Corvus Insurance, which helps commercial insurance brokers and policyholders better mitigate risk, has released its new Ransomware Business Interruption (BI) Calculator.
This new tool enables brokers to quickly reference a client’s financial risk in the event of a cyber-related shutdown. It also helps them to better assess the level of cyber insurance a client should buy.
The calculator is an automated estimate of a client’s losses, enabling more transparency to the limits a broker offers a client and help them better understand insurance purchasing decisions.
Corvus claims to be the first cyber insurance platform to offer this service in all quotes.
The InsurTech offers a Smart Cyber Insurance policy to protect a business from losses incurred due to phishing, spear phishing, and other criminal deception tactics. Last year, the company updated its underwriting capabilities to improve these policies.
Corvus CEO Phil Edmundson said, of “Even in normal economic conditions, one of the most common challenges that we hear from brokers selling cyber insurance is how to explain appropriate insurance limits to purchase.
“At a time of recession, when every dollar counts for businesses, we want to provide the tools to empower brokers in their conversations about limits, as well as encourage clients to buy the appropriate coverage for the risks they face. By showing the financial exposures, brokers can more effectively articulate why certain levels of coverage are appropriate.”
To help companies on the frontlines fighting the coronavirus, the InsurTech is providing its cyber risk assessment tools for free to help healthcare providers and hospitals in the US.
The company reportedly raised up to $31m in a new funding round earlier in the year.
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