Cowbell, a leading provider of cyber insurance for small and medium-sized enterprises (SMEs), has officially announced the launch of Prime Tech with Cowbell Co-Pilot, which is essentially an artificial intelligence (AI) solution designed to ensure efficient underwriting. According to certain reports, Prime Tech arrives on the scene as an adaptive cyber insurance offering that gets flagship Prime 250 cyber risk insurance to work alongside Technology Errors and Omissions (E&O) primary coverage. By doing so, it helps underwriters assess risk, and at the same time, provide valuable insights to improve decision-making at speed, markedly driving a 40% faster contract review time on average. Having touched on the Prime Tech solution as a whole, we now must dig into the presence of Cowbell Co-Pilot. Baked right into Prime Tech’s underwriting process, the Co-Pilot leverages generative AI and Large Language Models (LLMs) to expedite the contract review process. Not just that, it also guides the process with AI prompts, prompts that themselves can identify critical language before any terms are formally presented. Talk about Cowbell Co-Pilot on a slightly deeper level, we begin from the promise of accuracy which reveals itself once you consider how the technology can go a long way to empower the underwriter with more informed decisions. This it achieves by highlighting key clauses, terms, and conditions that may impact the risk profile of the subject, thus enabling underwriters to assess contract wording and risks more accurately.
Next up, we have the solution’s augmentation capabilities that help it in retrieving potentially relevant information from contracts and other sources so to augment the underwriting process. Powered through context and insights that may not be apparent solely from the contracts, the AI assistant is therefore able to conceive for users a more robust risk assessment.
“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.”
Joining the accuracy and augmentation prospects would be a pledge to enhance communication. Here, the Cowbell Co-Pilot effectively generates clear summaries of contracts and allows for human underwriters to share key feedback with broker partners and policyholders without any hassle whatsoever. Hold on, we still have a couple of bits left to unpack, considering we still haven’t acknowledged the solution’s knowhow when it comes to delivering recommendations. This involves the Co-Pilot learning something from each business to create a comprehensive knowledge pool, which it then uses to suggest certain risk mitigation strategies, such as installing specific clauses to contracts. Rounding up the AI assistant’s highlights would be its speed. The stated speed largely comes into during the Co-Pilot’s efforts to summarize contracts and leave underwriters focused more upon other aspects of the underwriting process.
To facilitate the launch of Prime Tech with Cowbell Co-Pilot, Cowbell will build upon its four-year partnership with Obsidian Insurance Company, an A.M. Best rated “A-” excellent, hybrid program carrier.
“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.”
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