A guest post by Cowbell Cyber
Cyber Insurance Made Easy. This has been Cowbell's slogan since January 2020 when we first rolled out Cowbell Prime 100 to the market as our initial standalone cyber insurance program. Let's explain what we actually mean. “Cyber Insurance Made Easy" is at the core of what we do, when we design our programs, release them to our distribution channels, and deliver support to our partners and clients.
Our mission is to make cyber coverage accessible to all. This is why the Cowbell team has rebuilt the cyber insurance process from beginning to end and brought innovations at every step: in the cyber insurance programs themselves but also in the way we enable brokers and policyholders to transact (100% digital), how we underwrite and select risk, and the additional value we bring to insureds as part of our policies.
The results are:
- For brokers: increased efficiency as they can build customized quotes and issue policies in less than 5 minutes.
- For policyholders: robust coverage with a wealth of resources bundled with their policy to proactively manage cyber risk.
- For reinsurers: plenty and detailed information on their risk portfolio.
For agents and brokers, easy cyber insurance is all about the quoting process. Paper-based applications that ask hundreds of questions and will never yield accurate information are a thing of the past with Cowbell Cyber. Now, agents can add new accounts, prepare multiple, customizable quotes, and send them to policyholders for review in a matter of a few minutes.
When creating policies, our proprietary risk rating factors, or Cowbell Factors™, will help the agents understand policyholders' individual risk profiles. With that in mind, agents can recommend the coverage that best matches each client's needs.
In today's environment, businesses need the financial protection and peace of mind that cyber insurance coverage delivers. But if they don't understand coverages, limits, and exposures, how would they feel protected?
The insurance jargon can be hard to decipher for an untrained person as is, and the nature of cyber can make comprehension even more difficult.
Cowbell's standalone cyber insurance programs are built with the policyholder in mind. Coverage clarity is important to us, and we have organized them in the sequence a policyholder might experience a breach: first party loss, first party expense, third party liability.
We want the policyholder to feel taken care of. Our approach to that is education. We want every policyholder to understand their exposure, how they might be able to improve their risk, how they can obtain insurance, and what to do should an incident happen.
That is why we make continuous risk assessment and Cowbell Factors™ accessible to all free of charge. This removes any barrier preventing an organization to build awareness about its risk exposures. Businesses are invited to visit https://cowbell.insure/for-businesses/ and request access to their risk rating.
We also offer a wealth of resources for insurance professionals and policyholders to keep building their cyber knowledge. Additionally, our policies include access to cybersecurity awareness training for up to 20 employees. Our closed-loop approach to risk management guarantees that policyholders get value from us on day one and throughout the lifecycle of their policy.
Cyber insurance has become too important to remain ambiguous. With an exponential increase in attacks, everybody should take advantage of this year's cyber security awareness month and take action by taking some of the most basic steps to build cyber resiliency. Stay posted, we will have more to share during the month.
If you are an insurance agent interested in distributing Cowbell's standalone, admitted cyber insurance programs, contact us at email@example.com.