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An international cyber underwriter has launched a “cutting-edge” platform this month, in an effort to ease broker workloads while winning them more business.
CFC announced its new cyber insurance platform last week, which enables brokers to instantly access self-serve insurance products for SME businesses.
Graeme Newman (pictured), chief innovation officer at CFC, said the new offering would give brokers more time to focus on the customer, rather than getting caught up in admin.
“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 Newman. “CFC’s new platform truly revolutionizes the process, greatly increasing efficiency for all parties.”
According to Newman, the platform supports single question quoting so brokers can generate a cyber quote tailored to their client’s unique risk profile.
“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,” he said.
The platform also enables brokers to adjust quotes – including limits and deductibles – without underwriter involvement.
Brokers also receive a limit and claims profile based on their clients’ size, industry and location with these benchmarks giving clients visibility of the most common limits purchased, and the most common claims made, by their peers.
“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,” said Newman.
