Specialty insurance MGA, Corvus Insurance has launched Corvus Risk Navigator, an all-in-one cyber underwriting platform that arms underwriters with predictive data-driven insights.
According to Corvus, its new platform will help underwriters to provide superior risk selection, accelerated decision-making, and IT security recommendations – capabilities that have resulted in Corvus achieving an industry-leading loss ratio below 40% while simultaneously growing cyber premiums by 80% in 2022.
The Corvus Risk Navigator platform was built from the ground up through close collaboration between Corvus’s underwriting and security teams.
Mike Karbassi, Chief Underwriting Officer at 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.”
The cyber underwriting platform places real-time suggestions into the underwriting workflow based on a matrix of data including firmographics, threat intelligence, claims and peer benchmarking.
These insights 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, Corvus stated.
It 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, Corvus added, reflect the imperative to shift from traditional hindsight-based underwriting practices to proactive monitoring and constant reassessment.
“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,” Karbassi added.
Specific workflow efficiencies that underwriters will gain from using the Corvus Risk Navigator platform include: cyber-speed quote responsiveness, profitable risk selection for the dynamic threat landscape, stronger and trusted broker relationships, as well as career acceleration and digital agility.
“At Corvus we put underwriters at the heart of everything we do. 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,” said Corvus CEO Madhu Tadikonda.
“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.”
The launch of the Corvus Risk Navigator coincides with the strategic growth of the company’s underwriting team as Corvus magnifies its focus on the cyber market, the firm noted.