Cowbell Cyber, the industry’s first AI-powered cyber insurance provider for small to medium enterprises (SMEs), has today announced application programming interfaces (APIs) for the streamlined digital distribution of cyber insurance. The APIs allow insurance digital aggregators to integrate directly to Cowbell’s platform and enable instant quoting of Cowbell Prime 100.
The introduction of APIs is a first in the cyber insurance industry and ultimately accelerates the adoption of cyber insurance in the SME segment by multiplying options for agents to prepare quotes and for policyholders to access cyber coverage, Cowbell Cyber claims.
The age of digital transformation
In today’s digital-first world, each industry must undergo an extensive digital transformation or risk being left behind. Today’s customers demand omnichannel customer experience as well as tailored solutions to fit their individual needs. To remain relevant, insurance providers must leverage disruptive technologies to compile policies that are data-driven and personalized. By using an API-based integration, Cowbell is allowing agents to easily obtain policy quotes rather than having to manually process requests for quotes.
Rajeev Gupta, CPO, and co-founder at Cowbell Cyber, said: “The entire insurance industry is reinventing itself through the adoption of a digital-first model. “We’re proud to be the first to open our rate-to-bind digital process for cyber to digital partners and deliver instantaneous coverage to small and mid-size businesses through our Cowbell Prime 100 admitted insurance programme.”
APIs bring flexibility to digital insurance aggregators who serve independent insurance agents with various carrier insurance programs. API-based access to Cowbell Prime 100 adds a simple, yet robust option for cyber coverage. Along with immediate quoting, agents and their clients benefit from an immediate assessment of risk and Cowbell risk resources bundled with its cyber policies.
“Standalone cyber is a traditionally difficult type of coverage to place, especially for small and medium-sized enterprises,” said Jim Struntz, Chief Operating Officer of Bold Penguin, a leading insurance technology provider, and Cowbell Cyber partner. “At Bold Penguin, our entire focus is on making it faster, easier, and simpler to quote and bind small commercial insurance, and Cowbell Cyber’s new APIs have allowed us to put comprehensive cyber coverage minutes away for the thousands of agents in our network.”
“Businesses are eager to access relevant cyber coverage customized to their unique needs,” says Shawn Edgington, the Founder of CoverEase. “Through our mutual set of APIs that enable digital insurance for cyber, Cowbell Cyber, together with CoverEase, is bringing instant quotes, issuance, and policy delivery to a process that’s traditionally known to be cumbersome and slow.”
Cowbell is the only cyber insurer offering a platform with workflows to manage the insurance application process, risk assessment, quoting, and binding. Cowbell’s cyber insurance program is designed to be compatible with an automated, end-to-end process.