Solution Provides Fast, Seamless Way for Agents to Quote Cyber for Small Commercial Market
NEW YORK, March 23, 2021 — Semsee, the leading automated small commercial quoting solution for agents, has partnered with Cowbell Cyber to offer agents the ability to quickly and efficiently quote standalone cyber coverage from its platform. With the increase in ransomware attacks and other threats to small and mid-sized businesses, the addition of cyber coverage provides an opportunity for insurance agents on Semsee’s platform to serve this growing market need.
Cowbell’s admitted cyber insurance programs are written on “A” rated paper and available in 40 states across the US to accounts up to $250 million in revenue. The firm provides artificial intelligence (AI)-powered cyber insurance which maps risk exposures to determine the probability of threats and impact on coverage types, enabling simple and fast policy underwriting and binding.
“The small business cyber insurance market is a big opportunity for agents—but there’s still a lot of education that needs to be part of the sale. The combination of Semsee’s quoting platform with Cowbell’s simplified underwriting process innovates and speeds the point-of-sale so that agents have more time to spend understanding their customers’ businesses and educating them on the risks and coverage,” said Philip Charles-Pierre, CEO, Semsee.
“Demand for standalone cyber coverage is increasing rapidly, especially in the current environment in which all businesses—regardless of size—are more reliant than ever on digital. Combine that with increasing publicity around attacks and breaches, and most businesses are realizing they need coverage. Agents have a unique opportunity in this market, but they need to move quickly,” said Dan Law, Director of National Accounts at Cowbell Cyber. “We’re delighted to partner with Semsee to innovate the sales process for agents and help them provide the right cyber insurance solutions at the right time to small and mid-sized enterprises.”
About Cowbell Cyber
Cowbell Cyber is dedicated to providing standalone, admitted, individualized and easy-to-understand cyber insurance for businesses with up to $1 Billion in revenue. In its unique AI-based approach to risk selection and pricing, Cowbell’s continuous underwriting platform, powered by Cowbell Factors, compresses the insurance process from submission to issue to less than 5 minutes. Cowbell Insurance Agency is currently licensed in 50 U.S. states and the District of Columbia and provides SMBs with admitted cyber insurance on AM Best “A” rated paper with up to $15 Million in coverage. For more information, please visit cowbell.insure
Semsee simplifies and accelerates the small commercial quoting experience for independent agents, giving them more time to service their clients and grow revenue. Inspired by the promise of the original SEMCI initiative, Semsee combines advances in technology, workflow efficiencies and data and analytics to give agents fast, accurate quotes from multiple appointed carriers through a single-form submission. Semsee is backed by the D. E. Shaw group, a global investment and technology development firm and a pioneer in quantitative approaches to trading and investment, and Nephila Holdings, Ltd., the first and largest alternative risk transfer fund in the insurance industry. For more information visit: https://semsee.com.