Company: Cowbell Cyber, Pleasanton, CA
Nomination Submitted by: Lumina Communications
Company Description: Cowbell is a pioneer of Adaptive Cyber Insurance, a leader in providing small and medium-sized enterprises (SMEs) coverage adaptable to today's and tomorrow's threats and the advanced warning of cyber risk exposures.
Nomination Category: New Product & Service Categories - Business Technology
Nomination Sub Category: Insurance Solution
 Nomination Title: Cowbell Cyber's Adaptive Cyber Insurance
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the nominated new or new-version product or service, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: If this is a brand-new product, state the date on which it was released. If this is a new version of an existing product, state the date on which the update was released:
Cowbell's Adaptive Cyber Insurance is their newest innovation to Cowbell's cyber insurance. This was released September 21, 2022.
- If you are providing written answers for your submission, you must provide an answer to this second question: Describe the features, functions, and benefits of the nominated product or service (up to 350 words):
Total 310 words used.
Launched in 2019, Cowbell Cyber is leading the cyber insurance market for small and medium-sized enterprises (SMEs). Cowbell is continuously working to create new innovations that address the ever-evolving threat landscape.
Cowbell's most recent innovation is its Adaptive Cyber Insurance – a dynamic new approach to insure constantly changing risk and provide coverage for evolving threats. Rather than implementing an annual risk evaluation, adaptive cyber insurance policies are anchored in a continuous risk assessment process to continuously offer coverage in line with a business’s risk profile. The continuous, never static, risk assessment leaves little room for coverage gaps throughout a policy period.
Most cyber insurance policies are determined annually and only consider organizational risk at that moment. When the policy is up for renewal the threat landscape has changed, and the organization’s risk exposure has changed with it.
Cowbell’s Adaptive Cyber Insurance meets the evolving complexity of the risk landscape by offering policies that remain aligned with the policyholder’s exposures and overall risk profile. Dynamic and continuous cyber insurance offerings have been found to encourage policyholders to implement more advanced cyber security measures, therefore significantly reducing the likelihood of cyber incidents.
Adaptive Cyber Insurance is a major milestone for Cowbell that comes after three years of aggressive innovation in cyber insurance. The journey started with building an online platform that would enable continuous risk assessment of organizations. The ingestion of hundreds of data points on each risk was gradually built alongside the logic and processes to normalize and categorize data for the ongoing compilation of Cowbell Factors. Continuous risk assessment and Cowbell Factors anchor the underwriting process. Automation, data, and artificial intelligence are the components that enabled Cowbell to pioneer continuous underwriting for cyber from day one.
Overall, Cowbell provides companies across the world flexible insurance coverage that can keep up with the evolving risks of a dynamic enterprise environment.
- If you are providing written answers for your submission, you must provide an answer to this third question: Outline the market performance, critical reception, and customer satisfaction with the product or service to date. State monetary or unit sales figures to date, if possible, and how they compare to expectations or past performance. Provide links to laudatory product or service reviews. Include some customer testimonials, if applicable (up to 350 words):
Total 154 words used.
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.
In the last year, Cowbell has reached over $200m in premium run-rate. Additionally, Cowbell closed a $23m Series A funding round in March 2021 and a $100M Series B round in March 2022. Its monitored risk pool has grown to over 30 million SMEs (92% of U.S. market). Cowbell’s policyholder base has grown over 5,000% YOY and has tripled in 2022 alone.
From January 2020 to January 2023, Cowbell established a network of 3500+ agencies and 21,000 appointed agents and brokers who now distribute Cowbell’s cyber insurance. Starting from one admitted state in 2020 to 48 by October 2021, Cowbell has rapidly expanded its footprint and addressable market in the US.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 41 words used.
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