Corvus Insurance, a provider of smart commercial insurance products powered by AI-driven risk data, is to use CyberCube’s Portfolio Manager to better analyse and understand cyber risk.
In addition to Portfolio Manager, the Boston-based managing general agent will also use CyberCube’s Single Point of Failure (SPoF) model and Attritional Loss model as it seeks to grow its business.
Corvus Insurance specialises in providing cyber and data breach insurance to enterprises in a variety of industries. Corvus Insurance uses advanced data science combined with an artificial intelligence-driven approach to predict and prevent losses.
The smart insurance provider has experienced rapid growth since its launch in 2017. Earlier this year, Corvus extended its Series C round by $15m, bringing the round’s total to $115m.
CyberCube’s Portfolio Manager allows insurance underwriters to stress test (re)insurance portfolios against a range of systemic cyber-related scenarios including data breaches, cloud outages, global ransomware attacks and financial fraud.
Lori Bailey, Corvus’s chief insurance officer, said, “We believe CyberCube’s technology coupled with Corvus’s proprietary Risk Aggregation Platform will provide greater transparency of cyber risk aggregation to our risk capital providers.”
Copyright © 2021 FinTech Global
