2 January 2020

View from the Nest: Wrapping 2019, and What’s Incubating for 2020

With three years under our belt, the Corvus story is off to a thrilling start and 2019 was by far our most exciting chapter yet.

Message from Phil Edmundson, Founder and CEO of Corvus

Happy New Year to all. On behalf of everyone in the Corvus Flock, I hope you’ve had a safe and happy holiday season with your family (and gotten through those last 1/1 renewals). As we enter 2020 it’s a perfect time for us to look back not just at our last quarter at Corvus Insurance, but also take stock of the entire year’s worth of growth and activity (more on that below) — and look ahead toward the future. 

What you may not know about Corvus is that the company was originally hatched around this time of year, making the 2019 holidays our third birthday!  Three years old is still pretty young in the grand scheme of things — particularly in insurance — but we don’t see that as a hindrance. As we’ve matured and grown as a team, our purpose has only become clearer: by using new forms of data, Corvus better predicts and prevents commercial insurance claims. 

Summit-Group-Shot-min
The Corvus Summit in July 2019 was one of many opportunities for the Flock to gather and collect ideas about a shared mission and future.

We believe that the products, tools, and experiences we create in pursuit of this vision help everyone in the insurance value chain – classic Risk Management theory, really. Our mission is to use our technology to make the world a safer place, and at age three, here is how we see some of our progress and the opportunities ahead.

Automated risk management. Corvus is preventing Cyber claims, and we will continue developing our Cyber Risk Management tools. Through the hard work of our growing Data Science team, we have more visibility than ever into the forces, both criminal and random, that cause Cyber Insurance claims. Our policyholders tell us these insights are helping them to improve Cyber Risk Management, and brokers say being better informed at quoting and during the policy period is a game-changer.

Claims. Despite our best efforts to help policyholders mitigate risk, we do have claims — dozens, in fact, just during the last quarter. We not only get fantastic props from our brokers for claims handling, we are starting to use our Corvus Scan to identify ways to respond to breaches more effectively and look forward to sharing more in this regard in the coming weeks and months.

Tools for higher-level risks. As we create better risk management tools, we are considering the needs of policyholders of all sizes. For those organizations with higher levels of complexity and scale, we are bringing to market a unique set of services and tools to help deal with large account needs. Together, Corvus, and our brokers, can deliver more value in managing Cyber Risk at organizations of all sizes. 

Welcome to 2020, Happy New Year! 

Phil

2019 in Review

With three years under our belt, the Corvus story is off to a thrilling start and 2019 was by far our most exciting chapter yet.

This year it seemed like almost every week a new corvid was flying into the nest and helping us achieve our mission to make the world a safer place. Corvus more than doubled in size during the last 12 months with a combined 28 new corvids joining the team across 7 cities nationwide, including LA, Atlanta, New York, Dallas, Chicago, and San Francisco. We look forward to continuing our rapid team and geographic growth in 2020!

Our talented 2019 class of new corvids definitely made an impact — with all wings on deck, three new Smart Commercial Insurance products made it into flight and into the hands of brokers and policyholders: Smart Cyber Excess, Smart Cargo+Cyber™, and Smart Tech E&O™

And it wasn’t just the new products. We continued to iterate and improve our coverage and technology – including higher limits, vulnerability alerting, technology partnerships and peer benchmarking.

DLP Peer Benchmark Thumbnail Image
An example of a new Peer Benchmark feature that our Product and Data Science teams built into the Dynamic Loss Prevention® Report

All the while, top minds at Corvus – from our Data Science team to senior underwriters – had a finger on the industry’s pulse. If you missed any of these insights, catch up with the 5 most popular Corvus content pieces of 2019.

 

2019 was our best year yet for delivering valuable policies but we weren’t the only ones providing important Corvus coverage…

Flock Together: The Corvus InnoSummit

Last month we hosted the inaugural Corvus InnoSummit in Boston. This convocation saw the entire Corvus Flock united from around the country, along with a group of Corvus’s closest broker partners.

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Mike Karbassi

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 Graham

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 McElhiney

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

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 Edmundson

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.

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