Insuranceciooutlook

Semsee Enters into a Partnership with Cowbell Cyber to Bring AI-Powered Cyber Insurance to Its Quoting Platform

Insurance CIO Outlook | Friday, March 26, 2021

Cowbell's acknowledged cyber insurance programs are written on "A" rated paper and are available in 40 states across the United States for accounts with a revenue of up to $250 million.

FREMONT, CA: Semsee, the leading automated small commercial quoting solution for agents, has entered into a partnership with Cowbell Cyber to provide agents with the capability of efficiently and quickly quote standalone cyber coverage from its platform. With the prominent increase in ransomware attacks and other threats to small and mid-sized businesses, the addition of cyber coverage offers an opportunity for insurance agents on Semsee's platform to serve this growing market demand.

Cowbell's acknowledged cyber insurance programs are written on "A" rated paper and are available in 40 states across the United States for accounts with a revenue of up to $250 million. The company offers AI-powered cyber insurance that maps risk exposures to calculate the likelihood of threats and their effect on coverage types, allowing for easy and quick policy underwriting and binding.

"The small business cyber insurance market is a big opportunity for agents—but there's still a lot of education that needs to be part of the sale. The combination of Semsee's quoting platform with Cowbell's simplified underwriting process innovates and speeds the point-of-sale so that agents have more time to spend understanding their customers' businesses and educating them on the risks and coverage" has stated Philip Charles-Pierre, CEO, Semsee.

"Demand for standalone cyber coverage is increasing rapidly, especially in the current environment in which all businesses—regardless of size—are more reliant than ever on digital. Combine that with increasing publicity around attacks and breaches, and most businesses realize they need coverage. Agents have a unique opportunity in this market, but they need to move quickly," stated Dan Law, Director of National Accounts at Cowbell Cyber. "We're delighted to partner with Semsee to innovate the sales process for agents and help them provide the right cyber insurance solutions at the right time to small and mid-sized enterprises."

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