Corvus Insurance, a Boston-based InsurTech MGA providing “smart” commercial insurance products powered by AI-driven risk data, has launched its Risk Aggregation Platform, which it describes as a data-powered offering that provides risk capital partners with unprecedented visibility into the Corvus book of business in real time. Through this offering, reinsurers and program managers gain access to crucial insurance metrics, aggregate exposure data, ransomware scores and information regarding emerging threats, according to a Corvus statement.
Webinar: How usage based products can open up insurance to everyone. Sign up here!
Corvus says the Risk Aggregation Platform lets insurers manage net exposure by enabling review of premiums, policy numbers, or limits exposed in aggregate for any combination of these metrics directly within the platform. Partners can receive breakdowns of the Corvus book of business based on policy firmographics like industry, revenue, and location as well as cybersecurity metrics including web hosting, email security, SaaS, and other technologies. The breakdowns include the results of Corvus’s proprietary risk scores for ransomware and overall IT hygiene. On the basis of these breakdowns, partners can then take instant action by capping premium or limiting quotes for segments identified through the platform’s tools, Corvus says.
The Risk Aggregation Platform, the newest component of the CrowBar, Corvus’s flagship digital platform, addresses another serious problem for Risk Capital partners, according to the distributor. “Cybersecurity incidents arise rapidly and can affect thousands of organizations at once,” a Corvus statement says. “Visibility into new headline events including the number of policyholders affected and the Corvus response allows for quicker response to aggregation threats. The Risk Aggregation Platform includes reporting on Corvus’s response to significant threats and a complete analysis of policyholder exposure and recommended next steps, including cyberattacks affecting managed service providers or other sources of concentrated risk that may develop.”
Extending Value Proposition to Risk Capital Partners
“The introduction of our Risk Aggregation Platform allows Corvus to extend its data-driven cyber risk value propositions to its risk capital partners,” comments Phil Edmundson, Chief Executive Officer and founder of Corvus Insurance. “We seek to be the cyber insurance partner of choice. Corvus continues to advance our goal of reimagining the broker and policyholder experience, and the Risk Aggregation Platform brings us yet another step closer to reaching that goal. We are proud to pioneer the use of AI and data-driven technologies to bring this efficient and transparent digital approach to our risk capital partners as we work together to make the world a safer place.”
Source: Insurance Innovation Reporter
