Corvus launches Smart Cyber Excess Insurance product

Online insurance platform Corvus has released its Smart Cyber Excess Insurance product lines.

Through a new underwriting mandate from Hudson Insurance, the InsurTech will offer cyber insurance for companies with annual revenues of up to $1bn. Corvus writes insurance policies with up to $10m in aggregate limits. These new policies came following demand from brokers.

Similar to the company’s Smart Cyber Insurance policies, this new solution will be driven by the Corvus Score and will include dynamic loss prevention reports.

The Corvus Scores are based on an assessment of an enterprise’s IT footprint, including vendors and partners, across eight security points. This gives a holistic visibility into a client’s security program to improve underwriting.

Including in this is a customised dynamic loss prevention report which gives recommendations and business intelligence which can be leveraged to inform clients of cyber risk and how to lower it.

In a blog post the company said, “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.”

Massachusetts-headquartered Corvus is a digital insurance platform which partners major insurers and acts as a general managing agency. The broker-friendly solution uses technology powered by new forms of data to predict and prevent claims, by providing underwriters with ongoing loss prevention recommendations and business intelligence.

Alongside cyber policies, the startup offers Smart Cargo Insurance which uses analysis data from temperature sensors on shipments for goods which could spoil. From this data the company can score the temperature stability for each manufacturer.

Earlier in the year, Corvus expanded its operations in the Los Angeles area to support the growing demand for its cyber and cargo insurance product lines.

Last year, the company raised a total of $14m across two separate funding rounds. Its most recent investment was a $10m Series A from Bain Capital and .406 Ventures. This capital is being used to deploy new types of insurance products.

Copyright © 2019 FinTech Global

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