Insurtech shakes-up cyber market with industry-first integrated APIs

Cowbell Cyber, a provider of artificial intelligence-powered cyber insurance to small to mid-sized enterprises (SMEs), has launched its application programming interfaces (APIs) for streamlined digital distribution of cyber insurance.

The launch of APIs marks a first in the cyber insurance industry. It accelerates the adoption of cyber insurance in the SME segment by multiplying options for agents to prepare quotes and for policyholders to access cyber coverage.

APIs bring flexibility to digital insurance aggregators who serve independent insurance agents with various carrier insurance programmes. Along with immediate quoting, agents and their clients benefit from an immediate assessment of risk and Cowbell risk resources bundled with its cyber policies.

By using an API-based integration, Cowbell is allowing agents to easily obtain policy quotes rather than having to manually process requests for quotes. Cowbell is the only cyber insurer offering a platform with workflows to manage the insurance application process, risk assessment, quoting, and binding. The company's cyber insurance programme is designed to be compatible with an automated, end-to-end process.

Rajeev Gupta (pictured), CPO and co-founder at Cowbell Cyber, said: "The entire insurance industry is reinventing itself through the adoption of a digital-first model. We're proud to be the first to open our rate-to-bind digital process for cyber to digital partners and deliver instantaneous coverage to small and mid-size businesses through our Cowbell Prime 100 admitted insurance programme."

According to Jim Struntz, chief operating officer of insurtech Bold Penguin, a partner of Cowbell Cyber: "Standalone cyber is a traditionally difficult type of coverage to place, especially for small and medium-sized enterprises. At Bold Penguin, our entire focus is on making it faster, easier, and simpler to quote and bind small commercial insurance, and Cowbell Cyber's new APIs have allowed us to put comprehensive cyber coverage minutes away for the thousands of agents in our network."

Shawn Edgington, founder of CoverEase, added: "Businesses are eager to access relevant cyber coverage customized to their unique needs. Through our mutual set of APIs that enable digital insurance for cyber, Cowbell Cyber together with CoverEase is bringing instant quotes, issuance and policy delivery to a process that's traditionally known to be cumbersome and slow."

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