Back to School Update: Risk Solutions, New Tech, and an A++ Partnership

You might not be ready to admit how long it’s been since you’ve set foot on a big yellow school bus, but collectively we can probably all agree, it’s been a while. The same goes for worrying about your grades, now replaced by performance reviews.

But for the last six months at Corvus, we set out for top marks. We sharpened our pencils, studied, and made strides in helping broker partners, policyholders, and our own underwriters better handle cyber risk:

• We announced technology and products that help protect our policyholders, as well as our capacity partners’ bottom line

• We combined smart underwriting and proactive policyholder engagement to maintain an industry-leading loss ratio

• We got closer to solving the cyber risk problem — thanks to a collaborative effort from our team of cyber, insurance, and data experts

Our commitment to mitigating cyber risk the smart way has played out in real-time. Insurance Insider named us “MGA of the Year” at the 12th annual Insurance Insider Honours, acknowledging our ability to bring profitable business opportunities to our carrier backers.

Last week, we shared our new partnership with Travelers, who will provide A++ (A.M. Best) paper and capacity for Corvus products in the United States, beginning Oct.1, 2023.

So, here’s a closer look at the three steps we took to make Corvus the obvious (A++) choice for brokers, partners like Travelers, and policyholders.

Why is Corvus the ideal choice for brokers, partners, and policyholders?

1. We supercharged our underwriters

How do you empower cyber underwriters with data to accurately select and price risk, without bogging them down with multiple software applications and vendors?

You employ your underwriting, data science, cybersecurity and tech teams to collaboratively build the solution from scratch. In February, we publicized Corvus Risk Navigator — our digital underwriting platform that inserts real-time suggestions (based on a matrix of data) directly into an underwriter’s workflow.

Not only does this help automate some of the easier tasks, but it also informs our underwriters’ decisions when it comes to more complex challenges through real-life claims examples, threat intelligence, and peer benchmarking (all in one place!). 

This is one step in the right direction to better address cyber risk. But once an organization becomes a Corvus policyholder, how do we continue to use our resources to make them safer against evolving threats?

2. We created a risk prevention solution that (really) works

Enter our risk prevention solution, Corvus Signal. By combining personalized risk insights, tailored threat alerts, and hands-on help, engaged policyholders are 20% less likely to experience a cyber incident. 

For over three years, our cybersecurity experts have worked directly with policyholders to test (and perfect) a partner-based approach to cyber insurance. In July, we announced our solution to the world.

When it comes to dynamic threats such as ransomware, phishing, and data breaches, old-fashioned insurance simply doesn’t cut it. Gone are the days of paying a premium and not hearing back until renewal time. Instead, we stay in touch with our:

Cyber risk mitigation platform

• Our Risk Dashboard provides policyholders with complete visibility and control over their security priorities, updated monthly with risk scans and reports so they know exactly what to prioritize.

Tailored threat intelligence

• Our threat alerts are sent directly to our policyholders’ inbox — providing an average 15.5 day headstart before vulnerabilities are exploited by threat actors.

Cybersecurity experts, ready to connect

• Our Risk Advisory works with policyholders from the first day of their policy period. Be it by email, call, or through the Risk Dashboard, our cyber pros are available to answer any and all questions that arise.

3. We rewarded engaged policyholders

We believe wholeheartedly in the power of collaboration. That’s why, along with our Corvus Signal announcement, we shared our Corvus Signal Endorsement. 

Policyholders who stay on top of their security (by completing our Security Questionnaire modules) are eligible to reduce their claim retention by 25%. Why? Because we know our risk prevention solution and partnership-based approach works. 

Thanks to all of the above, we've maintained a leading loss ratio of 36%

Our mindful approach to underwriting and hands-on work with policyholders is why we have a leading-loss ratio.

Without our carefully constructed data technology, we wouldn’t be here. But we’re only able to harness the true power of this information by working with some of the best and brightest minds in the industry. Without their decades of experience — in insurance, cybersecurity, and tech — we’d be nowhere near as close to solving the complicated (and evolving) problem of cyber risk. 

All of our success can be directly attributed to our team. Who, even with their years of experience, are always impressively open to learning, adapting, and striving for an even higher level of performance.

Now, empowered by Travelers’ unmatched reputation and extensive knowledge of the cyber insurance market, we’re excited to see what else we’ll accomplish in the next six months.

If you’re interested in partnering with us to combat cyber risk for your clients, see if we’re a good fit.