Zywave Adds Benchmarking & Loss Data to Cyber Quoting

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Nov 06, 2024, 08:00 ET

Data embedded into quoting workflow provides exclusive insights into coverage levels using industry data and loss profiles

MILWAUKEE, Nov. 6, 2024 /PRNewswire/ -- Leading insurtech provider Zywave today announced a first-of-its-kind enhancement to its Cyber Quoting solution with the addition of embedded benchmarking. Brokers can now leverage industry data and loss profiles from similar organizations to provide their clients with more sophisticated insight into coverage limit adequacy and potential loss gaps.

Launched in April 2024, Cyber Quoting is a centralized quoting platform that brings together global cyber insurers and U.S. distributors, connecting them through a simplified, transparent submission process that provides key insights into coverage needs and selection. With the addition of Zywave's built-in, proprietary limit adequacy data, users benefit from even more insights into potential coverage models, identifiable loss gaps, and benchmarking common coverage levels within the product.

"The aim of Zywave's Cyber Quoting is to help the market to grow cyber premium," said Zywave Senior Vice President Jeff Cohen. "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."

The Cyber Quoting benchmarking and limit adequacy insights are powered by Zywave's Commercial Analytics data. Comprised of over 400,000 insurance programs incepted by U.S. organizations annually, the benchmarking utility can quickly delineate the subset of program data to match a peer group. Combined with Zywave's 200,000 cyber losses, Cyber Quoting provides objective information for evaluating the structure and cost of insurance programs and enables brokers to be more informed when making recommendations to clients.

Since the launch of Cyber Quoting, both cyber insurers and distributors have benefitted from its expanded market access and broader selection of coverage Zywave already has a strong core of cyber insurers and policies available on the quoting platform, including prominent carriers At-Bay, CFC, Coalition, and Cowbell, and are preparing for the imminent addition of industry leaders Killara Cyber, Elpha Secure, and Tokio Marine HCC.

Cyber Quoting is one of several Zywave offerings serving the emerging cyber market, including the Commercial Analytics and cyber loss data being used to power the quoting platform. Find additional information on Zywave's cyber-focused insights and solutions, thought leadership events, industry content, training platform, and more at go.zywave.com/CyberSkillSet_Zywave. For more information on Zywave, visit www.zywave.com.

About Zywave
Zywave leads the insurtech industry, powering the modern insurance lifecycle while fostering connections between innovative agents and brokers, insurers, and MGAs. Zywave's customizable, all-in-one platform accelerates digitalization, distribution, and profitability to help insurance organizations meet their specific growth goals. More than 15,000 insurers, MGAs, agencies, and brokerages worldwide—including all of the top 100 U.S. insurance brokerages—use Zywave solutions to increase efficiency, make better informed business decisions, and fuel organic growth. Additional information can be found at www.zywave.com.

Contact: April Larsen
[email protected]
414-918-0547

SOURCE Zywave