MGA Corvus adds generative AI to cyber underwriting
US cyber MGA Corvus Insurance has added generative AI and NLP-driven features to its underwriting platform to improve quoting speed and efficiency by automating routine tasks -- a move it hopes will accelerate profitable growth, and increase book value.
Corvus Risk Navigator platform places real-time suggestions into the underwriting workflow based on a matrix of data including firmographics, threat intelligence, claims, and peer benchmarking.
New features, including those built with Large Language Models (LLMs) and natural language processing (NLP), will accelerate underwriters’ decision-making, giving them time back to spend on high value accounts to uplevel broker relationships and ultimately grow book value.
Mike Karbassi, chief underwriting officer at Corvus, said: “In order to maintain our industry-leading loss ratio, Corvus is focussed on building trusted relationships that extend value to all insurance stakeholders, including brokers, risk capital partners, and policyholders.
“Corvus aims to not only hire the best underwriters in the industry but also to equip the team with technology that automates routine tasks and enables each underwriter to spend more time on activities that drive value for their partners, leading to higher growth and greater book value.”
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