Cowbell Cyber Poised to Dominate Next Wave of Cyber Insurance with Prime 250
September 2020 by Marc Jacob
Cowbell Cyber announced the availability of Prime 250, the first cyber insurance program in the market to deliberately deliver a set of coverages that address the diversity of incidents under the ‘cyber’ category. Prime 250 makes cyber insurance 2.0 a reality delivering on the need for clarity, simplicity, speed and flexibility, in partnership with a panel of prominent carriers and global reinsurers.
With cyberattacks skyrocketing in terms of volume and in types of incidents, businesses now need coverages for protection from network intrusion to ransomware, and everything in between. Yet, according to Advisen’s 2019 Cyber Insurance: The Market’s View survey, “not understanding exposures” (73%), “not understanding coverage” (63%) and “cost” (46%) remain the top three identified obstacles to hindering the adoption of cyber insurance.
As a standalone cyber insurance offering, Prime 250 addresses specifically each type of cyber incident with 25 coverages designed to bring clarity, while removing traditional barriers known to plague the cyber insurance world including one-size-fits-all policies, lengthy paper-based applications, and binding delays.
Highlights of Prime 250 include:
Clarity of coverage: Prime 250’s 25 cyber specific coverages are organized to mirror the way businesses experience cyber incidents: first party loss, first party expense and liability.
Policy customization with speed and process simplicity: Prime 250 offers three levels of pre-configured industry-specific coverage packages – Basic, Popular, Elite – to help maintain simplicity and speed in the quoting and binding process. In a few clicks, agents and brokers can tailor policies to each policyholder’s risk appetite.
Transparency: Policyholders receive value from day one of their policy with access to Cowbell Factors for risk rating and industry peer benchmarking while Cowbell Insights offer recommendations to remediate identified risk exposures. Cowbell Factors, core to the underwriting process, are accessible to policyholders and agents in real-time for full transparency.
Insurance premiums for Prime 250 are anchored in Cowbell Factors and dynamically derived from 400 data points and security observations collected about each policyholder in addition to class of business and company size. Written on AM Best “A” rated admitted paper, Prime 250 is currently filed as an admitted cyber insurance program in 33 states.