CFC trading platform adds multi-product feature

CFC trading platform adds multi-product feature | Insurance Business Canada

Professional Risks

CFC trading platform adds multi-product feature

Move aimed at “making our brokers’ lives easier,” says CEO

Professional Risks

By
Terry Gangcuangco

London-headquartered managing general agent CFC now offers multi-product capability on its Connect trading platform, allowing brokers to get bindable quotes across multiple commercial specialty lines insurance products by answering a single question.

The move means that, aside from the SME cyber cover that CFC is known for, users of the Connect platform can now also auto-rate and bind admitted professional liability and technology errors & omissions policies. Without underwriter referral, rates and limits can be adjusted by brokers, and cover elements can be selected.

CFC chief executive Graeme Newman said in an emailed release: “Our proprietary technology interrogates numerous data points to ascertain business characteristics and interpret more accurately 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 the risk accordingly in milliseconds without any human interaction.

“Our unique advanced intelligent automation systems go beyond what has been achieved to date in the commercial specialty market. We’re now expanding our dynamic autonomous underwriting capability across multiple lines of business, making our brokers’ lives easier and the whole process frictionless and more efficient than anything else in the market.”

The first trading platform to offer single-question quoting for commercial specialty lines insurance, Connect has delivered more than US$100 million in cyber premium since its launch in 2020.

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