iBynd and Cowbell® Cyber, Inc. (Cowbell) have teamed up to expand the distribution of cyber insurance coverage to small and medium sized businesses (SMBs). iBynd's embedded proprietary technology makes it simple and fast for customers of Cowbell's affiliated brokers, technology partners, and Managed Security Services Providers to directly rate, quote, and bind Cowbell's insurance offerings digitally in real-time. Additionally, iBynd will begin to deliver Cowbell's "A" rated cyber insurance to SMBs through iBynd's own distribution network, increasing the company's existing cyber insurance offerings.
"Cyber attacks cause significant financial damage to small and medium sized businesses," said Phil Friedman, CEO of iBynd and recent nominee to the 2022 Insurance Innovators Top 100. "To successfully recover from cyber criminal intrusions, SMBs need the protection that standalone cyber insurance offers. We are thrilled to deploy our technology to expand Cowbell's distribution. Plus, the addition of Cowbell to our 'A' rated insurance carrier lineup enhances our ability to serve SMB markets by providing higher cyber insurance limits and additional tailored options."
iBynd's platform enables customers to rate, quote and bind a policy in under 5 minutes, while other solutions can take days or weeks. iBynd's solution is embedded in partner websites using the partner's branding, including logo, colors, and font. The integration requires only a line or two of code to fully embed the solution, giving small business customers the ability to buy a cyber insurance policy without leaving the partner's website.
"Cowbell and iBynd are well-aligned on fast, accurate pricing and cyber insurance protection for SMBs," said Erin Dyer, Director of Alternative Distribution at Cowbell. "Automated underwriting, user friendly interfaces, and real-time APIs are part of both company cultures. By leveraging our combined strengths, we make it easier and faster than ever for SMBs to protect themselves from ever-increasing and financially devastating attacks of cyber criminals."
iBynd expands product offerings to its own customers by adding Cowbell's higher limits standalone cyber insurance coverage. Standard policies like general liability and technology errors and omissions often exclude cyber breaches or provide inadequate coverage. With higher limits, cyber-focused coverage, and claims teams that specialize in cyber losses, standalone cyber insurance policies offered through iBynd provide the protection SMBs need to respond and recover from a cyber breach.
Founded in 2019, iBynd is a digital insurance company. With a strong technical backbone, marketing experience and proprietary distribution solutions, the company provides cyber liability insurance products to small commercial businesses, as well as personal cyber insurance policies. iBynd makes it easy and fast to rate, quote and bind online in real-time, delivering "A" rated insurance and peace of mind to clients and customers. The company was created by passionate insurance professionals, engineers, and marketing executives with one goal in mind: to combine insurance and technology in order to deliver a dynamic product that truly protects its customers in the event of a data breach or cyber attack.