Cowbell Cyber accelerates digitised cyber insurance
Recognising that cyber insurance (specialised policies aimed at protecting businesses from internet-based risks) will only continue to grow in importance, the company’s Prime product will be significantly enhanced to meet today’s challenges. Augmentations include:
- Cowbell Insights: a continuously updated and immediately available resource of guides for policyholders on how best to mitigate risk and tighten security.
- Re-defining risk assessment: easy integration with cloud service providers such as , and will enable quick access to the data necessary for delivering improved risk management.
- Improved customer service: Cowbell will introduce a host of payment methods, finance options, support, account management and more.
Enhancing cyber insurance
For Rajeev Gupta, CPO and Co-Founder, these changes come at a crucial time for the industry, “Cyber has lacked transparency with paper-based applications, unverifiable data and policies and premiums offered based on industry and company size alone.
“Thanks to capabilities added to our platform on a weekly basis and new data sources, Cowbell Cyber continues to bring rapid innovation to its cyber insurance products, taking on larger underwriting capacities with extreme accuracy and speed, all while adding simplicity to the process for agents.”
A common theme in the insurtech space currently is a desire to offer customers more than a simple policy; the customisable, personalisable and fast-paced convenience of the digitally-driven industry is disrupting the previously passive status quo into proactivity.
In one of our , we explored McKinsey & Co’s report that digital tech and AI (artificial intelligence) are breaking new ground in the industry. The changes observed, it posited, could represent only the tip of the iceberg:
“This is only the beginning. Many current efforts to modernise underwriting are only digitally enabling yesterday’s products. Today’s consumers have different preferences and needs than they did several decades ago.”
“Cyber insurance should be more than just a policy that pays for damages after the fact. A strong cyber policy is part of a wider risk management approach and provides resources accordingly,” he said.
“Cowbell Cyber has applied machine learning to a broad set of security observations to provide recommendations and alerts to policyholders, ultimately helping to prevent and detect an attack while also managing risk mitigation in the aftermath.”
SLK Software: Optimising performance in the digital economy
Established in 2000 in Bengaluru, India, SLK Software recognises that fast-paced digital transformation is creating an unprecedentedly fertile period of opportunity for global businesses.
As such, with a firm belief in the power of simplification and automation to yield new and exciting experiences, the company has been challenging the status quo for over 20 years through an approach that is:
- Relationship oriented
- Strategically focused on a desired outcome
- Reliant on automation tech
Believing in purposeful automation
SLK’s specialisation in automation tech is full spectrum: artificial intelligence (AI) and machine learning (ML), Computer Vision, Natural Language Processing (NLP), Robotic Process Automation (RPA), and more, are all part of its core competencies.
Citing 90% productivity improvements, 30% business growth through better customer experiences, and up to 20x faster go-to-market capabilities, the reasons for its focus are clear.
The company currently serves the banking, financial services, insurance, retirement services, M&A, manufacturing, and supply chain sectors. Solutions offered include:
- Intelligent Business Transformation
- Agile IT Automation
Accelerating workflow processes
The latter is a tool specifically calibrated to enable business users an easy method for capturing document processes. This can occur across any application, with these individual tasks then seamlessly combined for both improved compliance and governance.
Carol Castelloni, VP of Transformation at CNA Insurance, highlighted this as providing critical support in helping the company meet its business objectives:
“SLK’s Avo Discover tool accelerates how we can document workflow processes, measure impacts on enhancements, and identifies future automation opportunities.” Liberated from having to focus on these process-driven aspects of business, CNA Insurance has been able to refocus its attention on creative problem-solving instead.
Ultimately, this is the most important benefit that SLK brings: it optimises the back end so that clients can channel their energy towards what matters the most, customers.
Read more about SLK Software and CNA Insurance in the June 2021 edition of FinTech Magazine.
Pictured: SLK Software team (source)