Today the Corvus Team is excited to introduce our broker partners to the Peer Benchmark, a new addition to our Dynamic Loss Prevention (DLP) Reports.
This feature helps brokers to contextualize the Corvus Score, our measure of an organization’s IT security, and relay that information to clients of any kind with confidence, knowing that the information represents the client’s IT security as compared with truly similar organizations.
What is peer benchmarking?
In addition to the Corvus Score, brokers and policyholders will now see a separate Peer Benchmark figure on the DLP Report. This benchmark, expressed as a percentile, ranks the organization’s Corvus Score against a select group of peer organizations based not only on the organization’s industry class, but also its annual revenue. By combining these two key aspects in selecting a group of peer organizations to compare, the benchmark offers a granular comparison of cyber risk.
How to explain the score
The Peer Benchmark shows policyholders how their scan results compare with others in similar industries – especially important in some industries like Healthcare or Finance that have distinctive security traits. We also layer in revenue size as our data science analysis indicates revenue is a strong predictor of loss when compared with peers.
For an example, this could help you to explain to your local law firm client how their cyber risk compares to a similarly-sized legal business rather than a global firm; or to avoid comparing a major construction company, with its large flow of payments to subcontractors, hundreds of employees, and distributed IT system, to the cyber exposure of a local contractor.
The Corvus Score remains the primary driver of our cyber risk underwriting, and indicates the overall level of cybersecurity risk the organization faces. Coupled with the Peer Benchmark, brokers can explain the risk profile as it is relative to other companies, as well as independently.
A new look
If you’ve worked with Corvus in the past, you may notice that the Dynamic Loss Prevention report in the quote letter has a new look to go along with the added benchmarking feature. We’ve adjusted the design to be easier to read and digest, and also made some changes to the risk-prioritized security recommendations to make them clearer and easier to understand for brokers and policyholders.
We hope you find this update helpful in explaining cyber risk to your clients!
Mike Karbassi is Vice President and Head of Cyber Underwriting at Corvus. He specializes in Network Security, Privacy Liability, Technology E&O, Media Liability, and Miscellaneous Professional Liability. Karbassi has over a decade of experience in insurance and is a graduate of the Boston University Questrom School of Business.
Gerritt is the Chief Commercial Officer at Corvus. He has over 20 years of sales and marketing experience, primarily focused on technology and data solutions for the financial services industry.
James co-founded Corvus and is the company’s Chief Technology Officer. A 30+ year technology veteran, Jaimie most recently served as CTO of Iora Health and previously co-founded Gazelle.
Mike Lloyd is the Co-Founder and Chief Product Officer of Corvus Insurance. Previously, Mike co-founded Poncho, a personal lines agency InsurTech startup, and was a venture investor at FJ Labs. Mike has an MBA from Harvard Business School and engineering degrees from Virginia Military Institute and MIT.
Phil is the founder and CEO of Corvus. A 30+ year insurance veteran, Phil co-founded broker William Gallagher Associates (acquired by Arthur J Gallagher in 2015) and was an active leader in both the Worldwide Broker Network and Council of Insurance Agents and Brokers. Phil is the Managing Partner of Edmus Ventures where he invests in InsurTech companies including Verifly, Wellthie, Agentero, and Cover Wallet, and serves on the board of Cover Wallet.