The partnership has been managed by Herald, a digital infrastructure provider that connects software developers to commercial insurance carriers through a unified API.
According to reports, Herald uses Cowbell’s technology and personalised coverage options to provide a better customer experience through Zywave’s API-first interface, designed to quote for commercial and E&S (Excess and Surplus) insurance.
The partnership signals the introduction of the first standalone cyber insurance offering on Zywave’s Hub, a platform that speeds up access to the latest cyber insurance products for wholesale brokers, Managing General Agents (MGAs) and retailers.
In the face of the escalating cyber threats in today’s digital landscape, cyber insurance has experienced significant growth. However, a recent report from small business resource AdvisorSmith has unveiled a disconcerting statistic: a staggering four out of five Small and Medium-sized Enterprises (SMEs) are either inadequately insured or completely uninsured against the ever-present menace of cyber risks.
This revelation underscores the pressing need for more comprehensive cybersecurity measures in the business world, particularly among smaller enterprises that may be especially vulnerable to the financial repercussions of cyberattacks.
Rajeev Gupta, co-founder, and CPO of Cowbell, said, “As the first cyber insurance provider integrated into Zywave’s Hub through Herald’s API, our adaptive insurance programs are now accessible to over 40 additional trading partners. These partners can now benefit from the ease of offering the industry’s finest cyber insurance coverage to their clients while safeguarding their clients’ future cyber risks with Cowbell’s tailored risk mitigation service.”
Duncan Crystal, co-founder, and CRO at Herald, added, “This is an exceptionally powerful partnership between the most innovative leaders in the industry. Together, we’re showcasing how API-driven distribution can revolutionise an industry that traditionally operated on paper. Our unified offering simplifies the process for carrier partners to connect with networks of brokerages and MGAs, resulting in increased premiums for all stakeholders in the value chain, alongside enhanced coverage options for businesses.”
