AI-powered cyber insurance firm Cowbell Cyber has incorporated new enhancements to its cyber insurance platform.

The new enhancements are said to enable the platform to carry out larger risk underwriting with more ease, accuracy and increased speed.

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These include Cowbell Insights, continuously updated cyber risk insights, which will help policyholders on how to improve their risk ratings and reduce cyber risks.

The platform will now also offer several customer experience improvements such as support for various payment options, and premium financing options, among others.

Besides, the enhanced platform will provide support for all distribution channels.

Cowbell Cyber CPO and co-founder Rajeev Gupta said: “Cyber has lacked transparency with paper-based applications, unverifiable data and policies and premiums offered based on industry and company size alone.

“Thanks to capabilities added to our platform on a weekly basis and new data sources, Cowbell Cyber continues to bring rapid innovation to its cyber insurance products, taking on larger underwriting capacities with extreme accuracy and speed, all while adding simplicity to the process for agents.”

The continuous platform enhancements are intended to make cyber insurance accessible to all businesses and policyholders through Cowbell Prime, its standalone cyber insurance product.

Cowbell is said to process billions of data elements every day to keep risk ratings updated, with the help of more than 400 data points on each organisation.

It has over three million organisations pre-loaded in its platform, enabling risk selection and pricing in near real-time.

The company is set to unveil the complete capabilities of Cowbell Prime 250 cyber insurance programme next month, during InsureTech Connect (ITC).

This June, Cowbell Cyber partnered with FICO to add the FICO Cyber Risk Score to its multivariate risk rating factors, Cowbell Factors.