BOSTON (June 28, 2023) — Corvus Insurance, the leading cyber underwriter powered by a proprietary AI-driven cyber risk platform, today announced new AI- and NLP-driven features to increase the degree of automation of routine manual tasks in the underwriter’s workflow within Corvus Risk Navigator™. These features have further reduced the workload on Corvus underwriters, increasing quoting efficiency and speed while delivering an industry-leading loss ratio below 40 percent.
Specific workflow efficiencies added to the platform include:
Automated Industry Verification
A new capability enabled by a large language model replaces manual research and validation of industry classification that is typically performed by underwriters.
Automated Application Intake
Information is now ingested from a wide variety of insurance applications received by email, including answers to security control questions, replacing manual data entry.
Instant Guideline Validation
A helpful tool in the underwriting workflow analyzes the information in an application against the complex matrix of underwriting guidelines to instantly show the underwriter whether control questions were answered favorably, removing the need for manual cross-referencing.
“In order to maintain our industry-leading loss ratio, Corvus is focused on building trusted relationships that extend value to all insurance stakeholders, including brokers, risk capital partners, and policyholders,” said Mike Karbassi, Chief Underwriting Officer at Corvus. “Corvus aims to not only hire the best underwriters in the industry but also to equip the team with technology that automates routine tasks and enables each underwriter to spend more time on activities that drive value for their partners, leading to higher growth and greater book value.”
Corvus Insurance is building asafer worldthrough insurance products and digital tools that reduce risk, increase transparency, and improve resilience for policyholders and program partners. Our market-leading specialty insurance products are enabled by advanced data science and includeSmart Cyber Insurance®andSmart Tech E+O™. Our digital platforms and tools enable efficient quoting and binding andproactive risk mitigation. Corvus Insurance offers insurance products in the U.S., Middle East, Europe, Canada, and Australia. Current insurance program partners include Crum & Forster, Hudson Insurance Group, certain underwriters at Lloyd’s of London, R&Q Accredited, SiriusPoint, and The Travelers Companies, Inc. Corvus Insurance,Corvus London Markets, andCorvus Germanyare the marketing names used to refer to Corvus Insurance Agency, LLC; Corvus Agency Limited; and Corvus Underwriting GmbH. All entities are subsidiaries of Corvus Insurance Holdings, Inc. Corvus Insurance was founded in 2017 and is headquartered in Boston, Massachusetts with offices across the U.S., in the UK, and Germany. For more information, visitcorvusinsurance.com.