Cowbell Cyber to Dominate the New Age Cyber Insurance with Prime 250

Insurance CIO Outlook | Monday, September 28, 2020

Cowbell releases cyber insurance for businesses up to $250M in revenue, limits up to $15M

FREMONT, CA: Cowbell Cyber, the industry's first AI-powered cyber insurance provider for small to mid-sized businesses (SMBs), announced the availability of Prime 250, the first cyber insurance program in the market, to deliberately offer a set of coverages that address the diversity of incidents under the 'cyber' category. Prime 250 makes cyber insurance 2.0 a reality delivering the need for increased clarity, simplicity, speed, and flexibility in partnership with a panel of prominent carriers and global reinsurers.

With cyberattacks skyrocketing in volume, businesses now need coverages for protection from network intrusion to ransomware, and everything in between. As a standalone cyber insurance offering, Prime 250 addresses each type of cyber incident specifically with more than 25 coverages built to provide more clarity, while removing conventional barriers known to plague the cyber insurance world, including one-size-fits-all policies, lengthy paper-based applications, and binding delays.

Highlights of Prime 250 include:

• Clarity of Coverage: Prime 250's 25 cyber specific coverages are arranged to mirror the way businesses experience cyber incidents: first-party loss, first-party expense, and liability.

• Policy Customization with Speed and Process Simplicity: Prime 250 provides three levels of pre-configured industry-specific coverage packages – Basic, Popular, and Elite – to maintain the simplicity and speed in the quoting and binding process. In a few clicks, agents and brokers can tailor policies to each policyholder's risk appetite.

• Transparency: Policyholders receive a great deal of value from day one of their policy with increased access to Cowbell Factors for risk rating and industry peer benchmarking. At the same time, Cowbell Insights provide recommendations to remediate identified risk exposures. Cowbell Factors, core to the underwriting process, are much more accessible to policyholders and agents in real-time for full transparency.

"For years, policyholders have raised concerns about the complexity and opacity of cyber insurance. Meanwhile, cyber incidents are becoming more frequent and diverse," said Trent Cooksley, co-founder, and COO at Cowbell Cyber. "We have created Prime 250 with the explicit intent to make cyber insurance easy and bring clarity to coverages and policy terms so that every business can benefit from the financial protection delivered by cyber insurance."

Insurance premiums for Prime 250 are anchored in Cowbell Factors and dynamically derived from 400 data points and security observations collected about each policyholder in addition to the class of business and company size.

"We have been impressed from day one by the Cowbell team and their ability to craft cyber coverage forms that are unique and innovative for cyber insurance," said William Jewett, CEO of Obsidian Insurance Company. "The way in which Cowbell's platform introduces inside-out data into the underwriting process is elegantly executed, focusing first on the user experience while delivering invaluable risk intelligence."

Also See: Business Management Review

Weekly Brief

Read Also