3 February 2023Insurance

Insurtech Corvus unveils innovative tool to ‘supercharge’ cyber underwriting

Cyber managing general underwriter  Corvus Insurance, a provider of smart commercial insurance products powered by AI-driven risk data, has launched a new platform with embedded data insights that it claims will “supercharge” cyber underwriting.

The new “all-in-one” cyber underwriting platform that arms underwriters with predictive data-driven insights is designed to enable faster and better risk selection, accelerate decision-making, and enhance IT security.

The Corvus Risk Navigator platform was built from the ground up through close collaboration between Corvus’s underwriting and security teams. It places real-time suggestions into the underwriting workflow based on a matrix of data including firmographics, threat intelligence, claims and peer benchmarking.

The insights generated through the platform 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, 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 organisation. 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.”

Corvus CEO Madhu Tadikonda (pictured) added: “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. 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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