Cowbell Cyber Partners with Mylo to Expedite Distribution of Cyber Insurance for Small Businesses
November 2020 by Marc Jacob
Cowbell Cyber, the industry’s first AI-powered cyber insurance provider for small to mid-sized businesses (SMBs), today announced it has partnered with Mylo – the digital broker launched by the world’s largest independent broker, Lockton – to enable increased distribution of Cowbell’s standalone cyber insurance to the small business market, an area traditionally underserved by cyber insurance.
Businesses of all sizes are becoming more reliant on a digital environment given today’s remote setting, often leaving them exposed to increased cybersecurity vulnerabilities including data breaches, ransomware attacks, cyber crime, and more. Because of this, the demand in cyber coverage has drastically increased as businesses realize cyber insurance is now a necessity, not a luxury.
Mylo selected Cowbell Cyber because Cowbell Prime – Cowbell’s standalone, admitted cyber insurance programs – addresses the challenges faced by small businesses when considering insurance including:
Clarity of the policy terms: business owners can now immediately understand the protection they will receive
Relevancy: Quote and policies are customizable in a few clicks for higher relevancy for the policyholder
Admitted program: Ensures that everything has been thoroughly vetted by state level agencies
Superior risk management tools: Free risk assessment and mitigation tools add value to small business on day-one of the policy
The partnership brings significant efficiencies to Mylo’s agents including:
Speed: Cowbell Prime enables agents to prepare multiple, customized quotes in a few clicks
Ease of use and transparency: Selling of cyber insurance is simplified with coverages that are presented to policyholders in an easy to understand manner, along with Cowbell Factors to identify risk deviation from the industry average
No binding delays: Every quote issued by Cowbell Prime can be instantaneously bound