Now In Flight: Smart Cyber Excess Insurance™

Today I’m thrilled to announce the latest product to take flight from the Corvus nest: Smart Cyber Excess Insurance. This product was created in response to demand from our brokers for excess capacity in cyber, and brings increased underwriting appetite for our Smart Cyber Insurance™ product lines.

Under a new underwriting mandate from Hudson Insurance, our risk-taking partner, Corvus now underwrites Excess Cyber Insurance for most types of organizations with up to $1 billion in annual revenues in addition to its primary offering. We now write Smart Cyber Excess Insurance policies with up to $10 million in aggregate limits.  

Just like all of our Smart Cyber Insurance policies, Smart Cyber Excess underwriting will be driven by the Corvus Score™ and will include Dynamic Loss Prevention™ (DLP) reports. Corvus Scores are based on an assessment of any enterprise’s IT footprint, including their vendors and partners, across eight critical security criteria. This provides holistic visibility into your client’s security programs to better inform underwriting. The Corvus Score also drives a customized DLP Report that includes recommendations and business intelligence you can use to inform your clients about their cyber risk and help them to reduce the total cost of risk.

As a broker we know you’re always working to provide the best options for your clients, and we couldn’t be more excited that Corvus will now be among your options for Excess Cyber.

If you’d like to learn more about our Smart Cyber Excess Insurance, please contact me here

What is Silent Cyber Risk?

By now, you’ve likely heard about “silent cyber” — after all, it’s been the most talked about term in global commercial insurance for the past year or so. It seems like every major reinsurer, broker, and insurance publication has commented on the topic, and explained the risks it poses.  

What you may not have heard yet are suggestions for how insurers can take action to avoid those risks. It’s a difficult problem for insurers to solve, for a number of reasons — but there are ways to start mitigating the risk through the use of technology. We cover these challenges, and suggestions for overcoming them, in our new whitepaper: Silent Cyber: Threat or Opportunity? If you want to read more in-depth on the issue, head over to check out the full whitepaper now.

If you’re just getting started, read on as we discuss the basics of the issue of silent cyber: what it is, and how we got here as an industry.

What is Silent Cyber Risk?

Silent cyber risk is a term describing the possibility that an insurer of a non-cyber insurance policy (e.g., Property, Business Interruption, General Liability) could assume risk triggered by a cyber peril such as a ransomware attack, denial-of-service attack, or data breach. Importantly, the policy in question must be “silent” about cyber: neither mentioning cyber risk as part of the coverage, nor excluding it. By covering things like damage to property or business interruption that are potentially impacted by a cyber attack, but not defining how that situation will be handled, you have the conditions for silent cyber risk.

There are a few different ways silent cyber risk can manifest. Sometimes the insured business does not have any sort of standalone cyber insurance policy at all — only non-cyber policies that are silent on cyber. In others, a business may have a cyber insurance policy, but also have cyber-silent policies covering property or general liability. Those non-cyber policies may still be impacted by certain perils that are beyond the scope of the standalone cyber policy. Lastly, there may be cyber-specific language (“affirmative cyber”) included in some non-cyber policies, but not others.

Needless to say, things can get complicated with ambiguity at various levels. Each situation is unique to the business and its coverage.

How Did We Get Here? A Brief History of Silent Cyber

The first cyber insurance policies, issued in the 1990’s, were limited in scope. Over time, as new risks emerged and demand for insurance grew, insurers offered increasingly complex insurance policies. That expansion of coverage allowed insurers of other traditional commercial Property & Casualty (P&C) insurance policies to remain silent, hoping that cyber policies would come to the rescue if there were claims.

The mode of complacency was shaken in 2017, when a series of attacks on major global businesses rocked the insurance industry. The NotPetya and WannaCry ransomware viruses affected large, global businesses like FedEx, Merck, Mondelez, WPP, and Maersk, among others. In each case costs ran to the tens or hundreds of millions of dollars. At the high end, total losses for some companies were reported to have exceeded $1 billion.

Costs were driven not only by direct damage, such as infected computer hardware, but also business interruption losses. Property/Business Interruption insurers covering the affected companies likely did not underwrite cyber risk under their policies, nor did they charge an explicit premium for the risk. Alarm bells began sounding in insurer board rooms across the world.  

The attacks had the effect of magnifying the silent cyber issue. In several cases insurers paid out millions in affirmative cyber coverage, but those claims represented a small fraction of overall losses for businesses. The rest of the losses, due to business interruption for instance, remained ambiguous due to cyber silence and left insurers open to the risk of disputes if insured companies were to seek redress. With hundreds of millions in losses uncovered, the stakes are high for all involved.

Why Can’t Insurers “Speak up” on Cyber?

If you’re interested in learning about why silent cyber risk persists, and what can be done about it, we invite you check out our free whitepaper: Silent Cyber: Threat or Opportunity.

While you’re at it, follow us on Twitter for more content and commentary on cyber insurance and the intersection of insurance, data and technology: @CorvusInsurance  

10 Years in Cyber Risk

The “10 Year Challenge” meme that made the rounds last month on Facebook and Instagram got us thinking about how things have changed in a decade in the world of cyber risk.

Looking back to the cyber risk landscape of 2009, it’s not a clear-cut narrative of change between then and now. In fact, it’s a bit like the people who shared their photos for the challenge: on the surface, much is new and different – yet certain more essential aspects remain unchanged.

First let’s look at the similarities. In a general sense, cyber risk was already well-known 10 years ago, at least in government, military, and tech, if not in the broader business community. That year, President Obama launched a White House cybersecurity office and focused a major speech on the subject. North Korea made headlines for alleged cyber attacks on South Korea. Twitter suffered its first high-profile distributed denial of service (DDoS) attack. Spear phishing was known as one of the top tactics for hackers. Many of these stories and topics wouldn’t be out of place if published today, with a few names and details changed.

But just as technology has driven rapid change in how we communicate and consume information on the Internet in the last 10 years, cyber risk has evolved and expanded. Here are three of the key ways that cyber risk has changed.

The scale of cyber risk has exploded

First, scale. In 2009, the iPhone was only two years old, and Android was in its infancy. The predominant access point for the Internet was the personal computer and web browser, and most businesses still hosted their data in on-premises servers.

Today, our smartphone apps, speaker systems, thermostats, cars, and even household appliances are increasingly Internet-connected and thus are potential vectors for attack. Next year it’s expected that there will be 20 billion IoT devices in use worldwide; in 2009 that number was under 1 billion.

Meanwhile, this trend toward increased connectivity has led to increasing loads of data being collected and stored by businesses, who in turn have dealt with the task of managing and storing that data by turning to cloud-based storage options. Now, not only are businesses holding onto an abundance of data, it’s also being stored in a way that increases the attack surface – scattered on third-party servers that are often accessible through the web.

On the basis of scale alone, cyber risk is a completely different conversation in 2019 than it was in 2009.

Cyber risk has gone mainstream

Next is awareness. For business leaders, the last 10 years have presented a series of wake up calls in the form of data breaches and ransomware attacks. Target and Home Depot in 2013 and 2014. Anthem, the major health insurer, in 2015. A slew of major businesses in 2017, including Equifax, Merck, Maersk, and more. All of a sudden, the cyber risk conversation spread from the realm of datacenters and nuclear facilities into the mainstream of businesses large and small — and their employees, personal computers, and customers.

A survey from Allianz of business leaders puts cyber risk at #2 on a list of business risks – up from 15th just five years ago.

The cyber risk conversation is now an insurance conversation

Finally, one that’s close to home for us at Corvus: insurance. While cyber insurance has been available in some form since the 1990’s, it has only become a common, well-known option for businesses much more recently. Once businesses came to grips with the scale of the digital assets they had to protect, and the business risks posed by high-profile cyber attacks, they naturally looked to their insurers for help. The industry has responded, and now there are a number of options for cyber insurance, both from traditional insurers and from startups like Corvus who work with carriers.

Aside from the fact that there are more options to insure cyber risk, there is also far more in the way of information and knowledge suffused throughout the insurance industry. As with other complex commercial insurance products, insurance brokers are the preferred channel for businesses to get informed about and acquire insurance. Wholesale brokers and some retail brokers are increasingly folding cyber into their standard set of commercial offerings, and developing institutional expertise in insuring cyber risk.

Part of extending knowledge about cyber risk is sharing data, something that is possible, and indeed welcomed, in cyber insurance today. This is a departure both from the cyber landscape of 2009, and from the traditional model of insurance. The digital landscape is constantly evolving — and with new types of threats, and new vulnerabilities, popping up constantly, predicting risk is hard. That’s why, for insurers, gathering as much new data as possible about cyber risks is critical; and why sharing that data with brokers, and in turn with policyholders, helps to prevent claims and improve the products that get put into the market. Sharing data has become a cornerstone of our approach at Corvus, and makes cyber insurance unique within the field of insurance.

The last 10 years have brought a massive changes to cyber risk, and the next 10 are sure to bring more yet. All of us in the cyber insurance field are working to ensure that in spite of its constant evolution, the cyber landscape becomes safer more predictable by the end of the next decade.

What’s in a Name? The Story of “Corvus”

We’re often asked about the significance of our name, Corvus Insurance. It’s a story we enjoy telling, because it helps explain our approach to building products and writing Smart Commercial Insurance™ policies.

Corvus is a class of birds – a genus, specifically – that includes species like crows, ravens, and rooks. As a group, these birds are known for their exceptional intelligence. Crows are said to be as smart as seven- to ten-year-old humans. They are great communicators and collaborators and have long, detailed memories.

Perhaps their most remarkable quality is their ability to create tools. Crows not only use twigs to extract insects from logs — they take it a step further by carving hooks at the end of the twigs to make them more effective. They’ve also been observed dropping crabs in busy roadways so that their prey is run over by cars, making for an easier snack. This kind of resourcefulness makes corvids fascinating creatures to study.

It’s these traits of corvids that inspire us at Corvus Insurance.

We, too, create tools, like our web-based platform CrowBar. We use all the materials available to us — in this case, not twigs, but rich streams of data — to uncover actionable information to share with brokers and their clients. By bringing a greater degree of intelligence to the entire commercial insurance process, we strive to deliver on the promise of our product name, Smart Commercial Insurance™.

That’s what makes us Corvids: resourcefully building tools to help empower insurance brokers with data and smart policies. We’re building our “nest” and growing our flock, and we are ready to soar with you.

View from the Nest: Welcoming the West Coast

Today, we’re pleased to announce Corvus’s third location— our West Coast office in the Los Angeles area.

A permanent presence on the West Coast allows the Corvus team to meet growing demand for our Smart Commercial Insurance™ products from brokers and their insureds across the western U.S. We’re so excited to be able to offer our services to more organizations than ever before.

Even more exciting are the two new members of the Corvus flock, who joined us this month to start the new office.

First is Brian Alva, Vice President of Cyber Underwriting at Corvus, who heads the West Coast office. Brian has nearly a decade of underwriting experience, having previously served as Vice President at NAS insurance. A Southern California native, Brian has a passion for insurance and sees how the industry is changing–in underwriting, buying, and selling. He’s excited to join Corvus to be at the forefront of innovation and to bring value to brokers using technology.

Joining Brian is West Coast Territory Manager Amanda Mirabile. Amanda started her career at ACE Westchester (now Chubb) in Orange County and most recently served as Client Relations Manager at RPS. She’s inspired by the Corvus founders’ vision of empowering brokers and looks forward to tackling the challenge of helping them to feel comfortable and secure as they incorporate technology into the products and services they provide their clients. A Pennsylvania native, Amanda has lived in and served clients in California for five years.

Welcome Brian and Amanda, see you on the West Coast!

If you’re interested in learning more about Corvus’s Smart Cyber™ and Smart Cargo™ Insurance products, click here to get in touch with me directly.

Three Ways to Use Data to Win New Business in 2019

2019 is upon us and many brokers are already into their new production year. Organic growth from new accounts or new lines of property and casualty business are two major means of meeting and exceeding these goals— but organic growth is difficult, and so is grabbing the attention of insurance buyers. InsurTech advances are allowing for some exciting new developments in differentiated product development that can help open doors for new clients and help round out accounts with new kinds of coverages, such as cyber insurance. In particular, the use of previously ignored or inaccessible data can move the needle and get the attention of insurance buyers in 2019. But how can you do that with everything else on your desk? We’d like to pitch some ideas.

First, align yourself with partners that can put data to work for you. Corvus is one of many data suppliers to the industry. Others, using a SaaS (Software as a Service) model sell “seats” or “licenses” to brokers. Prominent among them are AIR Worldwide and RMS, which use data to predict the likelihood of catastrophes such as earthquakes and windstorms. Their data is also used to help brokers and insureds determine the maximum probable losses in certain situations. In the same way, Corvus provides reports from externally sourced data that can help you and your clients predict and prevent claims.

Second, determine which coverage areas have the most potential for you and your clients to leverage novel data sets. These will generally be in areas that are causing anxiety for customers, such as property catastrophe risk, cyber insurance, and areas with large severity exposure. Predicting and preventing large and uncertain claims is far more urgent for insurance buyers than managing smaller events like slip and fall liability claims– or even more predictable events, such as auto claims.

Finally, demonstrate your expertise by using social media. LinkedIn and Twitter are business favorites, but in some communities, Facebook can be a strong tool in getting out the news about new risks and solutions. Effective social media is frequent, with headlines that grab attention (but aren’t sensational), and timely (linked to recent news developments). It can be enhanced with strong graphics and links to larger reports and external sources. Corvus and other marketing-oriented underwriting partners provide this information to its brokers. You should not need to find this information yourself.

While Corvus is not the only company to master unique data sets in order to support insurance brokers and their clients, we are digital natives. Everything at Corvus is built with digital integration in mind. From data science to data analytics to social media and other marketing tools, it all results in victory.

For more information about how Corvus can empower your 2019 New Business plans, contact Gerritt Graham, Chief Commercial Officer at ggraham@corvusinsurance.com. Here’s to a happy and successful 2019!

Does OpenTable Equal Opening to Risk?

The risk of cyber-attacks and security breaches are becoming a critical concern for restaurant executives. Restaurants are experiencing a wave of technology innovation in everything from the customer experience to operational efficiency. With these technology enhancements comes an ever-increasing number of third-party vendors that interact with a restaurant’s customers and the business as a whole. New business relationships and processes can create security gaps, alter access to sensitive data, or cause increases in cyber risk liability exposures and threats.

The days of calling a restaurant for a reservation are all but over. Customers have come to expect real-time visibility into table availability online. Restaurants are becoming more and more dependent on apps to remain front and center with their customers, to increase traffic, and to better manage table turns. Loyalty programs are also being integrated to capture sensitive customer data, as well as to provide services like food delivery or tableside kiosks. These third-party technologies may or may not be integrated with the restaurant’s point-of-sale system but regardless, restaurant management will likely not have knowledge of how this data is stored, segregated, or transmitted. These third parties may also be sharing or sorting sensitive data with other parties unbeknownst to the restaurant, which creates vulnerabilities and entry points for cyber attacks and requires greater vigilance to protect customer data.

Payment processing is continuously evolving and increasingly shifting liability to the merchant if they cannot keep up with expensive and ever-changing technology standards. Therefore, strengthening resilience to cyber breaches is essential to business continuity.

The path forward for restaurant owners demands expanding cybersecurity programs in whole. This includes a core of controls and processes around the most sensitive assets, including up-to-date data on areas of vulnerabilities such as vendor software patching. Not acting on known areas of weakness in their environment is the most common factor for those that have been attacked. Awareness of how threats are evolving is critical to having the ability to analyze situations and to properly plan for business continuity.

What is also sometimes lost is that the biggest weakness with data security in the restaurant industry is the human component. It is an industry that is heavily reliant on lower cost labor, often experiences high turnover, and engages with a variety of third parties, including outsourcers; and directly interacts with customers through various physical and digital venues. This complex extended enterprise makes cultural awareness of data security important not only at the corporate level but also at the store level.

As the threats evolve, however, so does the spectrum of risk mitigation solutions that can be put in place to combat possible attack. Innovative insurance products, like the Smart Cyber policies offered through Corvus Insurance, use data scans to help restauranteurs identify possible vulnerabilities on an ongoing basis and provide liability coverage to address some of these new risks. Digital exposures emanating from third-party service providers should be adequately addressed in a cyber liability insurance policy. This may include comprehensive coverage extensions for contingent business interruption, PCI-DSS fines and penalties, and breach response expenses tied to contractual indemnification provisions. Sunshine is the best prevention as Corvus identifies risks for restaurants to manage.

Are you up to speed on “silent cyber” risk? Check out our new whitepaper: Silent Cyber: Threat or Opportunity?

Innovation in Life Sciences brings Great Possibility, but also New Risks

The powerful current of new digital technology has caused disruptive and transformational changes in the Life Science industry. This is changing the future of cancer treatment, producing life-changing vaccines, and allowing for valuable research efforts that many of us couldn’t even imagine. Much of the innovation is being powered by data and in many cases more and more personalized data. Information has never been more valuable and life sciences are becoming one of the most vulnerable industries to data breaches.

What’s at risk?

The cyber risks that plague life sciences can be detrimental. Compromised biotech research goes beyond issues for shareholders— there could be information powerful enough to develop dangerous products and bioweapons. As criminals and other threat actors continue to uncover new ways of monetizing sensitive and confidential data, these data assets are in turn becoming more and more valuable. Cybersecurity threats in the life sciences industry can directly put people’s health, safety, and security at risk. Many pharma and biotech companies, especially high-profile consumer brands, are high-value targets for cyber attackers.

Among the major threats in pharma and biotech are these three top points of concern:

  • Clinical Trial Data: this includes sensitive patient data that is generated from clinical trials— this is at-risk information on both a patient level and a commercial level.
  • Confidential Information and Intellectual Property: regarding the manufacture of biologic drugs, etc.
  • Commercially Sensitive Information: drug pricing and promotion

Cyber Threats in Life Sciences

Information-related risks including fraud, cyber, and security risks are now the areas of greatest concern for pharma and biotech sectors, as well as the sophisticated nature of medical devices and their connectivity schemas. Commercially sensitive information in all of these areas is at an all-time high. Physical theft or loss of intellectual property (IP) is currently the most prevalent type of security incident in the life sciences sector. Incidents relating to theft and loss of IP are costly and wide-ranging, affecting employees, customers, the organization’s reputation and bottom line, and putting these important research and development projects at risk.

Interconnectivity of corporate data networks is necessary for life sciences; however, this has made intellectual property that much more vulnerable to cyber thieves who can monetize this valuable data. Categories of IP within the life sciences and medical device sectors include pharmaceutical and biotechnology patents, copyrighted data sets and reports, and trade secrets.
Life science organizations should also guard against the loss of personal information such as financial information, personal health information, and medical data.

6 steps for protecting your sensitive proprietary data and IP assets:

1. Identify and data map IP assets within digital and physical systems. This should be done both onsite and in the cloud and include those with access, such as remote vendors and clinical researchers.

2. Protect IP assets by implementing contractual, physical, and digital security systems.

3. Stay informed on the most recent cybersecurity risks. Implement basic security rules and create a security policy program that works to protect your IP assets.

4. Conduct risk assessments regularly to evaluate and simulate best practices around protecting the company and stakeholders in the event of a system and/or data breach.

5. Gain an understanding of the added risks that the Internet of Things and remote medical devices bring. Expect an exponential increase in cybersecurity risks and be prepared to mitigate.

6. Become educated on the legal framework surrounding protection of the confidentiality of IP assets. Additionally, understand the liability and regulatory frameworks impacting cybersecurity in life sciences and medical devices sectors.

Why now?

Cybersecurity should be one of the main focuses in almost any organization’s agenda, but especially for those in the life sciences sector. The massive growth rate and use of Big Data and the Internet of Things are just some of the examples of the need to be hyper-focused on privacy and data security. Systems have never been more complex and interconnected, as powerful and sophisticated discoveries continue in pharma, biotech, and medical devices. Life Science companies should use all tools available, including those offered by their insurers, in order to predict and prevent risk— not just once a year at the Cyber Insurance renewal, but throughout the year.

The Franchisee Factor

Cyber liability poses some unique questions for franchise organizations. Often after a data breach, any well-known retail brand name might lick their wounds, learn a lesson or two, release the specifics around the compromised data, and move on.

An interesting wrinkle arises when you factor the nature of the relationship between the franchisees and the central corporate entity. The franchisees, in most cases, are independent business owners who pay for the privilege of using the Corporate brand and supporting services. When a breach occurs, the affected owners could take a substantial hit to their wallets in the form of lost income, lost wages, spoiled food and other costs, and might look to the corporate “mothership” to make them whole again.

These sort of liability questions might lead the franchisees to take legal action that could significantly impact the potential financial payouts. This situation highlights the fact that franchise organizations have a unique set of challenges when it comes to cyber threats.

The Downside of Franchisor/Franchisee Interdependence

Franchisors and franchisees have an interesting interdependent relationship because while they are different companies, they share entangled domains of trust and risk. Each relies on the other to do its part to protect information and information systems, but many times the incentives aren’t aligned to position both for success. Some of the factors contributing to this poor alignment include
the following:
• The franchisee is often a small individual business that doesn’t have the resources to adequately defend itself when threats arise.
• The franchisor typically avoids getting involved in the specifics of how a franchisee operates because the franchisee is an independent and separate organization and the franchisor isn’t structured for this level of micro-management. After all, the entire model behind a franchise- based enterprise is to allow the business to grow organically by taking advantage of the capital and sweat equity of each franchisee.
• The franchisee operates a local network that depends on services provided by the franchisor. Sometimes the networks share technical access to each other, which can be exploited by attackers to move laterally across networks.
• In many situations, franchisees will share a third-party resource for IT management. Even though franchises are operated independently, shared administration creates a logical broad domain of trust that can be leveraged to launch attacks which hit all independent franchises simultaneously.

Naturally, attackers are aware of all this and it’s not uncommon for them to target individual franchise locations in order to pivot to others or gain access to the broader franchisor network. Alternatively, they may target third-party service providers in order to hit large numbers of franchises at scale. When this happens, complicated questions of liability arise.
• What obligations do individual stores have to protect themselves and each other from cyber threats?
• What role does the franchisor play?
• What’s the appropriate level of security when defending against sophisticated attackers and
what penalties should be assessed when those defenses aren’t up to the task?
• When defenses fail, who is responsible for reporting the breach to consumers?

Regulators are Taking a New Approach

Regulators are shifting the way they view the franchisor/franchisee organizational relationship, even though these are independent operations. When the consumer walks in the front door and swipes his credit card, he’s placing his trust in the logo on the outside of the building, not in the unseen entity whose name is on the local lease.

In 2015, Wyndham Hotels and Resorts settled a lawsuit launched by the U.S. Federal Trade Commission after a data breach at a single franchise hotel in Phoenix raised questions concerning Wyndham’s responsibility to protect consumer data across its 8,000 independent hotels around the globe. As part of its settlement, Wyndham agreed to launch a comprehensive information security program for franchisees, including conducting annual audits.

In 2018, an attack on Canada’s Tim Hortons added a new twist. Most often, when security breaches associated with a retail brand hit the news, it’s because of the impact on consumers. However, the Tim Hortons incident involves direct B2B liability with quantifiable financial damages. This case could set an important precedent and should put all franchisors on notice that keeping their franchisees at an arm’s length can lead them to ignore key risks they should be addressing — for instance, the fact that the franchise business model exposes a complex and extensive attack surface. It’s time for franchisors and franchisees to sit down together and ensure that all franchise defenses are up to the challenge of today’s most sophisticated, targeted threats. It’s also time the insurance industry step up with new products that address these new complicated risks for all parties.

“Hard” Market Conditions in Ocean Cargo Find a Solution in InsurTech

Over the past year, there has been an increasing number of Lloyd’s syndicates who have withdrawn or been closed from the London marine cargo market. The decline of these cargo syndicates reduces the overall supporting capacity from market leaders but also leaves over $6.4 billion dollars of market share up for grabs.

The reasons for this, according to Lloyds, include cargo reportedly running at a 135% loss ratio. This has put a large number of Lloyd’s syndicates either under review or closed completely and brokers are being forced to find other alternative options for their clients. There was also consolidation in 2018 with a number of larger insurance companies purchasing more vulnerable companies. This has resulted in a reduction in the number of market leaders available which restricts different options for insureds.

Lloyd’s has instructed its managing agents to provide a quarterly reports plan to improve the underwriting performance of the seven under-performing classes— Life Sciences/Pharmaceuticals being one of them. The bottoming out of cyclical market conditions, frequently caused by over-capacity, often results in violent price and coverage adjustments that punish not only those insureds with poor operations but the good as well.

The use of technology and data can help insurance buyers to differentiate their risk profiles. Corvus specializes in providing broad Ocean Cargo and Stock Throughput coverage for spoilage and other perils for Temperature sensitive products within the Food and Life Science industries. We are using data from leading IoT sensor providers to provide something NEW that is helping Brokers on our platform differentiate themselves and win new business with Life Science and traditional food customers.

Corvus compares the temperature shipment data of an insured to our mammoth database of shipment data. Our algorithms produce a Corvus Score through which we communicate our underwriting outcomes and coverage grants. We also use our CrowBar data platform to bring new information to our clients throughout the policy year in order to help our insureds identify anomalies that might lead to a claim. Working together, we manage risk and reduce claims. The win-win solution of Corvus, for those insureds that want to engage with the use of their data, is a better outcome from a “hard” insurance market that acceptance of price increases.