(Image credit: Paul Hanaoka/Unsplash.)
Cowbell (Pleasanton, Calif.), a provider of cyber insurance for small- and medium-sized enterprises (SMEs), has announced a partnership with Zywave (Milwaukee, Wisc.), a provider of insurance distribution solutions. Cowbell describes the partnership as powered by Herald (Boston), a digital infrastructure provider that connects software developers to commercial insurance carriers through a single API, and leverages Cowbell’s technology and individualized coverage options for a superior customer experience through Zywave’s expanding interface for quoting commercial and E&S insurance. Cowbell characterizes the collaboration as marking the first standalone cyber insurance offering on Zywave’s Hub, which provides MGAs, wholesale brokers, and retailers, with quicker access to cyber insurance products, according to a Cowbell statement.
Despite cyber being the fastest-growing line of insurance business in recent history, four out of five SMEs are still uninsured or underinsured, according to a recent report published by the small business resource AdvisorSmith. By partnering with Zywave, Cowbell seeks to extend its reach within MGAs and brokers and helps further accelerate the adoption of cyber insurance within the SME market.
“As the first cyber insurance provider on Zywave’s Hub via Herald’s API, our adaptive programs are now available to over 40 additional trading partners,” comments Rajeev Gupta, co-founder and CPO, Cowbell. “These partners can now experience the simplicity of placing the industry’s best cyber insurance coverage for their clients and protecting their clients’ future cyber risks with Cowbell’s tailored risk mitigation service.”
“This is an exceptionally powerful partnership between the most innovative leaders in the industry,” comments Duncan Crystal, co-founder and CRO, Herald. “Together, we’re proving how API-driven distribution can transform an industry that has traditionally run on paper. Our unified offering makes it easier for carrier partners to plug into networks of brokerages and MGAs, resulting in more premium for all players in the value chain, along with better coverage for businesses.”