PriyaPatel
TLDR:
- Cowbell introduces Prime Tech with AI solution for underwriting cyber insurance for SMEs.
- The new offering combines cyber risk insurance with Technology Errors and Omissions primary coverage.
In a partnership with Obsidian Insurance Company, Cowbell has introduced Prime Tech, an adaptive cyber insurance offering for SMEs that combines cyber risk insurance with Technology Errors and Omissions primary coverage. This new offering aims to help underwriters assess risk more efficiently, driving a 40% faster contract review time on average. Prime Tech is available to businesses with up to $250M in revenue in the US and provides limits of up to $5M.
Cowbell Co-Pilot, an AI solution built into the underwriting process of Prime Tech, aims to streamline the complexities of underwriting cyber and Tech E&O risks. By leveraging generative AI and Large Language Models, Co-Pilot helps underwriters make more informed decisions by highlighting key clauses, terms, and conditions in contracts that may impact the risk profile of the prospect. The benefits of using Co-Pilot include increased accuracy, augmentation of the underwriting process, improved communication, recommendations for risk mitigation strategies, and faster contract review times.
Overall, Cowbell’s introduction of Prime Tech with AI underwriting solution represents a significant advancement in the cyber insurance industry, specifically tailored for SMEs. The partnership with Obsidian Insurance Company and the implementation of Cowbell Co-Pilot demonstrate the company’s commitment to providing efficient and effective cyber insurance solutions for technology companies, ultimately enhancing productivity, efficiency, and precision in the decision-making processes.
