Zywave, an insurtech provider, announced the launch of its new Cyber Quoting platform today. The platform connects global cyber insurers with U.S. distributors, simplifying the data collection process used for generating insurance quotes. This addition is part of Zywave‘s efforts to enhance its range of quoting and proposal solutions.
According to Eric Rentsch, Chief Product Officer at Zywave, the platform addresses the growing need for cyber insurance due to increasing cyber losses worldwide. Rentsch highlighted the complexity of obtaining appropriate coverage and identified the cumbersome data collection processes as a significant challenge. “As cyber losses continue to rise, cyber insurance has become a critical component of risk mitigation plans for businesses of all sizes,” Rentsch said. He further noted, “Tedious, time-consuming data collection is one of the biggest pain points for cyber insurance brokers and their clients.” The Cyber Quoting solution aims to mitigate these challenges by employing a standardized questionnaire that simplifies the data input process, enhancing efficiency and reducing uncertainties.
Broader Market Access
The platform is expected to benefit both cyber insurers and distributors by providing broader market access and greater coverage options. It aims to facilitate faster distribution and support the development and adapting of new cyber insurance products in response to evolving market conditions and emerging risks.
The platform’s quoting experience allows insurers to present quotes more rapidly, while distributors can offer more personalized services to their clients, potentially improving overall client satisfaction. Zywave has included several major carriers in the platform, such as Axis Capital, At-Bay, Coalition, and Cowbell, and plans to integrate additional insurers like CFC, Killara Cyber, and Tokio Marine HCC shortly.
Rick Welsh, CEO of Killara Cyber, commented on the benefits of joining the platform, “Expanding our distribution network through Cyber Quoting with Zywave allows our programs to be available to an expansive network of distributors. These partners can now experience the simplicity of finding, binding, and issuing leading cyber insurance coverage for their clients in a streamlined and easy-to-use platform.”
Source: Zywave Launches New Cyber Quoting Solution with Simplified Data Collection.