In a strategic move, leading cyber insurance provider Cowbell has broadened its coverage to include mid-market businesses in the UK. They will now accommodate those with an annual turnover of up to £1 billion. The expansion positions Cowbell as a significant player, catering to 99% of all UK-based businesses.
Cowbell initially introduced its AI-powered cyber insurance program, Cowbell Prime One, as a groundbreaking solution for small and medium-sized enterprises (SMEs). With this extension, the company aims to address the growing demand for advanced cybersecurity solutions in the mid-market segment. An area where conventional InsurTech offerings often fall short.
“Fall Short”
Cowbell’s platform provides real-time underwriting, allowing brokers to tailor robust cyber policies addressing diverse threats, including email scams, ransomware, and social engineering. Simon Hughes, VP and General Manager for Cowbell UK emphasizes the company’s commitment to closing the insurability gap. “Our decision to expand cybersecurity coverage to companies with an annual turnover of up to £1 billion stems from the demand for advanced cybersecurity solutions we’ve observed in the mid-market segment, where the traditional InsurTech offerings often fall short,” said Hughes.
The decision to expand cyber insurance coverage is driven by the rising threat of cyber-attacks globally. This threat prompts business owners to seek more effective ways to protect their enterprises. Leveraging its extensive risk pool, comprising 35 million SMEs in the US and 4.5 million SMEs and mid-market businesses in the UK, Cowbell aims to empower businesses with comprehensive cybersecurity tools.
Cowbell’s patented risk rating factors, known as Cowbell Factors, further distinguish it in the market. These factors analyze emerging real-time threats, allowing businesses to benchmark their IT risk against industry peers. The expansion aligns with Cowbell’s commitment to enhancing its overall cybersecurity posture. It follows the company’s substantial growth in the UK market since August.
“Remarkable”
Claud Bilbao, UK Underwriting Director at Cowbell, expresses the company’s remarkable success in engaging with brokers. “Cowbell’s journey into the UK market has been nothing short of remarkable, engaging with hundreds of brokers across the country in a remarkably short period, said Bilbao.
Source: Cowbell extends cyber insurance coverage to UK mid-market businesses of up to £1bn turnover
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