In the world of cyber insurance, data serves as a crucial tool for brokers, transforming information into actionable insights that empower better decision-making. Zywave has introduced a new data-driven enhancement to its Cyber Quoting solution, integrating benchmarking and loss data to provide brokers with insights that improve client coverage decisions. This feature allows brokers to analyze industry data and loss profiles, aiding in the identification of coverage adequacy and potential risk gaps.
Zywave’s Cyber Quoting is a centralized platform that connects global cyber insurers with U.S. distributors through a streamlined submission process. The addition of proprietary limit adequacy data enhances the platform’s ability to inform users about coverage models and common benchmarks in the cyber insurance space.
Zywave Senior Vice President Jeff Cohen emphasized the platform’s dual focus on speed and intelligence. “By providing insights into limits and loss profiles for similar risks, along with bindable quotes, we’re leveraging our proprietary data to educate brokers and meet the coverage needs of their policyholder clients,” he stated.
The benchmarking and limit adequacy features are powered by Zywave’s Commercial Analytics, which includes over 400,000 insurance programs initiated by U.S. organizations each year. This data enables brokers to assess program structures and costs more effectively, leading to better-informed recommendations for their clients.
Since its inception, Cyber Quoting has offered expanded market access and a wider range of coverage options. Zywave already boasts a strong selection of cyber insurers, including At-Bay, CFC, Coalition, and Cowbell, with plans to add industry leaders like Killara Cyber, Elpha Secure, and Tokio Marine HCC soon.
Source: Zywave Adds Benchmarking & Loss Data to Cyber Quoting.
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