Insurtech provider Zywave has launched Cyber Quoting, the latest addition to its comprehensive portfolio of quoting and proposal solutions.
The centralised quoting platform seamlessly connects global cyber insurers with US distribution partners through a simplified and transparent data collection process that provides key insights into coverage submission and selection.
Eric Rentsch, Zywave’s Chief Product Officer, said: “As cyber losses continue to rise, cyber insurance has become a critical component of risk mitigation plans for the majority of businesses—large and small.
“While cyber insurance is in high demand, securing the appropriate coverages still can be a challenge.”
He continued: “Tedious, time-consuming data collection is one of the biggest pain points for cyber insurance brokers and their clients.
“To make the process easier for all parties, Zywave’s Cyber Quoting solution collects input through a straightforward, standardised questionnaire, resulting in less guesswork and greater efficiency across the insurance distribution chain.”
Zywave’s new quoting platform will give cyber insurers and distributors the benefit of an expanded market access and a broader selection of coverage available.
Connecting through Cyber Quoting can help accelerate distribution, enabling insurers and distributors to develop new cyber insurance products, adapt to market changes, and stay ahead of emerging risks.
Cyber Quoting allows insurers to accurately present quotes faster and distributors to provide more personalised services and options to their clients.
According to Zywave, its quoting platform already has a strong core of cyber insurers and policies available.
These include prominent carriers like Axis, At-Bay, Coalition, and Cowbell, and are preparing for the imminent addition of industry leaders Tokio Marine, Killara Cyber, and CFC.
“Expanding our distribution network through Cyber Quoting with Zywave allows our programs to be available to an expansive network of distributors,” said Rick Welsh, CEO of Killara Cyber.
He added: “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.”
