According to reports, the collaboration aims to expand the coverage and capacity of Cowbell’s Prime 250 Cyber Liability and Prime Tech insurance programs, which provide protection against cyber and technology errors and omissions (E&O) risks for businesses with revenue up to $500 million.
Skyward Specialty’s expertise in innovative insurance offerings for underserved markets will be utilized in this partnership to address the growing risks unique to these businesses. The alliance also grants Cowbell access to Skyward Specialty’s industry partners, strengthening its ability to deliver comprehensive coverage that meets evolving market needs.
SME’s are vastly underserved in cyber insurance, says Cowbell
Andrew Robinson, CEO of Skyward Specialty, expressed his excitement about the partnership, highlighting Cowbell’s underwriting precision and unique approach to continuous cyber risk assessment. He believes that the collaboration between the two companies, which have spent over a year getting to know each other, represents a powerful combination.
Jack Kudale, Founder and CEO of Cowbell, (pictured) said the massive gap in cyber protection for SMEs, a vastly underserved market. He sees the partnership with Skyward Specialty as an opportunity to champion the insurability gap for these businesses. Kudale highlighted the expertise of Skyward Specialty’s experienced leaders and team members, some of whom played a role in creating the cyber insurance marketplace over 20 years ago.
The partnership will aid in expanding Cowbell’s omnichannel distribution network, which currently includes over 23,000 appointed agents and 3,500 agencies across retail, wholesale, and embedded channels. It will also extend Cowbell’s reach to a broader range of businesses and provide technology companies with E&O coverage.
As a result, Cowbell’s growing portfolio will serve a significant portion of underserved SMEs seeking financial security against cyberattacks. Cowbell’s appointed broker partners will gain access to Primary and Excess Cyber coverage for accounts with up to $500 million in revenue.
Adaptive Cyber Insurance is transforming the marketplace
Cowbell is recognised as a pioneer of Adaptive Cyber Insurance and a leader in providing SMEs with coverage that can adapt to current and future threats, along with advanced warning of cyber risk exposures. Through its AI-based risk selection and pricing approach, Cowbell’s continuous underwriting platform, powered by Cowbell Factors, streamlines the insurance process from submission to issue in less than five minutes.
Backed by 20 prominent global (re)insurance partners, Cowbell serves SMEs in 50 U.S. states and the District of Columbia. Since its founding in 2019, Cowbell has been based in the San Francisco Bay Area, with employees located across the U.S., Canada, India, and the UK.
Join Cowbell in New York at ITI USA
To find out more about Cowbell’s latest strategies and innovations, join their experts at Insurtech Insights USA 2023 on June 7th and 8th, at the Javits Center in New York, where they will be taking part in a series of expert panels.
- Trent Cooksley, Co-Founder and COO of Cowbell will be taking part in “The Technologies Creating a Dynamic Cyber Insurance Strategy
- Alexis Vaughn, AVP of Agency Marketing, will be speaking in “Underwriting Uncovered: The Technologies Revolutionizing Commercial Insurance”
To find out more, click here
