Instant Cyber Quoting for Commercial Insurance
Instant Cyber Quoting for Commercial Insurance
Transforming the Commercial Cyber Insurance World
Who are CFC?
CFC are a UK based insurer that pioneered cyber insurance. They have been operating in Canada for many years and are the market leaders here and in other countries. CFC have a very broad appetite when it comes to cyber insurance, together with a comprehensive set of coverage options, and additional information security services that will help keep your clients safe from harm.
They also have the largest in-house Incident Response Team globally, with 135+ incident response experts offering 24/7, the follow the sun approach, and call back within 15 minutes of reporting the incident via phone or through the app. This means that with no outsourcing to third parties, it is CFC’s reputation on the line to do a good job and that they bridge the services gap in the event the client has a cyber event.
What is Currently Live on Quotey?
Standalone Cyber Insurance is the first CFC product available. We are also working to add their Management Liability (D&O) product. You can complete an application, receive an instant bindable quotation - including quote documents from CFC, and submit for binding. Within the next few weeks, you’ll also be able to instantly bind and receive policy documents from CFC!
What’s the Best Way to get a CFC Cyber Quote on Quotey?
The good news is that CFC are able to provide bindable quotations with just a few pieces of information. They recognize that quite often, the client may not have answers to all of the detailed questions about their network, firewalls, back-ups etc. so while Quotey provides a full and dynamic application for cyber insurance, it also helps you see that very few of the questions are essential. Here’s what you’ll need to quote: Company name Address Primary Web Address Revenues Number of employees Confirmation of no claims, data breaches etc. Confirmation that the company is not involved in cannabis or cryptocurrency It’s really that simple!
What is CFC’s Appetite for Cyber?
CFC will provide instant quotes for about 85% of business operations (that’s around 1,300 operations codes!). In general, they will quote businesses with up to $50M in revenues. For certain industries that may reduce that to $10M or lower. They will quote up to $3M limits through a Quotey application, but will consider higher limits on referral.
Who can Access CFC's Product on Quotey?
At present, this product is only available to Quotey brokers that have a direct contract with CFC. If your brokerage has lots of cyber (or other CFC) opportunities, perhaps using them significantly through MGAs, we can introduce you to them, and also support with those desiring Lloyds Open Market status (a requirement for access to CFC). We’re also hoping to expand our relationship with CFC over time and also include a wholesale option, so that all Quotey brokers can benefit from their product. We’ll provide more information as we get it.
CFC's Proactive Services
CFC work proactively to prevent CFC policyholders from cyber incidents through Threat Intelligence and Deep Scanning. They have a Cyber Threat Analysis Team of 15+ individuals who are working to aggregate and analyse data to keep clients ahead of threat actors. This service alone would cost $10,000’s if purchased through a 3rd party and due to their scale, they have access to government sources and intelligence that other third-party services do not.
+1 (647) 618-5252
shane@quotey.io
Head office
Unit 200 1555 Wentworth St Whitby, Ontario L1N 9T6