A few weeks ago, Cowbell’s CEO, Jack Kudale wrote about the new O2O (offline to online)  imperative for insurance and how agencies could leverage cyber to jumpstart their shift towards an online-based business model. Incidentally, last month, McKinsey published an insightful report on the insurance industry, “Restore and reimagine: Digital and analytics imperatives for insurers” explaining 7 imperatives for insurers to refine (and accelerate) their digital transformation. 

The 7 imperatives listed below fit the cyber line of insurance well and here’s how Cowbell Cyber aligns with each of them:

Imperative 1: Digital upgrades for all channels

Cyber is all about data and how to assess continuously changing risks. Risk exposures are diverse across industries and company size and depend on the technology in use. From its inception, Cowbell has placed its focus on using data and modern technologies to make cyber insurance easy for all: policyholders, agents and brokers, and (re)insurers. Cowbell’s approach results in immediate simplification for agents and their clients through a 100% online cyber insurance process. Up-to-date risk data, collected automatically, results in accurate quotes, transparency on cyber risks, coverages, and claims.

Imperative 2: Customer lifetime value for better retention and continuous engagement

Prioritizing customer engagement is key to customer retention in any industry. From the first touchpoint where brokers can quote and bind policies in minutes using Cowbell’s platform to continuous risk assessment that gives policyholders direct visibility into their risk insights and peers benchmarking, Cowbell adds significant value to policyholders on a continuous basis. 

Imperative 3: Friction-free underwriting and granular pricing

Cyber threats are continuously evolving and with rapid digitization, risk exposures are never static. This is why it makes no sense for cyber to be underwritten once a year at renewal time. Cyber policies should evolve at the same pace as the business they protect. Using data and AI, Cowbell expedites quote creation and policy binding using granular insights into risks and automated mapping to relevant coverages. Using Cowbell, cyber insurance policies can be bound and issued in less than 5 minutes.  

Imperative 4: AI-driven capabilities for more empathetic services

Cowbell’s AI-powered platform delivers today a vertically integrated insurance solution that brings insurance requests, risk assessment, underwriting policy, and claims management together in one system supported by a common set of data and risk insights that are always up-to-date. This delivers an unprecedented level of transparency between policyholders, agents, and insurers, fostering trust and delivering a more empathetic service. 

Imperative 5: Next-generation claims model from intake to payout 

The claim process is one of the most challenging steps for the insurance industry. In cyber, it has traditionally been difficult to correlate claims to cyber incidents. With a standalone cyber insurance product, Cowbell is taking a step forward to clarify what our Prime 100 insurance product intends to cover.

This explicit level of clarity benefits the claim process by eliminating any misinterpretation of what’s covered or not. With Cowbell’s end-to-end digitization of the customer journey, in case of a cyber event, Cowbell’s digital-first notice of loss and detailed coverage information offers immense clarity in the claim processing for policyholders. The detailed information on the claims and coverages triggered ensures no surprises for policyholders when the time to claim comes.

Imperative 6: Workforce reskilling and new ways of working

The insurance industry in the new normal world needs to build the right talent to handle an online-first business model. Piles of papers need to be transitioned online and the time from submission to policy issuance can be significantly reduced. With Cowbell’s intuitive platform and fully-digital, a streamlined process, agents and brokers are able to expedite turnaround time for policies.

Imperative 7: New products and ecosystems

To build cyber resiliency, the cybersecurity and cyber insurance industries need to join forces and collaborate to provide comprehensive cyber risk protection solutions to businesses. The supply chain of cyber risk data is in need of better integration. This is why Cowbell is establishing a network of partners that cut across all aspects of cyber risk management from data to security services and expert resources.  

If you’re an agency interested in distributing Cowbell’s innovative cyber insurance, please contact us at [email protected]. To learn more and request a personalized demo, please register at https://cowbell.insure/for-agencies/