(Image source: Embroker website.)

Embroker (San Francisco), a digital platform aimed at simplifying the purchase of business insurance, has announced strategic partnerships with Dashlane (New York), a security-first password management provider, and Cowbell (Pleasanton, Calif.) a provider of cyber insurance for small and medium-sized enterprises (SMEs). Through the partnerships, Embroker seeks to increase customer security through Dashlane’s cyber protection services and expands its Cyber Liability coverage by offering Cowbell Cyber insurance to its existing and prospective customers.

“These partnerships carry us further along in our mission to provide coverage cut uniquely to tailor customers’ exact needs, at the best possible price,” comments David Derigiotis, chief insurance officer, Embroker. “Through Cowbell and Dashlane, we are not only able to support our customers in the event of a cyber breach, but also help them avoid one altogether. It is services like these that are shaping the next generation of insurance, making getting coverage easier and actively beneficial to those who hold policies with us.

“By expanding our ecosystem of partners and services within our ONE by Embroker platform, we’re taking yet another bold step in building a customer-centric, single-destination platform that serves founders end-to-end in their risk management journeys,” he adds.

Password Management with Zero-Knowledge Encryption

Embroker’s partnership with Dashlane grants its current and future policyholders access to Dashlane’s enterprise password management featuring patented, zero-knowledge encryption, meaning all passwords and other items stored in users’ “vaults” remain private to users, even from Dashlane itself. Dashlane also monitors the dark web for information, alerting Embroker customers when their information is at risk. This level of protection ensures policyholders keep their premiums as low as possible by preventing breaches before they happen, and ultimately, protecting their time from the lengthy process of filing a claim, an Embroker statement says.

“Dashlane and Embroker are a natural pair—businesses of all sizes are susceptible to breaches due to compromised credentials, and startups across industries are no exception,” comments John Bennett, CEO, Dashlane. “By aligning with a partner like Embroker, we’re helping to create safer business environments from start to finish for the startup community, holistically protecting businesses from the increasing cyber threats they face.”

Third-Party Coverage from a Single-Party Provider

The addition of Cowbell’s admitted Cyber Liability Product to Embroker’s offerings underscores the continued evolution of ONE by Embroker, according to the company. Embroker describes its partnership with both legacy and InsurTech insurers as offering a custom, faster, more holistic, customer-centric buying experience. Enabled through an API, Cowbell’s admitted Cyber product can now be paired with Embroker’s admitted LPL product, further strengthening its exclusive bundle offerings, Embroker says.

“Our partnership with Embroker is a testament to Cowbell’s leadership in the cyber insurance market and commitment to digital enablement,” comments Erin Dyer, Sr. Director, Digital Distribution, Cowbell. “We are proud to deliver our Cowbell 365 value and coverage to Embroker’s customers through their innovative, online model.”

As part of the partnership, Cowbell now completes Embroker’s law bundle offering. Through this law bundle, Embroker suggests that it seeks to become a destination for coverage that takes into account the unique risks law firms face, including professional services and cyber liability claims.

Declining Concern about Cyber Crime Despite Increased Incidence

The new partnerships coincide with the availability of new data from Embroker that reveals a decline in concern around cyber attacks year-over-year. In 2022, survey data found that 20 percent of venture-backed startups considered cyber attacks their top threat; this declined to just 14 percent of founders in 2023.

This decline could be the result of many factors, according to Embroker, from the large return to office, the lack of coverage of the Russian-Ukrainian conflict, and managing recession and inflation insecurities. While concern is down among founders, they cite their investors’ cyber concerns have actually increased year-over-year (34% in 2023 compared to 24% in 2022). And, when prompted on how they plan to prioritize risk in the event of a recession, a third said they would focus on cyber security issues.

“When the economy struggles, cyber crime thrives,” comments Ben Jennings, CEO, Embroker. “While the possibility of a recession ebbs and flows, it remains imperative that startups guard against any cyber risk. These partnerships are a key element in the mitigation and prevention of cyber attacks, through an uncertain fiscal future.”

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