Cowbell Cyber, a leading provider of cyber insurance for small and medium-sized enterprises (SMEs), has introduced Prime Tech, a new insurance offering enhanced by Cowbell Co-Pilot, their AI-driven solution for streamlined underwriting. This innovative product merges their flagship Prime 250 cyber risk insurance with primary Technology Errors and Omissions (Tech E&O) coverage, designed to bolster risk assessment and expedite decision-making for underwriters.
Prime Tech touts Cowbell Co-Pilot as cutting contract review times by 40%, marking a significant improvement in underwriting efficiency. The offering is now accessible to U.S. businesses with revenues up to $250 million and coverage limits up to $5 million.
The rollout builds on Cowbell’s four-year partnership with Obsidian Insurance Company, an A.M. Best rated “A-” carrier. This collaboration has expanded to include primary Tech E&O coverage following Cowbell’s introduction of excess Tech E&O in 2023. William Jewett, CEO of Obsidian, expressed enthusiasm about deepening ties with Cowbell. “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,” Jewett said. He also praised Cowbell’s consistent commitment, adding, “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.”
Cyber Insurance For SMEs
Trent Cooksley, COO and Co-Founder of Cowbell, highlighted the integrated benefits of their new product. “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,” Cooksley explained. He further stressed the significance of Tech E&O coverage in today’s risk environment: “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.”
Prime Tech embeds its generative AI feature, Cowbell Co-Pilot, into the underwriting process to elevate accuracy, enhance risk assessment, foster better communication, and boost speed. By generating contract summaries and highlighting crucial clauses and terms, Co-Pilot assists underwriters in making informed decisions and suggesting risk mitigation strategies, thereby enhancing productivity and precision for both technical and non-technical staff.
Rajeev Gupta, Chief Product Officer and Co-Founder of Cowbell, commented on the potential of their AI innovation: “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.”
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