Cowbell Cyber | February 04, 2021
Cowbell Cyber, the business' first AI-controlled cyber insurance supplier for small to mid-sized organizations (SMBs), today reported Cowbell Connect, its accomplice program which arms policyholders with complete, closed-looped risk management. Cowbell Connect joins an abundance of ability and assets from an assortment of accomplices to address perhaps the greatest danger to organizations: cyber episodes.
Organizations have consistently been fundamental to Cowbell's capacity to quickly fabricate imaginative cyber insurance programs that nearby the insurability hole for policyholders and bring velocity, effortlessness and adaptability to policyholders and insurance dissemination. Cowbell Connect fortifies Cowbell's closed-circle way to deal with cyber risk management by packaging cyber inclusion with risk appraisal, evaluation, and moderation just as pre-and post-penetrate administrations.
"The complex worlds of cybersecurity and insurance have traditionally operated in silos. Cowbell Cyber brings the two worlds together to make it easy for policyholders to understand where they stand against today's biggest cyber threats," said Isabelle Dumont, Vice President of Market Engagement at Cowbell Cyber. "Cowbell Connect brings together the richest partner ecosystem made up of partners and experts to enable closed-loop risk management from identification, quantification, remediation and financial protection."
Cowbell Connect partners range from data aggregators, cybersecurity vendors and service providers to digital aggregators and risk mitigation services:
Data Aggregators that contribute to Cowbell's ability to continuously assess risk. This includes Advisen, Dun & Bradstreet, DarkOwl which are augmenting Cowbell's own proprietary attack surface monitoring scanners.
Cloud Providers that manage a significant infrastructure footprint for their clients such as email, collaboration tools, application services and computing capacity. This includes Microsoft 365, Azure, AWS and Google. Cowbell integrates with these partners through APIs to bring deep, timely cyber risk insights to policyholders and recommendations on how to improve their risk profile.
Cybersecurity Platforms that manage and monitor specific aspects of a business security. This includes Qualys for vulnerability, compliance and container security; Safeguard for providing security and compliance to social media, collaboration and chat communication channels; and Security Studio for MSSPs.
Training Providers, such as Wizer, that bring on-going security awareness training to insureds' employees and building the first line of defense against phishing email and ransomware attacks.
Managed Service Providers that handle security for many businesses in the form of consulting services, managed services, or outsourcing.
Incident Response Services that are part of our claim panels and bring expertise on ransomware incidents, forensic, legal and recovery activities in the aftermath of an incident.
Digital Platforms and Ecosystems: Cowbell integrates bidirectionally with a host of channels, platforms and ecosystems including reinsurers, brokers and agents, aggregators, and networks.
Industry Associations including Independent Insurance Agents & Brokers of America (IIAB), the Insurance Agency Owners Alliance (IOAO), the Insurance Connector, and the Stay Safe Online program.
"Businesses need a 360-degree view of their cyber risk that is continuously updated and includes vulnerabilities, cloud threats, and compliance gaps," said Karun Malik, Vice President of Strategic Alliances and Channel Development, Qualys. "We are pleased to be working with Cowbell Cyber to provide cyber insurance applicants and policyholders with risk insights that allow them to keep their business safe and mitigate risks prior to an incident."
"Cyber incidents such as ransomware, or other attacks, can be a life or death experience for businesses. Timely handling of such attacks by an experienced breach coach is paramount," said John Mullen from Mullen Coughlin. "We welcome the opportunity to assist Cowbell's policyholders with a ransomware hotline and collaborate with Cowbell Cyber on incident response."
About Cowbell Cyber
Cowbell Cyber is dedicated to providing standalone, admitted, individualized and easy-to-understand cyber insurance for businesses with up to $1 Billion in revenue. In its unique AI-based approach to risk selection and pricing, Cowbell's continuous underwriting platform, powered by Cowbell Factors, compresses the insurance process from submission to issue to less than 5 minutes. Cowbell Insurance Agency is currently licensed in 50 U.S. states and the District of Columbia and provides SMBs with admitted cyber insurance on AM Best "A" rated paper with up to $15 Million in coverage.
Boost | May 21, 2021
Boost Insurance, the leading B2B digital insurance platform, today announced that it's completed a $20 million Series B financing round to fuel the growth of its platform, new development, and partner marketing. The round was led by RRE Ventures and included new investors Fin VC, Gaingels, Hack VC, and a worldwide publicly traded reinsurance company alongside existing investors Greycroft, Coatue, and Conversion Capital. Boost's funding since inception totals $37 million.
Founded in 2017, Boost's integrated insurance-as-a-service platform unlocks the $700 billion property and casualty insurance market, allowing innovative companies from any industry to create, embed, and manage insurance programs for his or her customers. Its simple API integration packages the required operational, compliance, and capital components to permit companies to deliver highly configurable insurance products to consumers through an embedded experience within their front-end environments.
Boost powers dozens of digital distribution clients across all industries and stages, including notable insurtechs Hippo, Aon's CoverWallet, Cowbell Cyber, and Wagmo, and leaders in diverse fintech, proptech, and other B2B and consumer segments. Companies that leverage Boost's infrastructure reduce the value of building and managing their insurance businesses by over 90%, with integrations taking as little as a fortnight . in comparison to the 12-48 months typically required to create a managing general agency (MGA), Boost's platform dramatically reduces the barriers to entry for both new entrants and high-growth emerging players in what has historically been a slow-moving and analog insurance industry.
Mordor Intelligence1 estimates that venture and growth investment within the insurtech segment is predicted to grow at a compound annual rate of growth of 48.8% from 2021 to 2028, reaching USD 60.9 billion by 2028, as tech-enabled companies across industries search for embedded insurance and financial products to diversify revenues and enhance their customer experience. Boost follows within the footsteps of companies like Plaid (banking-as-a-service) and Affirm (point-of-sale financing) in offering cost-effective, efficient digital solutions for insurance-as-a-service across commercial lines products (business owners policy and startup D&O insurance), personal lines products (renters insurance, pet insurance, and crypto wallet theft protection), and an e-commerce bundle (warranties, shipping, and package theft). Since its launch, Boost has insured over $5 billion useful across a good range of proprietary commercial and private lines insurance products.
Boost plans to double its team over subsequent 12-18 months to support growth across its insurtech and embedded partner channels while continuing to expand its API platform features. The corporate also expects to roll out a variety of additional insurance products in 2021 together with its partners within the insurtech and broader technology industries.
About Boost Insurance
Boost enables companies across all segments to create, embed and manage digital insurance products, and deliver them through an embedded experience within their front-end environments. Boost's infrastructure-as-a-service platform significantly reduces the value of building and managing an insurance firm by packaging the required operational, compliance, and capital components and making them accessible through easy API integration. Through its managing, general agency subsidiary, Boost Insurance Agency, Inc., Boost is licensed and authorized to supply any sort of insurance across all 50 states. Boost is appointed by 'A'-rated fronting carriers and has its dedicated reinsurance facility backed by global reinsurers.
Business Wire | October 01, 2020
Fortegra Financial Corporation, a leading specialty insurer and subsidiary of Tiptree Inc. Announced today the formation of a new excess and surplus lines subsidiary, Fortegra Specialty Insurance Company. Now that it has received approval in its domicile state of Arizona, Fortegra’s new E&S subsidiary is working to obtain the remaining regulatory approvals necessary to conduct business throughout the United States. Fortegra anticipates that underwriting within the E&S company will commence in the fourth quarter of 2020. Richard Kahlbaugh, CEO of Fortegra, commented, We have seen rates harden in the market. The catalysts for the hardening are diverse and as such we expect the trend to continue for the foreseeable future. Adding an excess and surplus lines company to our portfolio was a natural response, allowing us to broaden our product reach and scope within the U.S.