Cowbell Launches Innovative Cyber and PI Insurance Solution for UK Tech Companies
Cowbell, a leading provider of cyber insurance tailored for SMEs and mid-sized companies, has recently launched its innovative offering, Prime One Tech, in the UK. This new product seamlessly integrates cyber insurance with professional indemnity (PI) coverage, targeting technology-focused businesses in a rapidly evolving landscape.
Understanding Prime One Tech: A Tailored Solution for Technology Firms
The launch of Prime One Tech is a response to the rising demand for customized insurance solutions within the UK’s burgeoning tech sector. As cyber threats become increasingly sophisticated, brokers are searching for more comprehensive solutions. Cowbell aims to meet this market need effectively.
Innovative Features of Prime One Tech
- Comprehensive Coverage: Prime One Tech combines Cowbell’s established cyber insurance offering, Prime One, with enhanced PI coverage for technology businesses generating up to £1 billion in annual revenue.
- High Coverage Limits: The product features coverage limits of up to £5 million, protecting against various risks, including cyber incidents, data breaches, intellectual property issues, and breach of contract.
- AI-Driven Assistance: The integration of Cowbell Co-Pilot, an AI-powered assistant, allows underwriters to accelerate contract reviews by up to 40%, improving efficiency without sacrificing precision.
Access to Risk Management Tools
Policyholders benefit from Cowbell’s proprietary risk platform, which includes:
- Cowbell Factors™: A scoring model that evaluates cyber risk using data from 47 million global businesses to offer competitive pricing.
- Cowbell Insights™: Provides ongoing security guidance, threat alerts, and tailored risk mitigation strategies.
- Complimentary Cybersecurity Training: Customers receive free access to cybersecurity education, including phishing simulations and training modules during the first year.
Expanding Coverage without Class Restrictions
Prime One Tech provides adaptable and extensive protection without restrictions tied to business classifications, making it suitable for a diverse range of technology firms. This launch represents Cowbell’s first move to expand beyond standalone cyber policies in the UK market.
Local Support and Expertise
With this launch, Cowbell also introduces its in-house claims service to British clients, ensuring responsive and expert support that is tailored to local needs. Claud Bilbao, Cowbell’s RVP of Underwriting & Distribution, emphasized the importance of tailored solutions for the UK’s robust technology sector, stating:
“These companies – whether in software, hardware, communication, or technology services – require innovative solutions that keep pace with the industry’s rapid evolution. With Prime One Tech, we are delivering exactly that.”
Looking Ahead: Strengthening Broker Relationships
Bilbao also noted that Cowbell’s experienced underwriting team aims to deepen relationships with brokers specializing in technology accounts, further enhancing their digital distribution capabilities to better serve the UK market.
For more information about Cowbell’s offerings, visit their official website or check out related articles on Insurance Journal.
