Reinsurers Markel Global Reinsurance Company and Renaissance Re Holdings are among a group of companies that have provided backing for a new policy from Cowbell Cyber, a start-up focused on AI-powered cyber insurance for SMEs.
The policy, called Cowbell Prime 100, is designed to enable insurance agents to issue personalised cyber policies with up to $5 million in limits.
Cowbell’s policy is also backed by insurtech development platform Boost Insurance and ILS investment manager Nephila Capital, and has received an ‘A’ rating from rating agency AM Best.
As noted by our sister publication, Artemis, this marks the first time Nephila has moved outside of weather-related risks and been linked with actively underwriting cyber reinsurance coverage.
“Everybody benefits from real-time risk insights flowing seamlessly across stakeholders. With Cowbell Prime 100, agents can now serve their clients tailored cyber coverage, faster,” said Jack Kudale, founder and CEO at Cowbell Cyber.”
“Our simplified insurance application process with expedited quote and bind process, along with our ability to offer tailored coverage with visibility into threats and risk exposure, all contribute to a better SMB client experience,” Kudale added.
Cowbell’s AI-powered platform compiles a set of risk rating factors that assess an organisation’s cyber risk in real-time along several factors, including network security, cloud, compliance, and other security best practices. These factors are then automatically matched to the most relevant coverage for each business.
“Innovation is core to Markel’s success,” said Scott Whitehead, Managing Director at Markel InsurTech Underwriters. “We are applauding Cowbell’s unique AI-driven approach to risk selection and cyber insurance. Cowbell’s continuous underwriting platform for cyber is a leap forward that reduces insurability gaps and lengthy paper-based applications.”
Cowbell is currently appointing brokers and agents in California, Colorado, Arizona, Illinois, Oregon and Nevada.
Based on the latest indication from Cowbell’s continuous underwriting platform, premiums for Cowbell Prime 100 start at $1,100 for a $1 million aggregate limit with a $1,000 deductible across 200,000 businesses in the 15 US states.