Zurich Financial Services Australia (Zurich) has officially entered a strategic partnership with cyber risk specialist Cowbell to debut PrimeOne, a pioneering insurance solution designed to revolutionise how Australian SMEs secure their digital assets. By leveraging advanced artificial intelligence, the platform slashes the traditional underwriting timeline, allowing brokers to quote and bind policies in under five minutes.
A New Standard in Speed and Sophistication
Historically, securing comprehensive cyber insurance has been a bureaucratic hurdle, often requiring lengthy questionnaires and manual risk assessments. PrimeOne changes this dynamic for Australian enterprises with an annual turnover of up to $100 million.
The collaboration integrates Cowbell’s proprietary AI technology with Zurich’s robust underwriting expertise. Rather than a static assessment, the platform offers a dynamic evaluation of a company’s digital perimeter. This allows for near-instantaneous policy generation, providing immediate peace of mind in an era where ransomware and data breaches are increasingly sophisticated.
Proactive Protection Beyond the Policy
What distinguishes PrimeOne from traditional “set and forget” insurance is its focus on continuous resilience. Policyholders gain access to a suite of proactive tools designed to bolster their security posture throughout the year, including:
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Micro-Penetration Testing: Identifying real-time weaknesses in network infrastructure.
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Vendor Risk Management: Assessing the security protocols of third-party partners.
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Cyber Resiliency Training: Educating staff to mitigate the human error often responsible for breaches.
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AI Risk Benchmarking: Comparing an organisation’s vulnerabilities against millions of global data points.
Alex Morgan, Head of General Insurance at Zurich, noted that the launch follows successful rollouts in the United Kingdom and the United States. “By extending this partnership to Australia, we are providing local businesses with the same high-calibre protection and insight that has already secured thousands of firms globally,” Morgan stated.
PrimeOne: Key Features at a Glance
| Feature | Details |
| Target Market | Australian businesses with up to $100m annual turnover |
| Underwriting Speed | Less than 5 minutes (Quote & Bind) |
| Technology Provider | Cowbell AI-driven platform |
| Risk Assessment | Continuous monitoring via millions of data points |
| Additional Services | Penetration testing, training, and vendor management |
| Distribution | Exclusively via licensed insurance brokers |
The Strategic Shift
The Australian cyber landscape has faced significant challenges recently, with high-profile breaches prompting businesses to seek more agile insurance solutions. By automating the technical heavy lifting of risk assessment, Zurich is not only streamlining the broker experience but also encouraging SMEs—who are often under-insured—to adopt essential coverage.
As cyber threats evolve at a digital pace, the insurance industry is being forced to follow suit. PrimeOne represents a significant step toward “Insurance-as-a-Service,” where the value lies as much in the prevention of a claim as it does in the payout.