SAN FRANCISCO — JULY 18, 2023 – Embroker, the digital platform making it radically simple to get business insurance, today announced strategic partnerships with Dashlane, a security-first password management provider, and Cowbell, a leading provider of cyber insurance for small and medium-sized enterprises (SMEs). With these, Embroker increases customer security through Dashlane’s industry-renowned cyber protection services and expands its Cyber Liability coverage by offering Cowbell Cyber insurance to its existing and prospective customers.
“These partnerships carry us further along in our mission to provide coverage cut uniquely to tailor customers’ exact needs, at the best possible price,” said David Derigiotis, chief insurance officer of Embroker. “Through Cowbell and Dashlane, we are not only able to support our customers in the event of a cyber breach, but also help them avoid one altogether. It is services like these that are shaping the next generation of insurance, making getting coverage easier and actively beneficial to those who hold policies with us.
“By expanding our ecosystem of partners and services within our ONE by Embroker platform, we’re taking yet another bold step in building a customer-centric, single-destination platform that serves founders end-to-end in their risk management journeys,” he continued.
PROTECTING PASSWORDS AND POLICYHOLDERS WITH DASHLANE
Through a partnership with Dashlane, Embroker customers have access to proactive cyber protection services, allowing them to get ahead of a potential breach. Embroker and Dashlane share the core belief that risk management begins with prevention.
Embroker’s partnership with Dashlane grants its current and future policyholders access to Dashlane’s enterprise password management featuring patented, zero-knowledge encryption, meaning all passwords and other items stored in users’ “vaults” remain private to users, even from Dashlane itself. Dashlane also monitors the dark web for information, alerting Embroker customers when their information is at risk. This level of protection ensures policyholders keep their premiums as low as possible by preventing breaches before they happen, and ultimately, protecting their time from the lengthy process of filing a claim.
“Dashlane and Embroker are a natural pair — businesses of all sizes are susceptible to breaches due to compromised credentials, and startups across industries are no exception,” said John Bennett, CEO of Dashlane. “By aligning with a partner like Embroker, we’re helping to create safer business environments from start to finish for the startup community, holistically protecting businesses from the increasing cyber threats they face.”
THIRD-PARTY COVERAGE FROM A SINGLE-PARTY PROVIDER
The addition of Cowbell’s admitted Cyber Liability Product to Embroker’s offerings underscores the continued evolution of ONE by Embroker. Its partnership with both legacy and insurtech carriers offers a custom, faster, more holistic customer-centric buying experience. Uniquely enabled through an API, Cowbell’s admitted Cyber product can now be paired with Embroker’s admitted LPL product, further strengthening its exclusive bundle offerings.
Cowbell is the leader in cyber insurance for SMEs, and by incorporating its policy, Embroker ensures its customers can secure the best bespoke coverage possible, whether it’s through an Embroker product or otherwise.
“Our partnership with Embroker is a testament to Cowbell’s leadership in the cyber insurance market and commitment to digital enablement,” said Erin Dyer, Sr. Director, Digital Distribution at Cowbell. “We are proud to deliver our Cowbell 365 value and coverage to Embroker’s customers through their innovative, online model.”
To kick off the partnership, Cowbell now completes Embroker’s law bundle offering. Through this law bundle, Embroker becomes the destination for coverage that takes into account the unique risks law firms face, including professional services and cyber liability claims.
CONCERN FOR CYBER DECLINES DESPITE CYBER CRIME REMAINING STEADY
These partnerships are made public following new data from Embroker that reveals a decline in concern around cyber attacks year-over-year. In 2022, survey data found that 20% of venture-backed startups considered cyber attacks their top threat; this declined to just 14% of founders in 2023.
This decline could be the result of many factors, from the large return to office, the lack of coverage of the Russian-Ukrainian conflict, and managing recession and inflation insecurities. While concern is down among founders, they cite their investors’ cyber concerns have actually increased year-over-year (34% in 2023 compared to 24% in 2022). And, when prompted on how they plan to prioritize risk in the event of a recession, a third said they would focus on cyber security issues.
“When the economy struggles, cyber crime thrives,” said Ben Jennings, CEO of Embroker. “While the possibility of a recession ebbs and flows, it remains imperative that startups guard against any cyber risk. These partnerships are a key element in the mitigation and prevention of cyber attacks, through an uncertain fiscal future.”
For more information on these product integrations, visit embroker.com.
Embroker is transforming commercial insurance by making it radically simple for businesses to get the right insurance at the best price. Embroker focuses on industry-specific coverage for the most complex and inefficient lines of insurance, such as Directors and Officers, Employment Practices Liability, Cyber, and Professional Liability. Embroker uses predictive modeling powered by proprietary technology to fully automate underwriting and make the buying process simple, fast, and more affordable. Through Embroker Access, Embroker provides partner agencies and wholesalers with the capability to offer all of Embroker’s industry-leading insurance products to their customers. Founded in 2015, Embroker is headquartered in San Francisco and has raised more than $140M in funding from leading Fintech and Insurtech investors
Cailey “CC” Henderson
104 West Partners for Embroker