Enhancements Allow for Continuous Underwriting of Bigger Risks, Deliver Value on Day One to Policyholders with Cowbell Insights™
Cowbell Cyber, the industry’s first AI-powered cyber insurance provider for small to mid-sized businesses (SMBs), today announced enhancements to its cyber insurance platform which allows for larger risk underwriting to be done with more ease, better accuracy and increased speed and for policyholders to immediately benefit from Cowbell Insights, Cowbell’s continuously updated cyber risk insights.
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For insurance brokers, agents, policyholders, and businesses alike, clarity over coverages and the value delivered has long been the barrier for adoption of cyber insurance. AM Best recent report on the state of cyber insurance suggests that standalone cyber is now outpacing packaged cyber, growing 14% or two times faster. Cowbell’s on-going platform enhancements make cyber insurance approachable to all businesses and policyholders through Cowbell Prime, its standalone, admitted cyber insurance product.
“Cyber has lacked transparency with paper-based applications, unverifiable data and policies and premiums offered based on industry and company size alone,” said Rajeev Gupta, CPO and co-founder at Cowbell Cyber. “Thanks to capabilities added to our platform on a weekly basis and new data sources, Cowbell Cyber continues to bring rapid innovation to its cyber insurance products, taking on larger underwriting capacities with extreme accuracy and speed, all while adding simplicity to the process for agents.”
Cowbell processes billions of data elements daily to keep risk ratings current, using over 400 data points on each organization. With more than 3 million organizations pre-loaded in its platform, risk selection and pricing can take place in near real-time with accuracy.
Enhancements include:
- Cowbell Insights: immediately available recommendations to guide policyholders on how to improve their risk ratings and minimize cyber risks, Cowbell Insights are continuously updated and reflect risk exposure in real-time.
- Use of inside-out data for refined risk assessment: one-click integration of data from cloud providers, Microsoft Azure, AWS, and Google Cloud, vulnerability management systems, and managed security service providers improves the efficacy of Cowbell Factors and delivers improved risk ratings to policyholders.
- Cyber risk selection and pricing anchored by Cowbell Factors: the mapping of Cowbell Factors to coverages, premium, and limits is dynamic, granular and modeled in real-time from the billions of risk observations already collected in Cowbell’s platform.
- Support for all distribution channels: the introduction of new user roles, MSSPs, insurance aggregators, wholesalers and affinity programs, enables broader access to Cowbell’s platform, further helping with the adoption of cyber insurance in the small and mid-size business segment.
- Customer experience improvements: support for multiple payment options (credit card, ACH and eCheck), premium financing options, co-branding of quote proposals, additional user roles for administrative tasks, commissions, customer support and account management, and overall better communication and workflows between agents, policyholders and Cowbell’s continuous underwriting platform.
“It is challenging to get up-to-date, quality security information about processes that involve people, compared to IT systems that automatically generate security logs and configuration data,” says Evan Francen, CEO of SecurityStudio. “SecurityStudio is pleased to be integrating its unique information risk dataset with Cowbell’s innovative cyber insurance approach.”
“Cyber insurance should be more than just a policy that pays for damages after the fact. A strong cyber policy is part of a wider risk management approach and provides resources accordingly,” says Ed Breman, founder and principal at Cyber Armada Insurance. “Cowbell Cyber’s applied machine learning to a broad set of security observations to provide recommendations and alerts to policyholders, ultimately helping to prevent and detect an attack while also managing risk mitigation in the aftermath of attacks.”
Cowbell will unveil the full breadth of its new Cowbell Prime 250 cyber insurance program during InsureTech Connect (ITC) on September 21, where Cowbell Cyber is the leading sponsor of the ITC Cyber track. Prime 250 brings insurance protection to businesses up to $250M in revenue with customized policy and coverages without compromising speed of quote, bind and policy issuance.
