyber platform will be available on 1 June 2019.
CFC is currently piloting the program with a handful of brokers. Visit www.cfcunderwriting.com/pilot/ to register your interest in participating.
CFC is a specialist insurance provider and a pioneer in emerging risk. With a track record of disrupting inefficient insurance markets, we use proprietary technology to deliver high-quality products to market faster than the competition while making it easier for brokers to do business. Our broad range of commercial insurance products are purpose-built for today’s risks, and we aim to give our customers everything they need in one, easy-to-understand policy.
We’re on a mission to radically simplify the way business insurance is bought and sold. To do that, we challenge assumptions, innovate constantly and use technology to drive change in our markets.
Headquartered in London and backed by Lloyd’s, CFC serves more than 70,000 businesses in more than 80 countries.
For more information, visit www.cfcunderwriting.com.
SOURCE: CFC Underwriting