Boston-based InsurTech company Corvus Insurance announces the expansion of its underwriting appetite for its Smart Cyber Insurance product lines. The company developed the product in response to demand from its brokers to offer an Excess Cyber Insurance policy in order to participate on the coverage towers of larger companies. Under its new underwriting mandate from its risk-taking partner, Hudson Insurance, Corvus can now underwrite Excess Cyber Insurance for most types of organizations with up to $1 billion in annual revenues in addition to its primary offering. Corvus can write its Smart Cyber Excess Insurance policies with up to $10 million in aggregate limits.
“Corvus is building a data-driven approach to its commercial development,” says Mike Karbassi, Head of Cyber Underwriting. “Corvus uses data to improve underwriting as well as to provide its brokers and policyholders with data analytics that differ from traditional underwriting. Corvus helps brokers and their policyholders to better manage cyber risk through our Corvus Score and through actionable recommendations. We are excited to be able to offer this to more organizations than ever.”
Corvus Insurance is a broker-friendly InsurTech MGA offering Smart Commercial Insurance™ policies and innovative technology that utilizes new forms of data to predict and prevent claims, creating value for the policyholder, broker, and underwriter. Their Smart Cargo Insurance™ tools analyze data from temperature sensors that are already used in the shipments of goods that are subject to spoilage. This allows Corvus to “score” the temperature stability for each individual manufacturer/shipper of goods.
The company’s Smart Cyber Insurance product utilizes data to assess the performance of any enterprise and their IT vendors and partners across critical security criteria, providing holistic visibility into their security programs. Corvus uses the data as a foundation to produce its Corvus Score.
Corvus Scores are used to better inform underwriting, and to provide commercial insurance brokers and buyers with Dynamic Loss Prevention™ (DLP) recommendations and business intelligence. These recommendations help brokers reduce the total cost of risk for their clients. In addition, Corvus’ online platform, the CrowBar™, provides brokers and policyholders on-demand access to policy information, claims reporting, loss prevention recommendations, and business intelligence. DLP Reports are available to all Corvus policyholders including those who purchase Smart Cyber Excess Insurance.
Smart Cyber Insurance policies are distributed by Corvus on a Managing General Agency basis with its partner, Hudson Insurance Group. Policies are distributed by major insurance brokerage firms across the United States.
About Corvus Insurance Holdings, Inc.
Corvus Insurance Holdings, Inc., founded in 2017, is headquartered in Boston, Massachusetts. Corvus is funded by Bain Capital Ventures and other investors.