Cyber Insurance product tailored coverage to SMBs in 5 minutes

A startup, Cowbell Cyber, pioneering Artificial Intelligence (AI)-powered cyber insurance for small to mid-sized businesses (SMBs), today announced the launch of Cowbell Prime 100, empowering the insurance agents to issue personalized cyber policies with up to $5m in Limits.

Cowbell Prime 100 offers an A.M. Best ‘A’-Rated admitted policy backed by Boost Insurance and prominent reinsurance partners including the, Renaissance Re Holdings, Markel Global Reinsurance Company and Nephila Capital. The Cowbell Prime 100 redefines how cyber risk information is shared between policyholders, agents and reinsurers, with the common goal of better understanding cyber risks and mitigating cyber loss.

Cyber insurance landscape is constantly changing and there is a complexity that still makes cyber insurance coverage intimidating to many. The Market’s View survey, “not understanding exposures” (73%), “not understanding coverage” (63%) and “cost” (46%) remain the top three identified obstacles to writing and issuing cyber insurance, according to the Advisen’s 2019 Cyber Insurance.

The Cyber insurance no longer has to be a lengthy and paper-based process. The Cowbell Prime 100 removes unnecessary friction in the quote and bind process for agents, enabling them to deliver SMBs continuous risk rating and full transparency on the details of the coverage.

“Everybody benefits from real-time risk insights flowing seamlessly across stakeholders. With Cowbell Prime 100, agents can now serve their clients tailored cyber coverage, faster,” said Jack Kudale, founder and CEO at Cowbell Cyber. “Our simplified insurance application process with expedited quote and bind process, along with our ability to offer tailored coverage with visibility into threats and risk exposure, all contribute to a better SMB client experience.”

AI-powered platform of Cowbell’s compiles Cowbell Factors™, a set of risk rating factors that assess the organization’s cyber risk in real-time along several factors, including cloud, network security, compliance and other security best practices. Cowbell Factors™ are automatically matched to the most relevant coverage for business and that overall process takes 5 minutes and agents have a bind-able quote that they can immediately deliver and review with their customers.