News
Cowbell Unveils Adaptive Cyber Insurance; Launches Cowbell Specialty Insurance Company
September 2022 by Marc Jacob
Cowbell announced the debut of Adaptive Cyber Insurance – a dynamic approach to insure constantly changing risk – and the launch of its subsidiary, Cowbell Specialty Insurance Company (Cowbell Specialty). Both endeavors mark major milestones for the company whose mission since inception has been to aggressively reinvent cyber insurance, close the insurability gap and drive cyber insurance adoption and distribution to an underserved SME market.
The dynamic nature of cyber risk requires insurance policies to evolve accordingly. Cowbell’s Adaptive Cyber Insurance transforms cyber coverage from a static offering to a dynamic one, adaptable to today’s and tomorrow’s threats. Policies can now evolve more frequently than yearly to remain aligned with the policyholder’s cyber exposures, avoid coverage gaps and bring full transparency into renewal terms throughout the policy period. Driven by the benefit of strong incentives, policyholders are empowered to improve their organization’s cyber risk profile to avoid potentially disastrous financial losses or reputational damages.
Cowbell’s Adaptive Cyber Insurance bundles risk management tools and services with coverage so that policyholders are able to continuously address changes in the threat landscape. The engagement between Cowbell starts with a real-time benchmark of cyber risks measured by Cowbell Factors, which include inside-out risk data. Continuous risk monitoring and risk engineering services then support policyholders in mitigating newly identified exposures and security weaknesses throughout the policy period.
The impact of Adaptive Cyber Insurance is already tangible across current Cowbell policyholders, where continuous risk assessment and risk engineering efforts have contributed to an overall 9 percentage point improvement of their risk profile as benchmarked against their industry peers.
The launch of Cowbell Specialty augments Cowbell’s current business model as Cowbell Specialty joins a reputed panel of 15 carriers and reinsurers that currently support Cowbell Prime cyber insurance programs. Paired with Cowbell Re – the company’s reinsurance captive – Cowbell Specialty allows for additional flexibility and control in serving a fast-growing market with innovative solutions such as Adaptive Cyber Insurance, while enforcing best-in-class underwriting for unit-based profitability.
