Zurich has launched a cyber insurance product for Australian businesses in collaboration with US specialist Cowbell.

Cowbell, founded in 2019 in California, secured a $US60 million ($86 million) investment from Zurich in 2024.

The pair’s PrimeOne standalone cyber product uses artificial intelligence to quote, bind and underwrite applications in less than five minutes. It is designed for SMEs with up to $100 million in annual turnover.

Customers are provided ongoing AI-driven risk ratings, plus training and vendor-risk management.

Zurich head of general insurance Alex Morgan says a partnership between the major insurer and Cowbell in the UK and US has already protected thousands of businesses.  

“We look forward to extending the success and learnings from these markets to businesses in Australia,” he 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.”

The collaboration offers cyber cover limits up to $5 million.

Cowbell chief commercial officer Simon Hughes says only 20% of Australian SMEs have standalone cyber cover and brokers are looking for help to reach the other 80%. Prime One delivers “clarity and coverage that’s easy to explain”, he says.

A platform for brokers is now live, while Anthony Wall has been appointed Cowbell head of underwriting and Alric Lal head of business development and distribution, both based in Sydney.