Corvus delivers with a combination of strong underwriting talent, data analytics, and fast growing adoption from engaged policyholders
Boston-based Corvus, the leading cyber underwriter powered by a proprietary AI-driven cyber risk platform, has announced a loss ratio of 36% for 2022. The result, independently verified and includes all lines and all risk capital partner results, is a U.S. industry-leading one for the year and is indicative of the strength of Corvus’s cyber underwriters and the team’s sharp focus on delivering strong underwriting results. Across its book, the company grew cyber premiums by 80% in 2022 while maintaining this leading loss ratio.
“Corvus’s proprietary AI-based underwriting tools are significantly more advanced than that of our competition in matching price and risk. Corvus’s real-time cyber risk insights provide actionable remediations and quantify the value of policy controls. This increases insurability, plain and simple,” said Corvus CEO Madhu Tadikonda. “Our policyholders are uniquely engaging with us and our tailored solutions year-round to help make them safer amid a dynamic cyber threat landscape. We remain hyper-focused on tackling cyber risk with one of the largest specialized cyber underwriting teams in the industry, while continuing to maintain a best-in-industry loss ratio.”
Improvements in Scan Technology Key To Improving Underwriting Modeling
Improvements Corvus has made to its scan technology have had a profound impact on cyber underwriter modeling. Corvus is able to get a clearer picture of a company’s exposure profile and enable underwriters to quickly adapt as an insured’s cyber exposure shifts within a policy period. Corvus’s dynamic data insights then foster a seamless renewal process. Corvus maximizes its data capabilities to help protect brokers and policyholders by producing optimized policy recommendations based on scans of 20,000 data points every time a policy is quoted. Corvus underwriters also work closely with an in-house team of cyber experts in price risk.
For more than two years, the Corvus underwriting team, in partnership with brokers, has worked to provide a proactive and tailored risk prevention solution to enterprises. Corvus underwriters also provide superior risk selection, accelerated decision-making, and IT security recommendations with support from Corvus Risk Navigator™, its all-in-one platform, purpose-built for cybersecurity underwriting, and its risk mitigation technology solutions.
As for its policyholders, Corvus’s year-round program for engaging with them involves proactive, ongoing risk mitigation. The cyber market is constantly evolving, so policyholders need an insurance partner that offers insurance solutions at the speed of cyber, and constantly ensures their safety and security of assets and online operations. Corvus’s risk and response recommendations, proactive alerts, and protective measures have proven to keep its policyholders better protected — a relationship that would not be possible without its data technology.
Source: Corvus
