Insurtech provider Zywave has announced the addition of embedded benchmarking to its Cyber Quoting solution, enabling brokers to access industry data and loss information from similar organisations, providing their clients with enhanced insights into coverage limit adequacy and potential loss gaps.
Launched in April 2024, Cyber Quoting is a centralised platform that connects global cyber insurers with U.S. distributors through a simplified, transparent submission process, delivering valuable insights into coverage needs and options.
With the addition of Zywave’s proprietary limit adequacy data, users now gain even more insights into potential coverage models, identifiable loss gaps, and benchmarks for common coverage levels within the product.
Jeff Cohen, Senior Vice President at Zywave, noted, “The aim of Zywave’s Cyber Quoting is to help the market to grow cyber premium.”
He added, “Now, it’s not only faster, but it’s also smarter. By providing insights into limits and loss profiles for similar risks, together with bindable quotes, we’re leveraging our arsenal of propriety data to help educate brokers and address the coverage needs of their policyholder clients.”
Powered by Zywave’s Commercial Analytics data, which includes over 400,000 U.S. insurance programs annually, the benchmarking utility can quickly narrow down program data to match a peer group.
Together with Zywave’s database of 200,000 cyber losses, Cyber Quoting gives brokers objective information to evaluate insurance program structures and costs, making it easier for them to recommend the best options for their clients.
Since its launch, Cyber Quoting has expanded access to the cyber insurance market, offering a wider range of coverage options. Zywave’s platform already features a strong selection of cyber insurers and policies, including top carriers like At-Bay, CFC, Coalition, and Cowbell, with more industry leaders such as Killara Cyber, Elpha Secure, and Tokio Marine HCC set to join soon.
