Cyber Quotes Automation Under Consideration by CFC
In a significant move for the cyber insurance sector, specialist insurance provider CFC has unveiled an automated portfolio quoting service [1][4]. This innovative service allows brokers to generate quotes for an entire book of business, including cyber insurance policies, in a streamlined and efficient manner.
The new service, dubbed "Scan & Go," is an online quote and bind system that aims to free up time for brokers, enabling them to focus on complex client demands and relationship building [1]. The service automates the quoting process by enabling batch automation, rather than manual, single-policy quotes.
CFC's expansion in the US cyber and tech team is another key aspect of this development. The addition of Rae Haynes as Underwriting Manager, Cyber and Tech, underscores CFC’s commitment to delivering seamless and rapid service tailored to cyber and technology risks. This expansion complements the automated quoting service by combining technology-driven efficiency with dedicated expert underwriting [2].
The benefits of CFC's automated quoting service are numerous. Time savings are achieved by automating quoting for many policies simultaneously, reducing the administrative burden on brokers. Standardized portfolio-level quotations improve pricing accuracy and coherence, ensuring consistency. The service is scalable, supporting growth for brokers managing large and diverse client portfolios, particularly important in evolving sectors like cyber insurance [1].
Brokers also receive enhanced local support with the growing US cyber and tech team, ensuring they receive expert advice and quicker service alongside automated tools. The service's innovation and responsiveness come from combining enhanced digital trading platforms with expert underwriting, enabling rapid adaptation to emerging cyber risks [1][2][4].
CFC will be offering advice on cyber insurance cover to brokers at BIBA 2018. The new platform is designed to be less cumbersome than traditional online quote and bind systems. Shannon Groeber, appointed as Executive Vice President at CFC, will be leading the business's cyber strategy for its admitted cyber proposition [3].
The initial availability of the service is for CFC's cyber products in the UK, with plans to expand to other markets in the future. This latest development from CFC represents a strategic push to leverage technology while maintaining close broker relationships and expert underwriting support for emerging risks.
[1] - CFC launches automated portfolio quoting service for cyber insurance [2] - CFC expands US cyber and tech team [3] - CFC appoints Shannon Groeber as Executive Vice President [4] - CFC launches new cyber insurance platform for SME businesses
- The automated portfolio quoting service developed by CFC, such as the "Scan & Go" system, streamlines the underwriting process by automating multiple policy quotes at once, allowing brokers to focus on complex client demands and technology-driven risks, particularly in sectors like cyber insurance.
- In addition to the automated quoting service, CFC's expansion in the US cyber and tech team, led by Underwriting Manager Rae Haynes, highlights their commitment to marrying technology-driven efficiency with expert underwriting, providing enhanced local support and rapid service to brokers, thereby ensuring seamless and appropriate reinsurance for evolving cyber events.
