Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), has unveiled Prime Tech with Cowbell Co-Pilot, a generative AI solution built into the underwriting process of Prime Tech.
Prime Tech is Cowbell’s adaptive cyber insurance offering that combines Prime 250 cyber risk insurance with Technology Errors and Omissions (E&O) primary coverage.
Prime Tech with Co-Pilot is anticipated to help underwriters better assess risk and provide valuable insights to improve decision-making at speed, driving a 40% faster contract review time on average.
Cowbell is delivering Prime Tech to the market through the company’s partnership with Obsidian Insurance Company, deepening its partnership to include Tech E&O primary coverage following Cowbell’s launch of Tech E&O excess in 2023.
Cowbell has confirmed that Prime Tech is available now to businesses with up to $250 million in revenue in the US and provides limits of up to $5 million.
Cowbell Co-Pilot includes a variety of benefits:
- Accuracy: By leveraging Co-Pilot to help analyse contracts, underwriters make more informed decisions. Co-Pilot highlights to underwriters key clauses, terms, and conditions that may impact the risk profile of the prospect, enabling underwriters to assess contract wording and risks more accurately.
- Augmentation: Co-Pilot retrieves potentially relevant information from contracts and other sources to augment the underwriting process, which leads to a more robust risk assessment by providing context and insights that may not be apparent solely from the contracts.
- Communication: Co-Pilot generates summaries of contracts, therefore making it potentially easier for human underwriters to communicate feedback with broker partners and policyholders.
- Recommendations: Co-Pilot aims to learn from each business that it analyses, in an effort to improve its ability to provide more relevant insights and recommendations over time.
- Speed: Co-Pilot summarises contracts, potentially saving underwriters valuable time and allows them to devote more time to other aspects of the underwriting process.
William Jewett, Chief Executive Officer of Obsidian, commented: “Deepening our partnership with Cowbell will provide greater cyber insurance solutions for insureds and offer a comprehensive insurance strategy for technology companies. We are proud to support them in that pursuit. We believe strongly in Cowbell’s mission – and have since we entered our partnership four years ago. Their commitment to offering solutions for their clients creates a durable partnership and we are excited for the opportunities that will come with the growth of our relationship.”
Trent Cooksley, Chief Operating Officer and Co-Founder of Cowbell, said: “Providing one policy that combines cyber with Tech E&O helps maximize contact points for the broker and the insured, solve for coverage overlap, and streamline claims processes. Tech E&O primary, particularly paired with cyber insurance, is important to protect companies against rising threats and has been a highly requested product by our clients. We are thrilled to deepen our long-time relationship with Obsidian to deliver Prime Tech.”
Rajeev Gupta, Chief Product Officer and Co-Founder of Cowbell, added: “We’ve leveraged AI in many forms to drive better outcomes for our customers and the company, but our latest innovation is going to be one of our biggest advancements to date. With underwriting Co-Pilot we can enhance productivity, efficiency, and precision within the decision-making processes for both technical and non-technical users, and therefore, bridge the gap between human expertise and technological capabilities.”
