PLEASANTON, CA, May 1, 2020 - IIABCal is excited to welcome its newest associate member, Cowbell, a cyber insurance MGA focused on delivering stand-alone, admitted coverage tailored to the unique needs of small to mid-size enterprises through a network of independent insurance agencies.
Cowbell's cyber insurance product, Cowbell Prime™, is built on AI and modern technology to expedite the quoting and binding process and deliver policies that match the actual cyber risk exposure of policyholders, and its founders are seasoned professionals in insurance, cybersecurity, and data science.
"We are happy to have Cowbell join the ranks of IIABCal associate members," IIABCal Chief Executive Officer Clark Payan said. "Independent insurance agents and brokers will have the opportunity to learn about the state-of-the-art cyber products that is uniquely Cowbell. Their expertise in insurance, cybersecurity and AI brings a new wealth of techological knowledge to our member network."
Closing the Cyber Insurability Gap
"Using deep learning techniques and actuarial science, Cowbell identifies the probability of threat exposure and calculates the financial impact to your organization," Cowbell Founder * CEO Jack Kudale said. "Independent insurance agents and brokers can quantify their organization’s risk exposure to quote and bind in minutes."
Why Join IIABCal?
"Because Cowbell distributes cyber insurance primarily through a network of independent agencies, joining IIABCal was the logical first step for Cowbell to connect with independent agents across California," said Trent Cooksley, Co-founder & COO. "We are looking forward to networking and contributing to the community."
What Are the Most Important Issues Facing the Industry Today?
"Small and mid-size businesses need protection and coverage that make sense for their business, are easy to understand, and are easy to get access to," said Prab Reddy, Co-Founder & CPO. "Lengthy, paper-based applications, combined with embedded coverages bring a level of complexity to SMBs that have slowed down adoption."
The Biggest Opportunities For Independent Agents
"Businesses of all sizes are expanding their use of Internet technology and will need additional protection through cyber insurance, said Rajeev Gupta, Co-Founder & CPO. "Large enterprises are also more frequently demanding cyber coverage from their suppliers, including SMBs. Cyber insurance is becoming both a contractual and regulatory requirements, and independent agents have an opportunity to offer stand-alone cyber insurance that provides better clarity over what’s covered or not than endorsements or cyber as part of a Business Owner Policy (BOP)."
Caroline Thompson, head of underwriting, and Brandon Murphy, head of business development, brings cyber insurance expertise to Cowbell's distribution team and will assist IIABCal member agents and brokers with any questions they might have about cyber insurance and the program. For more information on Cowbell, visit https://cowbell.insure/.