Cowbell has reported impressive growth in 2023, marking a 49% increase in its new customer base year-over-year. A significant financial milestone accompanies this momentum. The company secured $25 million in equity financing, reinforcing its leadership position in the ever-expanding cyber insurance sector.
As cyber threats increasingly concern small- and medium-sized enterprises (SMEs), Cowbell focuses on bridging the insurability gap for the sector. Recent statistics reveal that 72% of SMEs without cyber insurance believe a major cyberattack could potentially devastate their business. Cowbell’s efforts have driven a 2.5x premium growth in 2022 to protect SMEs against evolving cyber threats.
One of Cowbell’s standout features is its innovative approach, leveraging AI and a vertically integrated technology platform. They also maintain a continuously monitored risk pool. It covers 38 million businesses in the United States and the United Kingdom. With the rise in cyber threats targeting SMEs, the need for robust cyber insurance policies has never been more critical.
Cowbell 365
Additionally, Cowbell’s dedicated risk engineering and claims management service, Cowbell 365, has prevented ransom threats over 74% of the time. Additionally, ransom payments have lowered an average of 26% of the initial demand.
The increasing demand for cyber insurance aligns with a broader global trend. Experts project that the economic costs of cybercrime will reach $24 trillion by 2027. Prosperity7 Ventures, an investment principal, recognizes the potential and is investing in Cowbell’s strengths, aligning with the company’s path to profitable growth and global leadership in SME markets.
Cowbell’s Founder and CEO, Jack Kudale, highlights their strong momentum and record renewal retention, emphasizing their commitment to serving the US and UK markets.
“Momentum and policyholder growth is strong, with record renewal retention. We just closed our largest quarter to-date on the strength of omnichannel distribution, and with a focus on servicing our broker partners and policyholders,” he said.
The company’s commitment to bridging the insurability gap and adapting to evolving customer needs is further validated by its diverse set of reinsurance partners, as well as its impressive Financial Stability Rating. Additionally, Cowbell’s achievements have not gone unnoticed, as it received accolades from CBInsights and was named to Amazon Web Services’ Cyber Insurance Partner Initiative.
Source: Cowbell Continues Rapid Growth in 2023, Increasing its New Customer Base 49% Year-Over-Year
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