AI-powered cyber insurer, Cowbell CyberAI has announced the availability of Prime 250, a new insurance program with coverage designed to address a broad variety of cyber risks.
With a rise in the number of cyberattacks, Cowbell notes that there has been an increase in demand from businesses that need protection from issues such as network intrusion and ransomware.
Yet, according to Advisen’s 2019 cyber market 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 each type of cyber incident with 25 coverages designed to bring clarity.
Prime 250 has been designed to avoid one-size-fits-all policies, paper-based applications, and binding delays, and its coverages are organised to mirror the way businesses experience cyber incidents through first party loss, first party expense and liability.
Another feature is policy customisation, with the product offering three levels of pre-configured coverage packages to help maintain simplicity and speed in the quoting and binding process.
Trent Cooksley, co-founder and COO at Cowbell Cyber commented: “For years, policyholders have raised concerns about the complexity and opacity of cyber insurance. Meanwhile, cyber incidents are becoming more frequent and diverse. 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.”
William Jewett, CEO of Obsidian Insurance Company added: “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. 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.”
