London-based specialist insurance provider CFC has introduced a new cyber insurance platform that allows brokers to instantly access and ‘self-serve’ its cyber insurance products for SME businesses.
The intuitive trading platform has been 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 allows brokers to use a single piece of client data and produce a complete cyber insurance quote customised to their client’s unique risk profile.
Compared to traditional quote and bind platforms, the new cyber platform offers self-service by allowing brokers to adjust quotes without underwriter involvement, and bind quotes with a single click.
Additionally, the platform offers brokers a limit and claims profile based on their clients’ size, industry and location, which provides clients visibility into the most common limits purchased, and the most common claims filed by their peers.
The platform also allows brokers to connect with CFC’s cyber underwriting team in real-time for assistance.
CFC chief innovation officer Graeme Newman said: “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.
“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.”
CFC’s new cyber platform will be made available from 1 June this year.
Backed by Lloyd’s, CFC serves over 70,000 businesses in more than 80 countries.