Cyber Insurance product backed by A-rated insurers delivers standalone, tailored coverage to SMBs in 5 minutes
PLEASANTON, Calif. – January 22, 2020 – Cowbell Cyber, a startup pioneering Artificial Intelligence (AI)-powered cyber insurance for small to mid-sized businesses (SMBs), today announced the launch of Cowbell Prime 100, empowering insurance agents to issue personalized cyber policies with up to $5m in Limits. Cowbell Prime 100 offers an A.M. Best ‘A’-Rated admitted policy backed by Boost Insurance and prominent reinsurance partners including Markel Global Reinsurance Company, Renaissance Re Holdings, and Nephila Capital. Cowbell Prime 100 redefines how cyber risk information is shared between policyholders, agents, and reinsurers, with the common goal of better understanding cyber risks and mitigating cyber loss.
The cyber insurance landscape is booming and constantly changing. However, there is a complexity that still makes cyber insurance coverage intimidating to many. According to Advisen’s 2019 Cyber Insurance: The Market’s View survey, “not understanding exposures” (73%), “not understanding coverage” (63%) and “cost” (46%) remain the top three identified obstacles to writing and issuing cyber insurance. Cyber insurance no longer has to be a lengthy and paper-based process. Cowbell Prime 100 removes unnecessary friction in the quote and bind process for agents, enabling them to deliver SMBs continuous risk rating and full transparency on the details of the coverage.
“Everybody benefits from real-time risk insights flowing seamlessly across stakeholders. With Cowbell Prime 100, agents can now serve their clients tailored cyber coverage, faster,” said Jack Kudale, founder and CEO at Cowbell Cyber. “Our simplified insurance application process with expedited quote and bind process, along with our ability to offer tailored coverage with visibility into threats and risk exposure, all contribute to a better SMB client experience.”
Cowbell’s AI-powered platform compiles Cowbell Factors™, a set of risk rating factors that assess the organization’s cyber risk in real-time along several factors, including network security, cloud, compliance, and other security best practices. Cowbell Factors are then automatically matched to the most relevant coverage for the business. The overall process takes 5 minutes and agents have a bindable quote that they can immediately deliver and review with their customers.
“We’ve been impressed by Cowbell’s ability to assess risks, and issue quotes in record time while also improving the quality and accuracy of the quote provided to policyholders,” said Miles Weis, Executive Risk and Cyber Practice Leader at Holmes Murphy & Associates. “This will change how Holmes Murphy agents are able to serve their clients better.”
“Innovation is core to Markel’s success,” said Scott Whitehead, Managing Director at Markel InsurTech Underwriters. “We are applauding Cowbell’s unique AI-driven approach to risk selection and cyber insurance. Cowbell’s continuous underwriting platform for cyber is a leap forward that reduces insurability gaps and lengthy paper-based applications.”
Cowbell is currently appointing brokers and agents in California, Colorado, Arizona, Illinois, Oregon and Nevada. Based on the latest indication from Cowbell’s continuous underwriting platform, premiums for Cowbell Prime 100 start at $1,100 for a $1 million aggregate limit with a $1,000 deductible across 200,000 businesses in the 15 U.S. states.
Agencies can visit https://cowbell.insure/for-agencies/ to get appointed and learn more about Cowbell Prime 100.