Dynamic Loss Prevention. You may have heard us crowing about it at Corvus (pun intended) – but if you haven’t worked with us before it might not be obvious what the “DLP” is, and why we created it. Today I’m sharing some basic insight into this key component of our Smart Commercial Insurance products.
In short, Dynamic Loss Prevention is a way for policyholders with Corvus to better understand, manage, and reduce their risk.
There are a couple key components to consider. First, the heart of the matter: loss prevention. Let’s explore this in the context of cyber insurance. When a company is being quoted for a cyber insurance policy, a good deal of analysis of their current IT security must be conducted in order to provide optimal pricing and coverage options. At Corvus, that analysis is done through an automated scan. While the data we gather from the scan is immediately necessary for underwriting purposes, it’s far from the only way it can be useful.
The DLP Report breaks down the information into a single Corvus Smart Score (a weighted measure of overall security), Risk Exposures (ratings for each of the eight risk groups that comprise the Smart Score) and Recommendations (clear advice on opportunities to fix vulnerabilities, prioritized by potential impact on overall security). See the video below for a closer look.
No matter how actively an organization monitors and adapts their IT security, information from the scan can provide a useful perspective. Sometimes it reveals blind spots, where IT managers had overlooked a vulnerability. Sometimes a new issue has arisen since the last time there was a comprehensive check-up. Many organizations simply do not actively manage IT security, and the DLP provides a primer and direction for them to get started.
Whatever the case may be, the information can be put to use by the policyholder to proactively mitigate risk. Looking at the exposure groups gives a broad sense of where trouble spots are, and Recommendations are intended to be actionable. If steps are taken to improve, not only will the policyholder mitigate their risk of a claim, they may see improved pricing or coverage options when it is time to renew.
Why is is the DLP “dynamic”? Simple: it’s not a one-and-done report. We deliver DLP reports to policyholders throughout the policy period, and upon renewal. These reports can show a developing trend (good or bad) in IT security. If it’s a negative trend, the policyholder can nip it in the bud before it becomes a major issue. These days, with more and more data being stored in web-accessible (cloud) infrastructure and companies expanding their digital capabilities, the “dynamic” aspect of the DLP is critical.
See our video to take a look at a DLP Report up close, and click to get more info about how we map Risk Exposures to IT vulnerabilities.
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.
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.