Cowbell, a cyber insurance pure-play that targets small-and-medium businesses, has announced a new partnership to make it faster and easier for partners such as brokers and MGAs to sell its policies. Cowbell is partnering with Herald, which offers APIs that allow quoting and binding from multiple carries via a single interface, and Zywave, a provider of digital platforms for the insurance industry.
“’As the first cyber insurance provider on Zywave’s Hub via Herald’s API, our adaptive programs are now available to over 40 additional trading partners,’ said Rajeev Gupta, co-founder and CPO of Cowbell. “These partners can now experience the simplicity of placing the industry’s best cyber insurance coverage for their clients and protecting their clients’ future cyber risks with Cowbell’s tailored risk mitigation service.”
Simplifying the process, combined with Cowbell’s focus on rapid, data-driven underwriting, should increase the company’s penetration of what it and industry surveys indicate is a substantially under-insured market segment. It also improves Cowbell’s ability to respond to changes in the market, avoiding lags and inefficiencies of legacy systems. In a unique market where risk, even systemic risk, can change rapidly, the ability to expand or contract coverage quickly is a competitive advantage.
“The ability to adapt to ever-changing market conditions in almost real-time allows capacity providers like Cowbell to expand or contract the markets they serve without being hindered by manual processes and antiquated technology,” says Cowbell’s release (read it here.)