For Immediate Release
Provided by Corvus Insurance Holdings, Inc.
Corvus® Launches Smart Cyber Insurance™, Comprehensive Cyber Coverage with Ongoing IT Security Scoring.
BOSTON, Mass., – Corvus Insurance announces the release of Smart Cyber Insurance™, offering broad cyber insurance to organizations with up to $1 Billion in annual revenue. This innovative new insurance product will have all the features of a conventional Cyber Insurance policy while also helping brokers and policyholders to predict and prevent cyber insurance risks and claims through ongoing IT security scanning and scoring.
Smart Cyber Insurance™ provides Dynamic Loss Prevention™, with both transparent underwriting and ongoing assessments of an organization’s cyber risk exposures. Corvus creates a risk score for each account, analyzing numerous IT security domains in order to both underwrite risk and to provide added value throughout the policy year. Corvus also provides cyber insurance benchmarking and other business intelligence to brokers and policyholders.
The Corvus underwriting process relies on data scans of web traffic and other non-invasive reports. These security scans greatly reduce the information required by Corvus in order for a broker to obtain an insurance quotation. The Corvus online application is one of the shortest in the marketplace.
In addition, the Smart Cyber policy form contains broad 1st party and 3rd party insuring agreements and includes enhanced coverage for Contingent Business Interruption, System Failure, Social Engineering Attacks, Ransomware, Reputational Loss and Multimedia Liability.
“At Corvus, we work to knock down the walls separating brokers and their clients from innovation. With Smart Cyber, we do this by monitoring IT security assets for vulnerabilities when we underwrite an account and on an ongoing basis. We produce actionable IT security recommendations based on the importance of the relevant digital assets. This aligns our interests with our brokers and policyholders”, said Phil Edmundson, founder and CEO of Corvus. “Together, we can use innovation to lower the cost of risk and make the world safer.”
Smart Cyber Insurance™ utilizes data to assess the performance of any enterprise and their IT vendors and partners across 50+ critical security criteria, providing holistic visibility into their security programs. Corvus uses the data as a foundation to produce a cyber security scoring model. This score and related material can be used by commercial insurance brokers and buyers to better predict and prevent loss. For prospective policyholders that have the best Corvus scores, in partnership with Hudson Insurance Group (Best’s Rated A, by A.M. Best, FSC’s Rated A, XV), Corvus offers insurance with lower prices and broader coverage.
“We are pleased to partner with Corvus and provide commercial clients with a unique product offering that is specifically designed to mitigate cyber risk ,” said Christopher Gallagher, President & CEO of Hudson Insurance Group. “This product fills a void in the growing cyber marketplace and we are excited to bring our insurance expertise to this new InsurTech program.”
Smart Cyber Insurance™ policies are distributed by Corvus on a Managing General Agency basis with its partner, Hudson Insurance Group. Policies will be distributed by insurance brokerage firms across the United States.
About Hudson Insurance Group
Hudson Insurance Group is headquartered in New York City with offices throughout the U.S. and in Vancouver, Canada. Hudson is a market-leading specialty insurer that offers a wide range of property and casualty insurance products to corporations, professional firms and individuals through retailers, wholesalers and program administrators. Collectively known as Hudson Insurance Group, its companies are rated A (Excellent) by A.M. Best, Financial Size Category XV. Hudson is the U.S. Insurance Division of the Odyssey Group, a global (re)insurance enterprise wholly-owned by Fairfax Financial Holdings Limited. For more information, visit www.hudsoninsgroup.com.
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. Corvus is funded by Bain Capital Ventures and other investors. Please visit: www.corvusinsurance.com for more information.
Smart Cyber Insurance is a registered trademark of Corvus Insurance Holdings, Inc. in the United States and other countries.
Su Doyle, Director of Marketing