New API-enabled distribution channels lead to millions of dollars in new premium run-rate.
BOSTON, MA November 19, 2020 / Corvus Insurance, a leading provider of smart commercial insurance products powered by AI-driven risk data, today announced rapid progress in developing strategic partnerships that utilize its API to simplify the process of transacting insurance. In its first six months, the company’s solution Corvus Enterprise has produced thousands of quotes from several new brokerage partners leading to a run rate of millions of dollars of new premium from Smart Cyber Insurance® and Smart Tech E+O®.
Corvus Insurance Partners With Two of the Top Five U.S. Wholesale Brokerage Firms
The company has initiated and launched integration partnerships with two of the top five U.S. wholesale brokerage firms, additional top brokerage firms, and multiple digital partners, including ProWriters, a digital-first wholesale brokerage, since announcing Corvus Enterprise in June 2020. In addition, Corvus is able to partner with brokers for new distribution opportunities including business service partners such as banks, HR services, and more.
“This is the future of insurance: integration that allows brokers seamless access to the tools they need to grow their business without slowing them down,” commented Jocelyn Getson, VP of Enterprise at Corvus. “We believe in meeting brokers where they are, minimizing extra steps in their journey to bind policies -- that is why Corvus developed our API and Enterprise solution.”
Corvus Enterprise’s strategic approach to developing partnerships, integrating technology, and providing insights through Dynamic Loss Prevention are all factors in the success of the program.
“Corvus has proven to be an exemplary partner with its Enterprise team and API solution,” says Brian Thornton, President of ProWriters. “Not only do our brokers have an easy process to quote and bind a Corvus policy on the ProWriters platform -- they also get access to cybersecurity insights and recommendations from the Corvus Scan. Ease of use and differentiating risk management tools are a winning combination.”
What's Next for Corvus?
In the future, Corvus plans to add more Smart Commercial Insurance products to its Corvus Enterprise solution. The company recently added its Technology Errors and Omissions product, Smart Tech E+O®, to the API, leading the industry in offering alternatives to traditional insurance in that product line.
The announcement of progress in Corvus Enterprise comes shortly after the company reported making strides in hiring and revenue in 2020, including 380% gross written premium growth.
Corvus will host a webinar on the future of insurance distribution on December 10th at 1 pm ET.
About Corvus Insurance
Corvus is reimagining commercial insurance for a digital world by making insurance smarter, companies safer, and brokers more successful. Corvus empowers brokers and policyholders with actionable insights to mitigate complex risks and reduce losses through the CrowBar® digital platform, smart insurance products, and premier risk management services. Corvus is the world’s largest specialty commercial InsurTech company.
Founded in 2017 by a team of veteran entrepreneurs from the insurance and technology industries, Corvus is backed by Telstra Ventures, Obvious Ventures, MTech Capital, Bain Capital Ventures, Hudson Structured Capital Management, and .406 Ventures. The company is headquartered in Boston, Massachusetts, and has offices across the U.S.