“Cutting-edge” is how CFC Underwriting describes its new cyber insurance platform for brokers.
The London-headquartered specialist insurance provider, which has been in the cyber market since 1999, has introduced a new quote-and-bind portal aimed at ‘revolutionising’ how brokers arrange cyber cover. The target clientele are small- and medium-sized enterprises.
Developed in-house and available on June 01, the platform was launched at CFC’s inaugural US broker conference in Chicago. Features include single-question quoting, instant access to underwriters, and broker ‘self-service’.
The latter differentiates CFC’s system from traditional platforms as it allows brokers to adjust quotes, including limits and deductibles, without the need for the underwriter. Meanwhile brokers can also use the trading platform to connect with the cyber underwriting team in real-time.
In addition, brokers are given access to industry-specific cyber claims resources and educational materials. They will also receive a limit and claims profile based on clients’ size, industry, and location.
“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,” commented CFC chief innovation officer Graeme Newman. “CFC’s new platform truly revolutionises 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.”
Meanwhile it looks like this is just the beginning of CFC’s transformation bid.
Newman stated: “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.”