Cyber Quotes Automation Targeted by CFC
In just one week, the British Insurance Brokers' Association (BIBA) conference will witness the launch of CFC's innovative new service – the BIBA Cyber Guide. This service, designed to provide valuable advice on cyber insurance cover to brokers, is only one part of CFC's offerings at BIBA 2018.
The star of the show, however, is CFC's groundbreaking portfolio quoting service. This automated tool is specifically designed for UK brokers, allowing them to quote insurance for their entire book of business more efficiently. By automating quotes across a whole portfolio, it reduces manual entry and repetitive processes, saving time and increasing operational efficiency.
The benefits for UK brokers are numerous. The service improves accuracy and consistency by limiting errors that can occur in manual quotes, allowing for better client servicing. Faster quoting means brokers can respond to client needs more promptly and potentially place more business. Moreover, this service provides access to specialist insurance products, as CFC offers coverage across multiple classes.
CFC, a market leader in cyber insurance, is a pioneer in emerging risk. They have invested heavily in technology-driven solutions like this portfolio quoting service to support brokers and maintain their market competitiveness.
The portfolio quoting service involves three simple steps: brokers send required client information, CFC automatically generates quotes, and brokers review and bind. This service is initially available for CFC's cyber products in the UK.
Pat Brice, Distribution Director at CFC, states that the portfolio quoting service can open the door to significant growth opportunities within existing books of business. The service is not just about eliminating manual data input and tedious application forms, but also about streamlining the quoting process and improving accuracy.
The service is designed for online quote and bind systems, aiming to shift workload from insurers to brokers. This digital innovation is positioned as an enhancement to broker workflows in the UK market.
In addition to the portfolio quoting service, CFC has appointed Shannon Groeber as Executive Vice President, responsible for leading the business's cyber strategy for its admitted cyber proposition. Groeber will be working from CFC's office in New York.
CFC's new service is expected to deliver valuable new income streams for UK brokers, as it can assist in porting master policies over to individual insured policies. This service comes at an opportune time, as CFC specialises in providing cyber insurance at BIBA 2018.
In conclusion, CFC's new portfolio quoting service offers a game-changing solution for UK brokers, automating and streamlining the quoting process, boosting efficiency, accuracy, and client responsiveness by enabling bulk quote submissions across entire insurance portfolios.
- The portfolio quoting service, a technological innovation by CFC, not only streamlines the quoting process but also provides access to cyber insurance products, making it a valuable addition to their offerings at BIBA 2018.
- Beyond the cyber guide launch, CFC's portfolio quoting service, designed for UK brokers, introduces a reinsurance model by automatically generating quotes for their entire book of business, potentially leading to significant growth opportunities.
