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CFC Underwriting Ltd. launched a cyber insurance platform last week that offers coverage quotes for small and medium-sized businesses based only on the submission of a domain name, with other details being obtained automatically via publicly available information.
The London-based managing general agent said the cyber insurance platform also allows brokers to adjust quotes, including limits and deductibles, without involving an underwriter.
The platform offers $5 million in coverage limits and CFC expects it will automatically offer rates for 90% of submissions for businesses with up to $50 million in annual revenue.
In addition, the system provides brokers with benchmarking information, including average limit purchased and common claims based on a policyholder’s size, industry and location, CFC said in a statement.
“By answering one simple question, brokers will be able to instantly access a set of bespoke quote options based on their preset preferences, create brand new quote variations using a set of intuitive sliders, and bind right away,” Graeme Newman, chief innovation officer at CFC, said in the statement.
The takeup rate for cyber insurance remains flat at 33%, while capacity is mostly ample and premium prices have stayed the same in the past six months, according to a biannual survey issued Wednesday by the Council of Insurance Agents & Brokers.