Cowbell, a prominent insurance provider, has expanded its cyber insurance solutions to cater to mid-market businesses alongside its existing focus on small and medium-sized enterprises (SMEs).
The company’s recent move introduces coverage for businesses with an annual turnover of up to £1bn, further bolstering its commitment to fortifying the UK business landscape against cyber threats.
The expansion of Cowbell’s market-leading cyber insurance policy, showcased through the standalone AI-powered cyber insurance programme – Cowbell Prime One, aims to address the increasing demand for advanced cybersecurity solutions within the mid-market segment.
Recognising the limitations of traditional InsurTech offerings in this sector, Cowbell seeks to bridge the insurability gap, ensuring robust protection for businesses facing evolving cyber threats.
The newly launched Cowbell Prime One integrates AI intelligence with user-friendly features, allowing brokers to swiftly design robust cyber policies tailored to unique risk exposures. This innovative offering extends cybersecurity coverage to 99% of UK-based businesses, aligning with Cowbell’s commitment to leveraging technology for comprehensive cyber risk mitigation.
The firm’s innovative approach includes the patented risk rating factors – Cowbell Factors, an unparalleled offering in the cyber insurance realm. This unique tool empowers businesses to benchmark their IT security against industry peers, enhancing their overall cybersecurity posture.
Cowbell specialises in providing cutting-edge cyber insurance solutions tailored to diverse business needs. Their platform offers real-time underwriting, enabling brokers to craft customised cyber policies that cover a wide array of cyber incidents, from email scams to ransomware and social engineering attacks.
Simon Hughes, VP and General Manager for Cowbell UK, comments on the thinking behind the move: “Our decision to expand cybersecurity coverage to companies with an annual turnover of up to £1 billion stems from the demand for advanced cybersecurity solutions we’ve observed in the mid-market segment, where the traditional InsurTech offerings often fall short. As cyber attacks increase year-after-year, both in the UK and globally, business owners are often left guessing how to better protect their businesses against these pressing threats.
“By leveraging our proven track record, vast risk pool and innovative technology we’ll be able to safeguard not only SMEs, but also empower businesses with greater complexities, larger operations and serve a broader clientele. Through this expansion, Cowbell aims to educate and provide the best coverage options available to these business owners, closing the insurability gap. This in turn offers better outcomes for the economy and contributes to the resilience of the UK’s business landscape, ensuring that the UK’s SME and mid-market level organisations – which combined account for more than 99% of all UK private sector businesses – are equipped with the best cybersecurity tools,” he continued.
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