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CFC launches underwriting platform for cyber products

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Specialist insurance provider CFC Underwriting has rolled out a cyber-focused underwriting platform in Australia for brokers to arrange covers for SME clients.

The London-headquartered business says it built CFC Connect to simplify the underwriting process to support brokers in the fast-growing cyber insurance market.

The platform is only available to brokers who are already doing business with CFC.

Brokers using the platform need only to provide the clients’ website to access a set of bespoke quote options based on their pre-set preferences. They can also create new quote variations and bind immediately.

“The long-winded question sets associated with cyber insurance created a barrier for brokers selling cyber coverage,” CFC Cyber Development Leader Lindsey Nelson said.

“We also recognise that the challenging economic environment caused by the coronavirus pandemic has laid down a new hurdle as SMEs are forced to review the necessity of every single dollar they spend.

“So we’ve also enhanced the inner workings of Connect to provide brokers with a bespoke sales tool kit to help them focus on the right exposures for the right clients and convert more sales.”

Ms Nelson says CFC has seen growing demand for cyber insurance in Australia, especially from SMEs who are increasingly aware of their exposure to the digital threat.

She told insuranceNEWS.com.au the platform “is all about getting the right risk profile data about SME customers to underwrite their risk effectively and as quickly and efficiently.”

Brokers using the platform will find it easier to meet the growing demand and need for cyber products from SME clients, she said.