Cowbell aims to optimize underwriting workflows with Prime Tech with Cowbell Co-Pilot

Cowbell, a leading provider of cyber insurance for small and medium-sized enterprises (SMEs), is releasing Prime Tech with Cowbell Co-Pilot, Cowbell's artificial intelligence (AI) solution for efficient underwriting.

Prime Tech is Cowbell's adaptive cyber insurance offering that combines flagship Prime 250 cyber risk insurance with Technology Errors and Omissions (E&O) primary coverage.

According to Cowbell, Prime Tech with Co-Pilot will help underwriters better assess risk and provide valuable insights to improve decision-making at speed, driving a 40% faster contract review time on average.

To bring Prime Tech to the market, Cowbell is building on its four-year partnership with Obsidian Insurance Company, an A.M. Best rated "A-" excellent, hybrid program carrier, deepening its partnership to include Tech E&O primary coverage following Cowbell's launch of Tech E&O excess in 2023.

"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," said William Jewett, chief executive officer of Obsidian. "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."

Cowbell Co-Pilot leverages generative AI and Large Language Models (LLMs) to expedite the human review of contracts and guide the process with AI prompts that identify critical language important to verify prior to offering terms.

Cowbell Co-Pilot's benefits include:

• Accuracy: By leveraging Co-Pilot to help analyze 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, leading to a more robust risk assessment by providing context and insights that may not be apparent solely from the contracts.
• Communication: Co-Pilot generates clear summaries of contracts, making it potentially easier for human underwriters to communicate key feedback with broker partners and policyholders, thereby improving communication.
• Recommendations: Co-Pilot seeks to learn from each business it analyzes, in an effort to improve its ability to provide more relevant insights and recommendations over time. This allows Co-Pilot to suggest certain risk mitigation strategies, such as adding specific clauses to contracts.
• Speed: Co-Pilot summarizes contracts, potentially saving underwriters time and allowing them to devote more time to other aspects of the underwriting process.

"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," said Rajeev Gupta, chief product officer and co-founder of Cowbell. "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."

For more information about this news, visit https://cowbell.insure/.