Expanding Partnership with Cowbell: Zurich's Latest Move
Zurich North America, in partnership with Cowbell Cyber, has introduced a new insurance product called Zurich Select Plus. This innovative offering is designed specifically for small and medium-sized enterprises (SMEs) in the United States, providing them with a modular multi-line insurance solution to meet their complex risk management needs.
The product, which is distributed through the excess and surplus (E&S) channels, includes four coverage modules: Directors & Officers (D&O), Employment Practices Liability (EPL), Crime, and Fiduciary. These coverages aim to protect SMEs from various legal and financial risks, including managerial decisions, employment practices, criminal acts, and mismanagement of employee benefit plans.
One of the key features of Zurich Select Plus is its digital platform, which is accessible via Cowbell’s integrated API or its proprietary agentic email automation platform. This platform utilizes large language models and AI to streamline broker submissions, extract data from emails and attachments, and provide faster, bindable quotes. The platform is designed to deliver quotes within seconds of receiving the necessary underwriting information, improving broker workflow and client experience.
Kristof Terryn, CEO of Zurich North America, stated, "The collaboration between Zurich and Cowbell provides bindable quotes within seconds of receiving the required underwriting information, making the insurance process more efficient and user-friendly for our broker partners."
Cowbell's AI-powered platform and proprietary risk modeling simplify the insurance process, enabling faster, more streamlined transactions for broker partners. The agentic email automation platform automates submission workflows by extracting, enriching, and validating data from emails, attachments, and images, representing a seismic shift in submission processing.
Jack Kudale, Founder and CEO of Cowbell, stated, "We have earned a reputation for underwriting discipline, broad distribution, and a user-friendly experience in cyber insurance. With Zurich Select Plus, we are expanding our product portfolio to include a comprehensive multi-line insurance offering from Zurich North America within the United States."
The collaboration between Zurich and Cowbell builds on Zurich’s $60 million Series C investment in Cowbell in 2023 and reflects both companies’ commitment to digital innovation and the SME segment. The partnership also follows Cowbell’s expansion in the UK with similar professional indemnity products for technology providers.
Cowbell aims to scale its tech-enabled platform globally and deliver intelligent insurance solutions to businesses wherever they operate. The launch of Zurich Select Plus is one of many ways Zurich is transforming as a risk advisor and manager for businesses, including small and medium-sized enterprises.
References: [1] Cowbell Cyber. (2023). Zurich North America Launches Zurich Select Plus, a Co-Branded Modular Suite of Four Coverages. Retrieved from https://www.cowbell.insure/news/zurich-north-america-launches-zurich-select-plus-a-co-branded-modular-suite-of-four-coverages
[2] Insurance Business America. (2023). Zurich North America and Cowbell Cyber launch new product for SMEs. Retrieved from https://www.insurancebusinessmag.com/us/news/broker/zurich-north-america-and-cowbell-cyber-launch-new-product-for-smes-261683.aspx
[3] Insurance Journal. (2023). Zurich North America, Cowbell Cyber Launch Modular Insurance Product for SMEs. Retrieved from https://www.insurancejournal.com/news/national/2023/03/28/686572.htm
[4] Business Wire. (2023). Zurich North America and Cowbell Cyber Launch Zurich Select Plus, a Co-Branded Modular Suite of Four Coverages. Retrieved from https://www.businesswire.com/news/home/20230328005467/en/Zurich-North-America-and-Cowbell-Cyber-Launch-Zurich-Select-Plus-a-Co-Branded-Modular-Suite-of-Four-Coverages
[5] Insurance Business. (2023). Zurich North America and Cowbell Cyber launch new product for SMEs. Retrieved from https://www.insurancebusinessmag.com/uk/news/broker/zurich-north-america-and-cowbell-cyber-launch-new-product-for-smes-261683.aspx
- On ffnews.com, an article titled "Zurich North America Launches Zurich Select Plus, a Co-Branded Modular Suite of Four Coverages" discusses a new insurance product by Zurich North America, in partnership with Cowbell Cyber, designed for small and medium-sized enterprises (SMEs) in the United States.
- The feature-rich Zurich Select Plus insurance product, available through excess and surplus (E&S) channels, offers coverage in areas such as finance, technology, and business, providing SMEs protection against risks like managerial decisions, criminal acts, and mismanagement of employee benefit plans, with the help of Cowbell's AI-powered platform and proprietary risk modeling.
