Zurich launches 5-minute AI cyber insurance

The product automates underwriting for Australian firms via Cowbell partnership.

Zurich Financial Services Australia (Zurich) unveiled a cyber insurance product for Australian businesses in collaboration with Cowbell.

The new cover, “PrimeOne,” uses artificial intelligence (AI) to underwrite, quote and bind applications in less than five minutes. The product is available through licensed insurance brokers for Australian businesses with up to $100m in annual turnover.

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.

“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,” Alex Morgan, Head of General Insurance, Zurich, said in a press release.