Corvus Supercharges Cyber Underwriters with Corvus Risk Navigator™
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 policis 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:
"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."
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