Corvus, a U.S.-based insurtech startup, announced last week the launch of its Smart Cyber Insurance product lines. Founded in 2017, Corvus Insurance is an AI-driven InsurTech company offering Smart Commercial Insurance policies and innovative technology that utilizes new forms of data to predict and prevent claims.
The company reported that it developed the product in response to demand from its brokers to offer an Excess Cyber Insurance policy in order to participate in 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.”
While sharing more details, Mike Karbassi, Head of Cyber Underwriting at Corvus, stated:
“Corvus is building a data-driven approach to its commercial development. 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 then added:
“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.”