Cowbell Bring New Innovative Products as Part of Full-Stack Move
Today, Cowbell announced the launch of Cowbell Specialty Insurance Company, its subsidiary, and Adaptive Cyber Insurance—a dynamic approach to insuring the rapidly evolving cyber risks that businesses face. Both projects are major milestones for the company, which has worked hard to change the face of cyber insurance and technology in insurance.
Cowbell’s founder and CEO, Jack Kudale said, “Three years ago, we launched the insurance industry’s first-ever continuous underwriting platform, which matched insurance threats to risk exposures to prevent losses after cyberattacks.” This was the first time that insurable threats were aligned to risk exposures. “Today, our journey has put us in a position to lead the next wave of innovation in the cyber insurance industry.”
Adaptive Cyber Insurance
With Cowbell’s Adaptive Cyber Insurance, cyber coverage goes from being static to being adaptable to threats. Policies can now change more often than once a year to keep up with the cyber risks of the policyholder, avoid coverage gaps, and make the renewal terms clear throughout the policy period. Policyholders have the power to improve their organization’s cyber risk profile so they can avoid potentially disastrous financial losses or damage to their reputation.
With Cowbell’s Adaptive Cyber Insurance, risk management tools and services are bundled with coverage to help policyholders keep up with changes in the threat landscape. The engagement between Cowbell and the company starts with a real-time benchmark of cyber risks measured by Cowbell Factors and includes inside-out risk data. Throughout the policy period, policyholders can use continuous risk monitoring and risk engineering services to protect themselves from new risks and security holes.
Cowbell Specialty
The launch of Cowbell Specialty improves Cowbell’s current business model, as Cowbell Specialty joins a reputable panel of 15 carriers and reinsurers that already support Cowbell Prime cyber insurance programs. When paired with Cowbell Re, the company’s captive reinsurance company, Cowbell Specialty gives the company more flexibility and control to serve a rapidly-growing market with innovative solutions like Adaptive Cyber Insurance while enforcing best-in-class underwriting for unit-based profitability.
“Adaptive Cyber Insurance is a big step forward for cyber insurance, and with the launch of Cowbell Specialty and Cowbell Re, we now have the insurance footprint of a tech-enabled, full-stack, high-growth insurer. This gives us the freedom to grow our business and try new things for the benefit of all our policyholders,” said Kudale.
With Cowbell Prime 1000, which will be available in the first quarter of 2023, businesses with up to $1 billion in sales will be able to get the insurance that adapts to their needs.
