Cyber will remain fastest-growing line in P/C spectrum: Corvus
The cyber market will continue to be the fastest-growing line within P&C insurance, but more carriers will look to engage with clients in a more holistic way to help them better manage this risk, Prashanth Gangu (pictured), president, Corvus Underwriting, told Intelligent Insurer.
“Our goal is to be the ‘cyber dominator’.” Prashanth Gangu, Corvus“There is a unique opportunity in cyber not just to price policies and pay claims promptly, but to truly engage with policyholders to lower their cyber risk. We are excited to lead the way there and look forward to seeing others follow a similar path,” said Gangu, who joined the business in March from SiriusPoint.
He stressed that this is very much the approach Corvus is taking. It has launched Corvus Signal, a solution that helps brokers and policyholders anticipate threats and mitigate risk, helping them prevent cyber risk and reduce breach frequency and costs by up to 20 percent.
“We’re at the forefront of combining cyber insurance with risk management to proactively and favourably bend the loss curve,” he said. “We continue to focus our efforts on best-in-class underwriting along with helping our policyholders better understand and mitigate their cyber risks.”
Focus on the bottom line
Gangu acknowledges that the insurance landscape has undergone significant shifts recently. But, he said, Corvus remains focused on its own offering, regardless of wider market conditions—and it is focused on the bottom line.
“With the backdrop of a hardening overall reinsurance market and softening primary cyber market, we’ve continued to focus our efforts on producing industry-leading loss ratios and underwriting prudently by continuing to enhance our AI-driven pricing and underwriting models without following the market down on rate.
“More broadly, we see others following us on our path, and focusing on underwriting profits over growth for growth’s sake.”
In terms of potential growth, however, Gangu sees possibilities. “At Corvus, our technology-enabled human approach works extremely well for our middle-market customers where the existing traditional broker distribution network and cyber policyholders can be better served with our risk insights and technology platform.
“Cyber insurance is a dynamic line of business which requires subject matter expertise, and we believe creating technology to supplement, not replace, the human workforce will be essential for the next wave of growth for cyber. We are very bullish on serving mid-market companies and brokers.
“We expect to continually grow our market share through our carrier and reinsurer partnerships, and maintain leading loss ratios. This will require continued enhancements of our risk selection and risk prevention methodologies in order to stay one step ahead of our peers.
“Our goal is to be the ‘cyber dominator’ by protecting our policyholders and delighting our brokers, and we are making strong strides towards that bigger goal,” he concluded.
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