Cowbell Cyber Poised to Dominate Next Wave of Cyber Insurance with Prime 250
PLEASANTON, Calif., Sept. 23, 2020 /PRNewswire/ -- Cowbell Cyber, the industry's first AI-powered cyber insurance provider for small to mid-sized businesses (SMBs), today announced the availability of Prime 250, the first cyber insurance program in the market to deliberately deliver a set of coverages that address the diversity of incidents under the 'cyber' category. Prime 250 makes cyber insurance 2.0 a reality delivering on the need for clarity, simplicity, speed and flexibility, in partnership with a panel of prominent carriers and global reinsurers.
With cyberattacks skyrocketing in terms of volume and in types of incidents, businesses now need coverages for protection from network intrusion to ransomware, and everything in between. Yet, according to Advisen's 2019 Cyber Insurance: The Market's View survey, "not understanding exposures" (73%), "not understanding coverage" (63%) and "cost" (46%) remain the top three identified obstacles to hindering the adoption of cyber insurance.
As a standalone cyber insurance offering, Prime 250 addresses specifically each type of cyber incident with 25 coverages designed to bring clarity, while removing traditional barrers 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:
"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 class of business and company size. Written on AM Best "A" rated admitted paper, Prime 250 is currently filed as an admitted cyber insurance program in 33 states.
"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."
About Cowbell Cyber
Cowbell Cyber is dedicated to providing standalone, admitted, individualized and easy-to-understand cyber insurance for small and mid-size businesses. In its unique AI-based approach to risk selection and pricing, Cowbell's continuous underwriting platform, powered by Cowbell Factors, compresses the insurance process from submission to issue in less than 5 minutes. Cowbell Insurance Agency is currently licensed in 33 U.S. states and provides SMBs with admitted cyber insurance on AM Best "A" rated paper with up to $15 Million in coverage. For more information, please visit www.cowbell.insure
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SOURCE Cowbell Cyber
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