For Immediate Release
Provided by Corvus Insurance Holdings, Inc.
Corvus® Expands Its InsurTech Product Smart Cargo Insurance™ for Food & Beverage Companies to Reduce Loss of Perishable Goods in Transit.
BOSTON, Mass., – Bain Capital funded InsurTech startup Corvus Insurance, today announced the release of their latest Smart Cargo Insurance™ product designed to help food and beverage companies reduce loss of perishable goods. Corvus is a leader in providing technology-enabled commercial insurance that delivers broader coverage, 24/7 access to policy and claims information, and data-driven business intelligence including recommendations for risk management.
Smart Cargo Insurance tools gather data from temperature sensors already used in the shipment of food that is subject to spoilage. Corvus analyzes the data set of millions of shipments across multiple companies to create a temperature stability scoring model. The data from an individual shipper of goods is then compared to the aggregated data model to receive their individual Corvus Cargo Score. This score can be used by commercial insurance brokers and buyers to better predict and prevent loss. And for prospective policyholders that have the best scores, Corvus in partnership with Argo Group (Best’s Rating A, XIII), offers insurance with lower prices and broader coverage.
“This partnership allows us to continue to provide customers with innovative, digital solutions for niche markets,“ said Alan Wynn, SVP, Argo Group US, Alternative Risk Solutions. “We are pleased to partner with Corvus for the Smart Cargo Insurance™ product.”
Corvus uses its innovative technology and digital platform, the CrowBar™, to monitor new information from ongoing shipments. If the CrowBar technology spots negative trends or if the temperature stability score changes, the broker and policyholder are informed and provided actionable recommendations. This ongoing digital inspection service, called Dynamic Loss Prevention™, will allow underwriter, broker and policyholder to align interests in identifying and acting upon deteriorating temperature stability before a claim is caused.
“Corvus exists to bring differentiated commercial insurance products to market that reduce the overall cost of risk and make the world a safer place.” Said Philip Edmundson, founder and CEO of Corvus. “If we prevent one vital shipment of nourishing foods or life-saving drugs from being lost, then we’ve helped made the world a little bit better.”
Smart Cargo Insurance™ policies are distributed by Corvus on a Managing General Agency basis with its partner, Argo Group. Policies will be distributed by independent brokerage firms across the United States.
About Argo Group International Holdings, Ltd.
Argo Group International Holdings, Ltd. (NASDAQ: AGII) is an international underwriter of specialty insurance and reinsurance products in the property and casualty market. Argo Group offers a full line of products and services designed to meet the unique coverage and claims handling needs of businesses in two primary segments: U.S. Operations and International Operations. Argo Group's insurance subsidiaries are A. M. Best-rated 'A' (Excellent) (third highest rating out of 16 rating classifications) with a stable outlook, and Argo Group's U.S. insurance subsidiaries are Standard and Poor's-rated 'A-' (Strong) with a stable outlook. More information on Argo Group and its subsidiaries is available at www.argolimited.com
Bain Capital Ventures
Bain Capital Ventures partners with disruptive founders to accelerate their ideas to market. The firm invests from seed to growth across cloud infrastructure, SaaS and data services, security, commerce, fintech and healthcare. Bain Capital Ventures has helped launch and commercialize more than 200 companies since 1984, including select investments in AvidXchange, DocuSign, Jet.com, Kiva Systems, LinkedIn, Rapid7, SendGrid, SurveyMonkey, Taleo and TellApart. The firm has approximately $3.6 billion of assets under management with offices in San Francisco, New York and Boston. Follow the firm via LinkedIn or Twitter.
About Corvus Insurance Holdings, Inc.
Corvus Insurance Holdings, Inc. utilizes novel data sources to create insurance products that better predict and prevent commercial insurance claims. Please visit: www.corvusinsurance.com for more information.
Smart Cargo Insurance is a registered trademark of Corvus Insurance Holdings, Inc. in the United States and other countries.
Su Doyle, Director of Marketing