Zurich Australia launches cyber insurance
Zurich Financial Services Australia (Zurich) today announced the launch of a new cyber insurance product for Australian businesses in collaboration with Cowbell, a global leader in adaptive cyber and specialty insurance solutions.
‘Prime One’ has been designed to specifically meet the needs of business owners, utilising Artificial Intelligence (AI) to underwrite, quote and bind applications in less than five minutes.
Customers are provided with ongoing AI-driven risk ratings and tailored insights, which use millions of data points to benchmark an organisation’s cyber posture and vulnerabilities, as well as Cowbell’s cyber resiliency services, including micro penetration testing, training and vendor risk management.
Alex Morgan, Head of General Insurance, Zurich said: “As the threat and complexity of cyber risk continues to grow, it is now more important than ever for business owners have access to insights, expertise and tools to improve their protection and resilience in a simple and efficient way.”
“This launch builds upon an existing partnership between Zurich and Cowbell in the United Kingdom and United States, which has seen thousands of businesses protected against key cyber risks. We look forward to extending the success and learnings from these markets to businesses in Australia,” Mr Morgan said.
The product is available through licensed insurance brokers for Australian businesses with up to $100 million in annual turnover.-ENDS-
For media enquiries contact:
Isabella Molinari
Media and External Relations Manager
+61 401 105 653
media@zurich.com.au
Zurich Financial Services Australia is a life insurance, commercial insurance and investments specialist that has been participating in the Australian market since 1920. Since its acquisition of OnePath Life from ANZ in 2019, the organisation provides life insurance to more than 1.5 million Australian customers under both the Zurich and OnePath Life brands. Further information about Zurich Financial Services Australia is available at www.zurich.com.au.
Zurich Insurance Group (Zurich) is a leading global multi-line insurer founded more than 150 years ago, which has grown into a business serving more than 82 million customers in more than 200 countries and territories, while delivering industry-leading total shareholder returns.
Reflecting its purpose to ‘create a brighter future together,’ Zurich offers protection services that go beyond traditional insurance, to support its customers in building resilience. Since 2020, the Zurich Forest project supports reforestation and biodiversity restoration in Brazil’s Atlantic Forest. The Group has more than 65,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN) is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information is available at www.zurich.com.
Cowbell is a pioneer in Adaptive Cyber Insurance, redefining risk transfer for the AI era. As the first platform to unify Cyber, Tech E&O, and Management Liability into a single, API-driven solution, Cowbell expedites the insurance purchasing process, with policy issuance in as little as five minutes through its proprietary, AI-powered platform and Cowbell Factors™ - a dynamic framework for continuous risk assessment. Serving Small and Mid-Market businesses, Cowbell operates across all 50 U.S. states, the District of Columbia, Australia, and the United Kingdom. The company is backed by over 25 leading global (re)insurance partners, offering a comprehensive suite of coverages in commercial and specialty lines, including cyber, technology errors and omissions, and management liability. Through Cowbell Resiliency Services (CRS) - an independent cybersecurity advisory arm - policyholders gain access to Digital Forensics and Incident Response (DFIR) services as well as proactive solutions, including but not limited to Managed Detection and Response (MDR), designed to reduce risk exposure and improve insurability. Founded in 2019 and headquartered in the San Francisco Bay Area, Cowbell has a global presence with teams across the U.S., Canada, Australia, India, and the U.K., driving innovation in cyber risk transfer and management globally.