Leading cyber underwriter, Corvus Insurance, recognised for its proprietary AI-driven cyber risk platform, has introduced innovative features driven by artificial intelligence (AI) and natural language processing (NLP) within its Corvus Risk Navigator™.
This trailblazing move aims to increase automation and efficiency in routine tasks, enhancing the underwriter’s workflow and speeding up the quoting process.
The introduction of these new features seeks to further lessen the workload for Corvus underwriters, by automating routine tasks, and allowing underwriters to concentrate on high-value tasks. The overarching aim is to boost growth and increase the book value for their partners, while maintaining an impressive industry leading loss ratio below 40 percent.
Corvus Insurance is renowned for its groundbreaking cyber insurance solutions, underpinned by advanced data science. The company is a pioneer in building a safer world, providing insurance products and digital tools that diminish risk, promote transparency, and improve resilience for policyholders and program partners.
The Corvus Risk Navigator™ platform, meticulously developed by the collaborative efforts of Corvus’s underwriting and security teams, presents real-time suggestions to underwriters. This is based on a matrix of data, including firmographics, threat intelligence, claims, and peer benchmarking. The addition of features such as Large Language Models (LLMs) and NLP has accelerated decision-making by automating routine tasks, granting underwriters more time to cultivate valuable broker relationships and grow book value.
Newly added features to the platform include automated industry verification, automated application intake, and instant guideline validation. These innovations are aimed at replacing manual research, data entry, and cross-referencing tasks respectively, ensuring more efficient underwriting workflows.
“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 Chief Underwriting Officer Mike Karbassi stated.
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