Cowbell Chronicles: April 2024

Every month as part of Cowbell Chronicles, we share updates from across the cybersecurity industry, insights from our experts, and news about the latest products and features we are developing to best serve our policyholders and partners. This month, we are thrilled to share the launch of Prime Tech, a new primary Tech E&O offering for technology SMEs, and Cowbell Co-Pilot, our new assistive underwriting tool, built to optimize underwriting workflows to enhance our Prime Tech offering.

Cowbell Prime Tech

Given the rapid pace of technological advancements and the increasing reliance on digital solutions, the potential for errors that can lead to substantial legal and financial consequences is significant. Since launching our surplus Tech E&O product last year, we’ve seen demand for a primary offering grow. Toward that end, we are proud to announce the launch of Prime Tech, Cowbell’s primary Technology E&O offering that provides technology companies with protection against errors and omissions (E&O) risks. 

Technology E&O can address claims of negligence, misrepresentation, violation of good faith, and inaccurate advice. Some claims examples may include when a company’s technology services or products fail; defective hardware delivered to clients; an unplanned outage resulting from a technical error; software that causes a glitch resulting in financial loss; or an intellectual property rights dispute from a competitor regarding media content that was posted on the website. The examples vary but the long-term damage can be the same.

Prime Tech is a natural extension of our cyber expertise. Providing one policy that combines cyber with Tech E&O helps to minimize contact points for the broker and the insured, solves for coverage overlap, and streamlines the claims processes. The product is available to businesses with up to $250M in revenue, providing limits up to $5M. Our preferred appetite includes: 

• AV/Video Services

• Health and Wellness Software

• Pre-packaged Software

• Content Management Software

• IT Consulting Services

• Reservation Software

• IT Staffing

• SaaS/App Service Provider

• Data Analytics

• IT System Integrators

• Schedule Management System

• Data Center/Colocation Services

• Mobile App Developer

• Training Software

• Database Management Systems

• Non-Mission Critical Hardware Manufacturing (Accessories)

• Web Services

• Hardware Resellers

• Office Productivity Software

Cowbell Co-Pilot

Cowbell Co-Pilot is our new assistive underwriting tool built into the underwriting process of Prime Tech. The tool leverages generative AI and Large Language Models (LLMs) to expedite the human review of contracts and guide the human review process with AI prompts that identify critical language important to verify prior to offering terms. The goal is to help underwriters better assess risk and provide valuable insight on policies to improve decision-making. 

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 an account, 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 human 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 agents and policyholders, thereby improving communication. 

• Recommendations: Co-Pilot seeks to learn from each business it analyzes, 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. 

Rajeev Gupta, Chief Product Officer and Co-Founder, believes that Cowbell Co-Pilot will enhance productivity, efficiency, and the decision-making processes for both technical and non-technical users, bridging the gap between human expertise and technological capabilities. He shared that Cowbell Co-Pilot may reduce the underwriting analysis time by up to 40%, making Prime Tech among the fastest Tech E&O products to quote in the marketplace.

Our goal is to build a cyber-resilient economy - protecting small and medium-sized enterprises (SMEs), and mid-market businesses from advanced cyber threats. Staying informed and understanding emerging trends is essential.

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