CoverForce, which claims to be the first independent API to deliver instant quotes and one-click binding from the insurance carriers, announced the addition of cyber insurance to its API toolkit.
According to S&P Global, cyber is one of “the fastest-growing subsector of the insurance market globally, increasing by 25-30% annually with expectations of reaching $23 billion by 2025.”
Cyber is the latest to join “an extensive range of commercial line products available on the CoverForce API, which includes worker’s compensation, business owner’s policy (BOP), general liability and inland marine.”
Cyrus Karai, CEO and Co-Founder of CoverForce, said:
“We are thrilled to broaden our industry-leading API toolkit by incorporating cyber insurance, addressing a critical risk for American businesses and simplifying the insurance agent’s ability to provide one of the most in-demand products from top carriers. This expansion underscores our commitment to becoming the digital market standard for insurance agents.”
As part of the CoverForce API toolkit, agents and brokers can “expect end-to-end capabilities complete with an appetite guide, multi-carrier submissions, bindable quotes, proposal documents, options to instant bind and pay, and issuance from leading insurance carriers.”
These carriers reportedly “include AmTrust, Chubb, Liberty Mutual, Nationwide, Travelers and more.”
By integrating into the existing front-end systems of wholesalers, brokers and carriers, CoverForce’s API solves “for complexities experienced when merging with multiple and disparate systems to significantly reduce costs and mitigate execution risk.”
Enterprise customers and software providers, “like recently announced partner NowCerts, have chosen CoverForce for its ease of integration, direct access to carriers and configurability for alternative distribution channels.”
As noted in the update, CoverForce has built “a foundational, easy-to-integrate API that digitally connects agencies and corporate customers with insurance carriers.”
For agents, the company’s core infrastructure and customized software “enables instant quotes from the top, best-fit carriers, and one-click bind and pay.”
For carriers, the company unlocks new distribution channels “while guaranteeing control over access.”
A product of the University of Pennsylvania’s Innovation Fund, CoverForce says it “has more than 3,500 users on its platform – thanks in part to investors and advisors from Nyca Partners, Muir Capital, QED Investors, Microsoft, Uber, and Walmart.”
