BOSTON (February 2, 2023) — Corvus Insurance
, the leading provider of Smart Cyber Insurance®
products powered by AI-driven risk data, announced today its all-in-one cyber underwriting platform that arms underwriters with predictive data-driven insights. With the help of Corvus Risk Navigator™, underwriters are able to provide superior risk selection, accelerated decision-making, and IT security recommendations — capabilities that have resulted in Corvus achieving an industry-leading loss ratio below 40% while simultaneously growing cyber premiums by 80% in 2022. This launch coincides with the strategic growth of the company’s underwriting team as Corvus magnifies its focus on the cyber market.
The Corvus Risk Navigator platform, which was built from the ground up through close collaboration between Corvus’s underwriting and security teams, places real-time suggestions into the underwriting workflow based on a matrix of data including firmographics, threat intelligence, claims, and peer benchmarking. These insights empower underwriters to make complex decisions on an objective, statistics-based foundation, and enables them to work with brokers and their clients to improve insurability. The cyber underwriting platform also accelerates underwriters’ decision-making by automating routine tasks, in turn freeing up their time to work on more complex, high-value accounts. Its features reflect the imperative to shift from traditional hindsight-based underwriting practices to proactive monitoring and constant reassessment.
“In light of dynamic cyber risk, underwriters need to adapt and evolve their practices and approach to stay competitive. Corvus has built a world-class underwriting organization. This platform, built by underwriters for underwriters, will further help them make quicker and more effective decisions on cyber risk with real-time access to information,” said Mike Karbassi, Chief Underwriting Officer at Corvus. “We’re providing our underwriters with an invaluable opportunity to learn and grow in their careers because of the unique combination of experience and tech enablement that Corvus offers. Our purpose-built automation technology allows them to focus on more complex challenges, craft custom policies faster, and improve their pricing accuracy — all while boosting customer satisfaction.”
Specific workflow efficiencies that underwriters will gain from using the Corvus Risk Navigator platform include:
- Cyber-speed quote responsiveness: It unlocks fast turnaround times on submissions, quotes, and renewals. Smart rating suggestions are also embedded in the workflow for data-informed efficiency to streamline the end-to-end underwriting process and automate more simple tasks.
- Profitable risk selection for the dynamic threat landscape: It provides for the ability to adjust underwriting standards at the speed of cyber threat identification, with rapid deployment of pricing and coverage changes, such as automated subjectivity triggers, to optimize for target loss ratios and maximum exposure levels.
- Stronger, trusted broker relationships: It provides expert guidance to brokers with detailed explanations around Corvus scores, transparent risk assessments, insuring agreement limits/sub-limits, subjectivities and pricing that ultimately benefit policyholders. It also allows for rapid sharing of real-time cyber risk insights and vulnerability alerts with actionable remediations and quantified policy controls to increase insurability.
- Career acceleration and digital agility: It allows underwriters to develop experience in building profitable books of business by spending more time on high-value, complex cases while maintaining predictive foresight over lower hazard accounts that can be automated. With support from cross-functional experts spanning underwriting, claims, cybersecurity and data science, underwriters can better learn to execute agile, resilient, and profitable strategies in the highly dynamic cyber market, with the competitive advantage of leading-edge tools.
“At Corvus, we put underwriters at the heart of everything we do. With Corvus Risk Navigator, we are strengthening the trusted relationships between underwriters and broker partners that have been integral to our joint success in achieving industry-leading loss ratios,” said Corvus CEO Madhu Tadikonda. “We’re ushering in a new era of insurance — one that connects human expertise with advanced data and technology to add value to the whole insurance ecosystem. Corvus is building an unmatched skill set, blending our talented team with our best-in-class technology to create the industry’s strongest team of underwriters. As always, underwriter and broker relationships remain critical to our founding mission: to build a safer world that seeks to give every company a path to insurability through proactive, continuous risk management.”
View the original press release on BusinessWire.
Corvus Insurance is building a safer world through insurance products and digital tools that reduce risk, increase transparency, and improve resilience for policyholders and program partners. Our market-leading specialty insurance products are enabled by advanced data science and include Smart Cyber Insurance® and Smart Tech E+O™. Our digital platforms and tools enable efficient quoting and binding and proactive risk mitigation. Corvus Insurance offers insurance products in the U.S., Middle East, Europe, Canada, and Australia. Current insurance program partners include AXIS Capital, Crum & Forster, Hudson Insurance Group, certain underwriters at Lloyd’s of London, R&Q Accredited, and SiriusPoint. Corvus Insurance, Corvus London Markets, and Corvus Germany are the marketing names used to refer to Corvus Insurance Agency, LLC; Corvus Agency Limited; and Corvus Underwriting GmbH. All entities are subsidiaries of Corvus Insurance Holdings, Inc. Corvus Insurance was founded in 2017 and is headquartered in Boston, Massachusetts with offices across the U.S., in the UK, and Germany. For more information, visit corvusinsurance.com.