Prime Tech is Cowbell’s innovative cyber insurance product that integrates Prime 250 cyber risk coverage with primary Technology Errors and Omissions (E&O) insurance. The addition of Co-Pilot to Prime Tech aims to help underwriters assess risks more effectively and deliver quicker decision-making, achieving a 40% reduction in contract review time on average.
Cowbell’s partnership with Obsidian Insurance Company enables Prime Tech to provide Tech E&O primary coverage, complementing its Tech E&O excess coverage introduced in 2023. Prime Tech is now available to U.S. businesses with up to $250 million in revenue, offering coverage limits of up to $5 million.
Cowbell Co-Pilot offers several key advantages:
- Accuracy: By analyzing contracts, Co-Pilot aids underwriters in making more precise decisions. It identifies critical clauses, terms, and conditions that impact a prospect’s risk profile, enabling underwriters to evaluate contracts and risks more accurately.
- Augmentation: Co-Pilot extracts relevant information from contracts and other sources, enriching the underwriting process with additional context and insights beyond the contract alone.
- Communication: The tool generates contract summaries, facilitating clearer communication of feedback with broker partners and policyholders.
- Recommendations: Co-Pilot continuously learns from each business it evaluates, refining its ability to offer relevant insights and recommendations over time.
- Speed: Co-Pilot’s contract summaries help underwriters save valuable time, allowing them to focus on other important aspects of the underwriting process.
William Jewett, Chief Executive Officer of Obsidian, said: “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, also commented, saying: “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.”
