CFC has introduced a free, fully accredited Cyber Masterclass series alongside its Connect trading portal in New Zealand, aiming to improve brokers’ understanding of cyber risks and build confidence in selling cyber insurance to clients.
The insurance provider said Connect allows brokers to quote cyber risks of up to$50 million from a single question. By entering only a client’s web address, brokers can auto-rate and bind CFC’s Cyber Proactive Response (CPR) product and provide coverage for small and medium-sized enterprises within minutes.
Philippa Davis, CFC’s international cyber practice team leader, said SMEs make up 90% of businesses in New Zealand, and the initiative is designed to provide brokers with the knowledge and tools to offer appropriate coverage against evolving cyber risks.
“Connect offers brokers a frictionless experience, delivering a smarter and faster way to get bindable quotes in minutes,” said Davis.
Connect is designed to allow brokers to manage the quoting process independently. Brokers can adjust quotes, including limits and deductibles, without underwriter involvement and bind policies with a single step.
In addition to a cyber quote, the platform provides a limit and claims profile based on the client’s size, industry, and location. This information outlines common limits purchased and the most frequent claims in similar sectors. Industry-specific resources and educational materials are also available through the portal.
If required, brokers can contact CFC’s cyber underwriting team – one of the largest globally – directly via Connect.
The Cyber Masterclass series is accredited by the Insurance Brokers Association of New Zealand (IBANZ) and the Australian and New Zealand Institute of Insurance and Finance (ANZIF). The on-demand programme covers topics such as the evolution and economics of cybercrime, the lifecycle of a cyber claim, policy coverage and insuring clauses, cyber security controls, and client communication approaches, including handling objections.
Davis said cyber insurance has become a standard product line, but a knowledge gap still exists among brokers. The company has also made available a free resource library containing a cyber insurance guide, real-life case studies, an interactive policy document, and materials for client conversations.
CFC will hold educational webinars for brokers on Sept. 3 and Sept. 18. Registration is available at CFC’s website.
Will the combination of training and trading technology encourage more brokers to offer cyber insurance to their clients in New Zealand? Share your thoughts in the comments.
