Cowbell Cyber: Revolutionizing Cyber Insurance for Small and Medium Enterprises

Simplifying Cyber Insurance for Smaller Firms

At Triple-I’s Joint Industry Forum last week, Jack Kudale, CEO and founder of Cowbell Cyber, shared insights on how the startup aims to simplify and demystify cyber insurance for small and medium enterprises (SMEs). Cyber insurance remains a tough sell among smaller companies, with many believing their risk profiles don’t warrant the cost of coverage and some complaining about policy exclusions. A 2019 Advisen survey found that 'not understanding exposures' (73 percent), 'not understanding coverage' (63 percent), and 'cost' (46 percent) were the top obstacles to writing and issuing cyber insurance.

Introducing Cowbell Prime 100

Cowbell Cyber recently launched Cowbell Prime 100, an AI-powered platform that assesses customers’ cyber exposures in real-time and matches them with the most relevant coverage in about five minutes. 'Basically, we eliminate the application,' Kudale said. 'The coverage is highly individualized for each specific business.' Unlike traditional annual underwriting and renewal processes, Cowbell Prime 100 continuously monitors customers’ exposures and recommends coverage changes in real-time. This approach addresses the concerns of smaller companies about speed and simplicity, while larger companies are more interested in insights that help them better understand their cyber risks.

Cowbell Factors and Partnerships

The platform’s proprietary 'Cowbell Factors' assess projected loss costs based on hundreds of thousands of cyber cases, risk signals from internet-exposed infrastructure, the customer’s cyber security practices, 'dark web' intelligence, industry-specific business-interruption data, and regulatory compliance data. Kudale’s background includes 25 years in enterprise software and five in cyber security, leading three startups before founding Cowbell with partners from the insurance and tech worlds. Cowbell Prime 100 offers an A.M. Best ‘A’-rated admitted policy backed by Boost Insurance and prominent reinsurance partners, including Markel Global Reinsurance Company, Renaissance Re Holdings, and Nephila Capital. The company is currently appointing brokers and agents in California, Colorado, Arizona, Illinois, Oregon, and Nevada.

In conclusion, Cowbell Cyber's innovative approach to cyber insurance could significantly benefit SMEs by providing tailored, real-time coverage assessments. For readers, it's recommended to explore how such platforms can simplify their insurance processes and potentially reduce costs. Stay informed about the latest developments in cyber insurance to ensure your business is adequately protected.