Corvus teams up with CyberCube to better analyse, understand cyber risks
US-based cyber managing general underwriter (MGA) Corvus Insurance has teamed up with cyber risk analytics company CyberCube as it seeks to grow its business in the current “attractive” market conditions.
The partnership will see Corvus use CyberCube’s Portfolio Manager, as well as its Single Point of Failure (SPoF) model and Attritional Loss model, to better analyse and understand cyber risks.
Portfolio Manager allows insurance underwriters to stress test re/insurance portfolios against a range of systemic cyber-related scenarios including data breaches, cloud outages, global ransomware attacks and financial fraud. Originally launched in March 2018, it was the first fully probabilistic cyber catastrophe model to enable clients to drill down and identify loss drivers and areas of risk accumulation.
Corvus specialises in providing cyber and data breach insurance to enterprises in a variety of industries. The company uses advanced data science combined with an artificial intelligence (AI)-driven approach to better predict and prevent losses. The MGA has grown rapidly since its launch in 2017, attracting backing from a range of corporate investors.
The insurtech plans to integrate CyberCube’s risk aggregation analytics into its existing tools to provide a comprehensive analysis of the business’s exposure to cyber risk for their capital partners.
Pascal Millaire (pictured), chief executive of CyberCube, said: “ Corvus Insurance has built an impressive set of technology capabilities in cyber insurance underwriting. CyberCube looks forward to augmenting those capabilities even further with additional data and analytics to drive deeper understanding of sources of accumulation risk and sources of profitable policy growth. We see this benefiting Corvus’s enterprise clients and capacity providers, while showcasing collaborative innovation from two leading insurtech firms.”
Lori Bailey, Corvus Insurance’s chief insurance officer, added: “We are excited to partner with CyberCube, a market leader in cyber risk analytics. We believe CyberCube’s technology coupled with Corvus’s proprietary Risk Aggregation Platform will provide greater transparency of cyber risk aggregation to our risk capital providers.”
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