Cowbell Cyber unveils AI-based cyber platform for small businesses
Cowbell Cyber, a tech startup that uses artificial intelligence to deliver cyber insurance to small to mid-sized businesses, has launched Cowbell Prime 100, allowing insurance agents to issue bespoke cyber policies with limits of up to $5 million.
Cowbell Prime 100 offers policies backed by Boost Insurance and reinsurers including Markel, Renaissance Re and Nephila Capital, with an A rating from AM Best.
It uses a set of risk rating criteria to assess cyber risk in real-time, including network security, cloud and compliance, to automatically match clients with the most relevant coverage for their business. Cowbell said the process takes five minutes, giving agents a bindable quote that can immediately be delivered and reviewed with customers.
Cowbell said the platform redefines how cyber risk information is shared between policyholders, agents and reinsurers, creating a better understanding of cyber risks and mitigating cyber loss. It promises to remove 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.
Jack Kudale, founder and CEO at Cowbell Cyber, said: "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."
Scott Whitehead, managing director at Markel InsurTech Underwriters, welcomed “Cowbell's unique AI-driven approach to risk selection and cyber insurance,” calling the platform “a leap forward that reduces insurability gaps and lengthy paper-based applications.