Cowbell Introduces Adaptive Cyber ​​Insurance; Launches Cowbell Specialty Insurance Company and other news

Published by
Peter Kavinsky

The initiatives are the culmination of three years of continuous innovation aimed at the adoption and profitability of cyber insurance.

PLEASEANTON, California., September 21, 2022 /PRNewswire/ – cowbell, a leading provider of cyber insurance for small and medium-sized enterprises (SMEs), today announced the debut of adaptive cyber insurance — a dynamic approach to insuring ever-changing risks — and the launch of its subsidiary Cowbell Specialty Insurance Company (Cowbell Specialty Insurance Company). ). Both endeavors mark important milestones for the company, whose mission since inception has been to actively reinvent cyberinsurance, close the insurance gap and promote cyberinsurance adoption and expansion in an underserved SME market.

(PRNewsfoto/Cowbell)

“Three years ago, we launched the industry’s first continuous underwriting platform that linked insurance threats to risk exposure to proactively mitigate losses after cyberattacks,” it said. Jack Kudal, founder and CEO of Cowbell. “Today, our path has enabled us to lead the next wave of innovation in the cyber insurance industry.”

Adaptive Cyber ​​Insurance

The dynamic nature of cyber risk requires the appropriate development of insurance policies. Cowbell Adaptive Cyber ​​Insurance transforms cyber insurance from a static offering into a dynamic one that adapts to today’s and tomorrow’s threats. Policies can now be changed more frequently than annually to stay aligned with the policyholder’s cyber vulnerability, avoid gaps in coverage, and ensure full transparency of renewal terms throughout the policy period. With strong incentives, policyholders have the opportunity to improve their organization’s cyber risk profile to avoid potentially catastrophic financial or reputational damage.

Cowbell’s adaptive cyber insurance combines risk management tools and services with coverage so that policyholders can continually respond to changes in the threat landscape. The interaction between Cowbell starts with a real-time cyber risk assessment, measured by Cowbell Factors, which includes insider risk data. Continuous risk monitoring and risk engineering services then help policyholders mitigate newly identified risks and security deficiencies throughout the life of the policy.

The impact of adaptive cyber insurance is already being felt on current Cowbell policyholders, where continuous risk assessment and risk engineering efforts have contributed to an overall improvement in their risk profile of 9 percentage points compared to their industry peers.

“We applaud Cowbell’s adaptive cyber insurance initiative,” he said. Hamesh Chawla, CEO of Mulberry. “Our clients are more and more willing to share insider data and be able to optimize their cyber coverage more than once a year as risk evolves, as well as apply cyber risk management guidance from their insurance company.”

“We are excited to partner with Cowbell to bring an innovative approach to cyber risk management,” he said. Sumed Takar, President and CEO of Qualys. “Qualys Vulnerability Management, Detection and Response (VMDR) with TruRisk helps customers mitigate cyber risk quickly and effectively. By using Cowbell Adaptive Insurance in conjunction with Qualys VMDR, companies further benefit from their investment in Qualys by earning premium incentives.”

Cowbell Specialty

The launch of Cowbell Specialty complements Cowbell’s current business model as Cowbell Specialty joins the established group of 15 carriers and reinsurers that currently support Cowbell Prime cyber insurance programs. Combined with Cowbell Re, the company’s reinsurance company, Cowbell Specialty provides added flexibility and control in serving a fast-growing market with innovative solutions such as adaptive cyber insurance while providing best-in-class underwriting for unit-based profitability.

“Adaptive cyber insurance is an important step in the evolution of cyber insurance, and with the launch of Cowbell Specialty along with Cowbell Re, we are gaining the insurance footprint of a high-tech, full-stack, fast-growing insurer, giving us the flexibility to expand our business and innovate for the benefit of all our insurers.” Kudale added.

Adaptive cyber insurance will be available for companies from up to $1 billion income from the Cowbell Prime 1000, which will be available in the first quarter of 2023. To find out more, download Cowbell Adaptive Cyber ​​Insurance White Paper.

About Cowbell

Cowbell is a pioneer in adaptive cyber insurance, a leader in providing small and medium-sized enterprises (SMEs) with coverage that adapts to today’s and tomorrow’s threats, as well as early warning of cyber exposure. With a unique approach to risk selection and AI-driven pricing, Cowbell’s continuous underwriting platform powered by Cowbell Factors shortens the insurance process from filing to issuing in less than 5 minutes. Cowbell is backed by ‘A’ or higher rated reinsurance partners serving small and medium businesses in the 50 US states and Columbia area. Cowbell, founded in 2019, is based in San Francisco Bay Area with employees in the USA, Canada and UK For more information, please visit www.cowbell.insure.

Media contacts
Jacqueline Mailer
Lumina Communications for Cowbell
[email protected]
408-963-6418

Cizion

View source content for media download: https://www.prnewswire.com/news-releases/cowbell-unveils-adaptive-cyber-insurance-launches-cowbell-specialty-insurance-company-301629197.html

SOURCE Cowbell Cyber

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