CoverForce has expanded its API toolkit to include cyber insurance. This development responds to the soaring global growth of the cyber insurance subsector. It is predicted to increase by 25-30% annually. With an estimated market value of $23 billion by 2025, according to S&P Global.
The CoverForce API already encompasses an extensive range of commercial line products. They encompass workers’ compensation, business owners’ policy (BOP), general liability, and inland marine. This addition of cyber insurance indicates CoverForce’s commitment to simplifying the ability to offer high-demand products from top carriers.
Cyrus Karai, CEO and Co-Founder of CoverForce, expressed enthusiasm about broadening their industry-leading API toolkit. “This expansion underscores our commitment to becoming the digital market standard for insurance agents,” said Karai.
CoverForce API toolkit
As part of the CoverForce API toolkit, agents and brokers can now benefit from end-to-end capabilities. This includes an appetite guide, multi-carrier submissions, bindable quotes, proposal documents, options for instant binding and payment, and issuance from prominent insurance carriers such as AmTrust, Chubb, Liberty Mutual, Nationwide, and Travelers.
The integration of CoverForce’s API into existing front-end systems of wholesalers, brokers, and carriers resolves complexities associated with merging multiple disparate systems. This integration should significantly reduce costs and mitigate execution risks. Notably, enterprise customers and software providers, including recent partner NowCerts, have chosen CoverForce for its seamless integration, direct access to carriers, and adaptability to alternative distribution channels.
Taking the industry in a wide view, this move to include cyber insurance in CoverForce’s API toolkit marks a strategic step to meet the evolving needs of the insurance market. It reinforces the wider reality of the ongoing growth of the Cyber Insurance market.
Source: CoverForce Expands API Suite to Offer Cyber Insurance.