Corvus Insurance, the main supplier of Smart Cyber Insurance® items fueled by simulated intelligence driven risk information, reported today its across the board digital guaranteeing stage that arms financiers with prescient information driven bits of knowledge. With the assistance of Corvus Chance Pilot, financiers can give predominant gamble determination, sped up navigation, and IT security suggestions — abilities that have brought about Corvus accomplishing an industry-driving misfortune proportion underneath 40% while at the same time developing digital charges by 80% in 2022. This send off agrees with the essential development of the organization’s guaranteeing group as Corvus amplifies its attention on the digital market. The Corvus Chance Pilot stage, which was worked from the beginning through close coordinated effort between Corvus’ guaranteeing and security groups, puts continuous ideas into the endorsing work process in view of a network of information including firmographics, danger knowledge, claims and companion benchmarking. These experiences engage guarantors to pursue complex choices on a goal, measurements based establishment, and empowers them to work with merchants and their clients to further develop insurability. The digital endorsing stage likewise speeds up financiers’ navigation via computerizing routine errands, thusly saving their chance to deal with more complicated, high-esteem accounts. Its highlights mirror the basic to move from customary knowing the past based guaranteeing practices to proactive observing and steady reassessment.
Specific workflow efficiencies that underwriters will gain from using the Corvus Risk Navigator platform include:
- It provides for the ability to adjust underwriting standards at the speed of cyber threat identification, with rapid deployment of pricing and coverage changes, such as automated subjectivity triggers, to optimize for target loss ratios and maximum exposure levels.
- It unlocks fast turnaround times on submissions, quotes and renewals. Smart rating suggestions are also embedded in the workflow for data-informed efficiency to streamline the end-to-end underwriting process and automate more simple tasks.
- It allows underwriters to develop experience in building profitable books of business by spending more time on high-value, complex cases while maintaining predictive foresight over lower hazard accounts that can be automated. With support from cross-functional experts spanning underwriting, claims, cybersecurity and data science, underwriters can better learn to execute agile, resilient and profitable strategies in the highly dynamic cyber market, with the competitive advantage of leading-edge tools.
- It provides expert guidance to brokers with detailed explanations around Corvus scores, transparent risk assessments, insuring agreement limits/sub-limits, subjectivities and pricing that ultimately benefit policyholders. It also allows for rapid sharing of real-time cyber risk insights and vulnerability alerts with actionable remediations and quantified policy controls to increase insurability.
“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.” “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 organization. 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,” said Mike Karbassi, Chief Underwriting Officer at Corvus. “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.”
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