Corvus Insurance has debuted a new cyber insurance platform that arms underwriters with predictive data-driven insights, the company announced in a prepared statement.
With the help of Corvus Risk Navigator, underwriters can provide superior risk selection, accelerated decision-making and IT security recommendations, Corvus said. Accordingly, these capabilities that have resulted in Corvus achieving “an industry-leading loss ratio below 40% while simultaneously growing cyber premiums by 80% in 2022.”
A Closer Look at Risk Navigator
Corvus said that the Risk Navigator platform places real-time suggestions into the underwriting workflow based on a matrix of data including:
- Threat intelligence
- Peer benchmarking
These insights empower underwriters to make complex decisions on an objective, statistics-based foundation. It also enables them to work with brokers and their clients to improve insurability, according to Corvus.
The cyber underwriting platform accelerates underwriters’ decision-making by automating routine tasks, Corvus explained. This, in turn, frees up their time to work on more complex, high-value accounts.
Commenting on the new offering, Mike Karbassi, chief underwriting officer at Corvus, said:
“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.
“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.”
What Underwriters Want
The Corvus Risk Navigator platform capabilities include:
- Cyber-speed quote responsiveness unlocks fast turnaround times on submissions, quotes and renewals.
- Profitable risk selection for the dynamic threat landscape provides for the ability to adjust underwriting standards at the speed of cyber threat identification, with rapid deployment of pricing and coverage changes.
- Stronger, trusted broker relationships provides expert guidance to brokers with detailed explanations around Corvus scores, transparent risk assessments, insurance 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.
- Career acceleration and digital agility 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.
Explaining his company’s focus on the cyber insurance market, Corvus CEO Madhu Tadikonda said:
“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. 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."