PLEASANTON, Calif., Nov. 5, 2020 /PRNewswire/ — Cowbell Cyber, the industry’s first AI-powered cyber insurance provider for small to mid-sized businesses (SMBs), today announced it has partnered with Mylo – the digital broker launched by the world’s largest independent broker, Lockton – to enable increased distribution of Cowbell’s standalone cyber insurance to the small business market, an area traditionally underserved by cyber insurance.
Businesses of all sizes are becoming more reliant on a digital environment given today’s remote setting, often leaving them exposed to increased cybersecurity vulnerabilities including data breaches, ransomware attacks, cyber crime, and more. Because of this, the demand in cyber coverage has drastically increased as businesses realize cyber insurance is now a necessity, not a luxury.
Mylo selected Cowbell Cyber because Cowbell Prime – Cowbell’s standalone, admitted cyber insurance programs – addresses the challenges faced by small businesses when considering insurance including:
- Clarity of the policy terms: business owners can now immediately understand the protection they will receive
- Relevancy: Quote and policies are customizable in a few clicks for higher relevancy for the policyholder
- Admitted program: Ensures that everything has been thoroughly vetted by state level agencies
- Superior risk management tools: Free risk assessment and mitigation tools add value to small business on day-one of the policy
“We are excited to partner with Mylo to deliver on the promise of customized cyber coverage and easy-to-use risk management tools for their expanding client base,” said Dan Law, Head of National Accounts at Cowbell Cyber. “Partnering with Mylo will allow us to better distribute cyber insurance to the currently underserved markets, ultimately helping customers with their cyber resilience.”
“As an advocate for small business owners, we care about helping them prepare for a cyberattack that could threaten everything they’ve worked so hard to build,” said Mylo COO, Belen Tokarski. “Mylo and Cowbell Cyber are a great fit because we both focus on using technology to give businesses the protection they need to anticipate and recover from serious risks.”
The partnership brings significant efficiencies to Mylo’s agents including:
- Speed: Cowbell Prime enables agents to prepare multiple, customized quotes in a few clicks
- Ease of use and transparency: Selling of cyber insurance is simplified with coverages that are presented to policyholders in an easy to understand manner, along with Cowbell Factors to identify risk deviation from the industry average
- No binding delays: Every quote issued by Cowbell Prime can be instantaneously bound
About Cowbell Cyber
Cowbell Cyber is dedicated to providing standalone, admitted, individualized and easy-to-understand cyber insurance for small and mid-size businesses. 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 34 U.S. states and provides SMBs with admitted cyber insurance on AM Best “A” rated paper with up to $15 Million in coverage. For more information, please visit www.cowbell.insure
Mylo is a digital one-stop-shop that makes it easy for businesses and individuals to compare and purchase top-rated insurance products from multiple carriers, including business, small group benefits, home, auto, life and individual health. Launched in 2015 by Lockton, the world’s largest privately held independent insurance broker, Mylo offers expert insurance recommendations online or on the phone with licensed agents. Mylo can be easily integrated into a partner’s customer experience, providing a proven boost in customer engagement. For more information, visit ChooseMylo.com