Working with Cowbell: A Broker Perspective with Manny Cho of RPS

by | Dec 5, 2022 | Market Trends, Podcast

It’s the one-year anniversary of The Cowbell Factors Podcast! You may have heard the kick-off episode of Season 5 featuring Cowbell’s Head of Underwriting, Caroline Thompson. She concluded the episode with a question for the next guest, Manny Cho: Will brokers have some relief as we enter a soft marketplace? Find his response in our takeaways below.

  1. Though technology for cyber insurance has improved tremendously, many issues that impact insureds remain the same and revolve around people, training, and awareness. 
  2. Policies have evolved from covering liability only to addressing most, if not all, cyber exposures. But with advanced technology, increased speed, higher use, and more applications and data, there are increased threats and greater need for protection and security in cyber. This is what Cowbell’s adaptive cyber insurance policies aim to address: coverage for today’s and tomorrow’s threats through continuous underwriting.
  3. Looking at 2023, Manny predicts that the biggest challenge for carriers, brokers, and insureds will be striking a balance between what one can afford to do and what is practical to do.
  4. RPS is seeing increases in social engineering, wire transfer fraud, and invoice manipulation claims. Third-party attacks (vendors and suppliers) continue to rise as well. For more information on this, check out Cowbell’s vendor risk management blog.
  5. As we enter a softer marketplace and see some relief on the pricing side, the hope is that it doesn’t revert. Most carriers are providing some rate relief to certain classes of businesses, but the landscape remains very competitive. 
  6. Cowbell has brought all claims in-house and has an extremely experienced team lead in Theresa Le. The ways that claims are paid and events are handled are extremely important for Manny, especially as he sells cyber insurance policies.
  7. Furthermore, insurance is a “people business.” Underwriters must stay involved and available, in spite of some of the process being automated. Cowbell excels in this balance.


For more, be sure to listen to Manny’s full podcast episode. Visit the Cowbell Factor Podcast library to listen to last season’s episodes and subscribe to stay up to date on upcoming ones. It is available on most podcast platforms (iHeartRadio, Spotify, Google podcast, Apple podcast, Anchor and Radio Public). If you enjoyed this episode, consider rating it with 5 stars on Spotify and Apple!

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