Cyber insurance platform offers quotes based on domain name

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.