The chief executive said the move was aimed at “making the lives of our brokers easier”
By Terry Gangcuangco
London-headquartered managing general agent CFC now offers multi-product capabilities on its Connect trading platform, which allows brokers to obtain bindable quotes on multiple commercial specialty lines of insurance products by answering a single question.
The move means that, apart from the SME cyber cover known by the CFC, users of the Connect platform can now also auto-rate and bind the admitted professional liability and technological errors and loss policies. Without an underwriter’s referral, rates and limits can be adjusted by brokers, and coverage elements can be selected.
CFC chief executive Graeme Newman said in an emailed release: “Our proprietary technology interrogates multiple data points to determine business characteristics and more accurately interpret what a business does and its exposure to various risk factors. Combined with our 20-plus years of underwriting and claims data, this enables us to price risk according to milliseconds without any interaction with man.
“Our unique advanced intelligent automation systems go beyond what has been achieved so far in the commercial specialty market. We are now expanding our dynamic autonomous underwriting capabilities across multiple lines of business, creating in the life of our brokers easier and the whole process without friction and more efficient than anything else on the market.
The first trading platform to offer one-question quoting for commercial specialty lines insurance, Connect has delivered more than $100 million in cyber premiums since its launch in 2020.
What do you think about this story? Share your thoughts in the comments below.
Keep up with the latest news and events
Join our mailing list, it’s free!