Technology & Innovation Awards finalist 2020 Q&A: CFC data enrichment engine helps brokers sell cyber insurance

Here we feature CFC’s entry into Best Use of Technology for Customer Experience - General.

CFC has entered its proprietary data enrichment engine called Connect.

What key achievement did your entry highlight?

Brokers want to buy cyber insurance with as little friction as possible however, to build an accurate risk profile of the customer, applications have historically involved long-winded question sets.

We wanted to find a way to get all the right risk profile data about the customer to underwrite their risk effectively and efficiently – and our new platform solution is a world first. Using our proprietary data enrichment engine, CFC Connect asks one simple question to deliver an instant quote with supporting tools to help brokers convert a quote into a sale and bind with a single click.

Can you share data or testimonials to back up your bid to win?

Over the past 12 months, Connect has generated individual quotes momentum continues to build globally with volumes doubling from month to month since rolling out in the UK and Canada this year. We don’t think it could be any easier for brokers to now sell cyber to SMEs and it seems they agree.

“Our client penetration isn’t what it should be – applications too long, too complicated, not the right sales tools. You have the solution we have been waiting for,” general manager Paul Hunter at Ives Insurance Brokers.

“What an amazing platform! We’re buzzing this end with how much easier it will be to cross-sell cyber,” Simon Hammond, managing director at Morpheus Insurance Solutions.

What sets your firm apart from the other shortlisted contenders?

It’s fantastic to see so much innovation in our industry and all the finalists should be congratulated for continuing to push the boundaries to help their customers – but we think that in solving what was previously a huge gap in the cyber market for brokers from a sales perspective gives us an edge.

Not only that, we’ve built this solution in-house using our own proprietary data enrichment engine whilst interrogating our own 20 years of data to deliver Connect. Answering one question delivers brokers with a quote and supporting pack to convert more sales. It’s a pretty compelling proposition.

How will you celebrate if you are the victor?

No doubt with a few socially distanced glasses of champagne & pints! There are so many people involved in the creation, development, and roll-out of a platform like this, so there will be many pleased CFC’ers if we’re lucky enough to bring this one home.

Read more…Cyber Focus: Data exfiltration boosts ransomware risks with reputational threats 

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