Corvus Insurance, a provider of AI-powered commercial insurance, has announced that it plans to use CyberCube’s Portfolio Manager to better analyse and understand cyber risk.
In addition to Portfolio Manager, the Boston-based managing general agent (MGA) will also use CyberCube’s Single Point of Failure (SPoF) model and Attritional Loss model as it seeks to grow its business.
Corvus Insurance specialises in providing cyber and data breach insurance to enterprises in a variety of industries, using advanced data science combined with artificial intelligence (AI) to predict and prevent losses.
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.
“Corvus Insurance has built an impressive set of technology capabilities in cyber insurance underwriting,” said CyberCube CEO Pascal Millaire.
“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,” Millaire continued. “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, also commented: “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.”