Cowbell: Meeting demand for cyber insurance
Cowbell: Meeting demand for cyber insurance
Cowbell has introduced Cowbell Re, in order to meet the growing demand for cyber insurance in 2022
Cowbell has introduced Cowbell Re, in order to meet the growing demand for cyber insurance in 2022

Founded in 2019, Cowbell Cyber is an AI-powered cyber insurance provider for small to medium enterprises (SMEs). 

As the risk landscape is continuously changing, businesses are looking for a cyber insurance option to fit their needs. In order to meet this rising demand, Cowbell Cyber has launched Cowbell Re, its cyber insurance captive, to help policyholders build cyber resiliency and close insurability gaps. 

 

Rising demand for cyber insurance in an ever-changing landscape 

The new offering will allow the company more flexibility in addressing expanding demand from its growing distribution network of 2,000 agencies and 12,000 producers nationwide. Cowbell Re will support Cowbell’s expected growth trajectory while aiming to keep loss ratios at the lowest in the industry. 

To date, Cowbell’s policyholder base has grown over 5,000% year-over-year, and is forecasted to triple during the 2022 calendar year.

“Cowbell’s cyber insurance platform brought innovation, efficiencies, and robust cyber coverage to the market as we developed the industry’s largest cyber insurance distribution network,” said Jack Kudale, Founder and CEO at Cowbell Cyber. “With the launch of Cowbell Re, we are directly taking on risk and reiterating our commitment to empower businesses to minimise cyber incidents.”

 

Providing customers with protection

The COVID-19 pandemic has been recognised as one of the biggest contributors to the fast growth of the cyber insurance market. The pandemic accelerated the digitalisation of business operations and made businesses adopt work-from-home setups. These abrupt changes to work created a larger surface area for cyberattackers to exploit.

In Munich Re´s 1st Global Cyber Risk and Insurance Survey, it was found that respondedents believed in digitisation, but 81% of C-level respondents think their company is not adequately protected against cyberthreats.

In 2021, Cowbell noted ‘exceptional’ growth, driven by its AI-assisted underwriting, reaching over $200 million in premium run-rate. Unique to the cyber insurance industry, Cowbell’s modern underwriting is backed by data, AI and the industry’s largest risk pool – 21 million accounts covering 62% of U.S. SMEs. 

Cowbell’s underwriting improves risk selection, validated by below-industry reported claims (less than 1%), and responds in near real-time to emerging threats without losing speed in its ability to present quotes and issue policies.

 

Share
Share

Featured Articles

Featured Articles

How Embedded Insurtech Will Change the Face of E-commerce

How Embedded Insurtech Will Change the Face of E-commerce

In the future, some of the ways insurtech will revolutionise e-commerce include insurance when it is needed and an improved claims experience

In the future, some of the ways insurtech will revolutionise e-commerce include insurance when it is needed and an improved claims experience

Tech talk: The most discussed technologies of 2021

Tech talk: The most discussed technologies of 2021

As we wave 2021 goodbye and usher in the New Year, we take a look at the top technologies making the headlines and look set to transform the year ahead

As we wave 2021 goodbye and usher in the New Year, we take a look at the top technologies making the headlines and look set to transform the year ahead

Event Recap: FinTech & InsurTech Live

Event Recap: FinTech & InsurTech Live

Industry leaders gathered at London's Tobacco Dock for BizClik Media Group's launch of the three-day, hybrid FinTech & InsurTech LIVE event

Industry leaders gathered at London's Tobacco Dock for BizClik Media Group's launch of the three-day, hybrid FinTech & InsurTech LIVE event

FinTech & InsurTech Live: Day 2 of fintech industry insights

FinTech & InsurTech Live: Day 2 of fintech industry insights

Technology & AITechnology & AI

FinTech & InsurTech Live: Day one overview at Tobacco Dock

FinTech & InsurTech Live: Day one overview at Tobacco Dock

Technology & AITechnology & AI

Otso and Assurely form strategic partnership

Otso and Assurely form strategic partnership

InsurTechInsurTech