Insurtech MGA Corvus Insurance Launches ‘Smart’ Cyber Coverage
Corvus Insurance, an insurtech managing general agent, has released a new cyber insurance offering for organizations with up to $1 billion in annual revenue.
The new Smart Cyber Insurance product includes the features of a conventional cyber insurance policy along with others designed to help brokers and policyholders predict and prevent cyber insurance claims.
Smart Cyber Insurance provides Dynamic Loss Prevention, with both transparent underwriting and ongoing assessments of an organization’s cyber risk exposures. Corvus creates a risk score for each account, analyzing numerous IT security domains. Corvus also provides cyber insurance benchmarking and other business intelligence to brokers and policyholders.
The Corvus underwriting process relies on data scans of web traffic and other non-invasive reports. Corvus security scans can reduce the information required by an organization and its broker in order to obtain an insurance quotation, with a short application process.
In addition, the Smart Cyber policy form contains broad first party and third party insuring agreements and includes enhanced coverage for contingent business interruption, system failure, social engineering attacks, ransomware, reputational loss and multimedia liability.
Smart Cyber Insurance utilizes data to assess the performance of any enterprise and their IT vendors and partners across 50-plus security criteria. Corvus uses the data as a foundation to produce a cyber security scoring model. This score and related material can be used by commercial insurance brokers and buyers to better predict and prevent loss. For prospective policyholders that have the best Corvus scores, in partnership with Hudson Insurance, Corvus can offer insurance with lower prices and broader coverage.
Smart Cyber Insurance policies are distributed by Corvus on a managing general agency basis with its partner, Hudson Insurance Group. Policies will be distributed by insurance brokerage firms across the United States.
Hudson Insurance Group, headquartered in New York City with offices throughout the U.S. and in Vancouver, Canada, is a specialty insurer.