Cyber insurance provider CFC has launched a new service designed to automate the quoting process for potentially thousands of policies at once.
The service will initially be accessible for CFC’s cyber insurance products, enabling brokers in the UK to obtain a “bulk quote” for their entire business portfolio.
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It aims to simplify the process into three steps by having brokers submit client information, after which CFC generates quotes for all eligible clients before brokers then review and bind the policies.
CFC distribution director Pat Brice said: “Sending individual submissions on thousands of accounts takes an enormous amount of resource from time-stretched brokers.
“Our new portfolio quoting service will not only free this time up for them to spend on more valuable complex client demands and relationship building but also help them cross-sell different products across their entire portfolio. We can even assist in porting master policies over 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.”
Last month, CFC expanded its cyber insurance offerings to include a large line size cyber product.
This allows large corporate clients to secure coverage for physical property damage resulting from cyber incidents with a limit of £25m ($31.59m) and an additional option to add on coverage for physical cyber risks.
In November 2024, CFC launched an insurance solution catering to mid-size and multinational technology companies to provide tech and cyber coverage for businesses with revenues exceeding $250m.
The company offers cyber coverage for retail, healthcare, construction, manufacturing and professional services.
