Cyber insurance specialist CFC has introduced a new service designed to automate bulk quoting, which it says will allow UK brokers to generate quotes for large volumes of policies in a single process.
The service, initially available for CFC’s cyber products, aims to streamline the submission process for brokers handling multiple accounts.
The company said that the portfolio quoting service will enable brokers to obtain quotes for their entire book of business without the need for individual submissions.
CFC explained the process which involves three steps: brokers will submit client information, CFC then generates quotes for all eligible clients, and brokers will then review and bind policies.
The company’s efforts to streamline bulk quoting come amid inefficiencies, with submitting individual applications for thousands of accounts requiring significant time and effort from brokers.
Pat Brice (pictured above), distribution director at CFC, said that the new service is intended to reduce this workload, allowing brokers to focus on complex client needs and business development.
Brice also noted that the tool can support cross-selling opportunities across brokers’ portfolios and assist in transitioning master policies to individual insured policies.
“Our portfolio quoting service isn’t just about eliminating manual data input and tedious applications forms; it can open the door to significant growth opportunities within existing books of business, delivering valuable new income streams for UK brokers,” he said.
Last year, the cyber specialist also introduced an updated version of its cyber risk heat map which offers enhanced details on key exposures affecting a wide array of industry sectors, from construction and education to healthcare and logistics.
The system is built on extensive data derived from thousands of claims managed by CFC over the past 25 years.
Besides the tech advancements, CFC also expanded its workforce recently with two senior promotions: James Burns has been appointed as global head of cyber, while Jason Hart takes on the role of managing director, proactive & global security services.
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