AI-Driven InsurTech Corvus Launches Smart Tech E&O

BOSTON, Aug. 7, 2019 /PRNewswire-PRWeb/ -- Corvus Insurance, a Boston-based InsurTech company that empowers commercial insurance brokers and policyholders to predict and prevent complex risks, today announces the expansion of its product line with Smart Tech E&O, a data-enabled Tech E&O and Cyber Liability policy. The product helps brokers and policyholders to better predict and prevent risk through automated IT security analysis, industry benchmarking and ongoing monitoring, in addition to providing the components of a conventional Tech E&O/Cyber Insurance policy. Corvus writes Smart Tech E&O with Crum & Forster and targets most technology-based services companies earning up to $1 billion in annual revenue.

Smart Tech E&O™ joins Corvus's line of Smart Commercial Insurance® products, which includes Smart Cyber Insurance®, Smart Cyber Excess™ , and Smart Cargo + Cyber™. Each Corvus product provides transparent underwriting and Dynamic Loss Prevention® (DLP) reports with detailed IT security information. With its DLP reports, Corvus provides cybersecurity benchmarking and actionable IT recommendations for each account.

"At Corvus, we work to knock down the walls separating brokers and their clients from innovation," said Phil Edmundson, founder and CEO of Corvus. "With Smart Tech E&O™, we do this by monitoring IT security assets and providing actionable IT security recommendations. This aligns our interests with our brokers and policyholders. Together, we can use innovative products like Smart Tech E&O™ to lower the cost of risk and make the world safer."

The underwriting process for Smart Tech E&O™ relies on the company's Corvus Scan™, which gathers data from organizations' web-facing IT infrastructure. The scan compares an insured's IT Security to the Corvus database of cyber events. This underwriting process, automated and powered by machine learning, allows Corvus to offer brokers a shorter Cyber Insurance application. Corvus uses this data to produce a Smart Score™ and actionable IT security recommendations, enabling commercial insurance brokers and their clients to better predict and mitigate risk. For accounts with the best scores, Corvus offers insurance with lower prices and broader coverage. Ongoing monitoring and regular reports provide value beyond throughout the policy year.

In addition, the Smart Tech E&O™ policy form contains broad 1st party and 3rd party insuring agreements and includes enhanced coverage for Contingent Business Interruption, System Failure, Social Engineering Attacks, Ransomware, Reputational Loss and Multimedia Liability.

Corvus is offering Smart Tech E&O™ in partnership with Crum & Forster, a leading national property and casualty insurer. Crum & Forster is Rated "A" Excellent by A.M. Best.

ABOUT CORVUS INSURANCE HOLDINGS, LLC.

Corvus Insurance is an InsurTech MGA offering Smart Commercial Insurance® policies paired with easy-to-use tools to reduce risk, prevent claims, and improve the commercial insurance experience.

With Corvus's Smart Cyber Insurance®, Smart Tech E&O™, and Smart Cargo + Cyber™ policies, rich sets of data are gathered and analyzed with the help of AI to instantly and accurately assess risk, informing underwriting. The company's Dynamic Loss Prevention® Reports provide actionable recommendations to mitigate risk and prevent claims over time, including real-time threat monitoring, while the company's CrowBar® platform provides on-demand access to policy information, claims reporting, loss prevention recommendations, and business intelligence.

Corvus Insurance was founded in 2017 and is headquartered in Boston, Massachusetts. The company's investors include Bain Capital Ventures, Hudson Structured Capital Management, and .406 Ventures. Corvus distributes policies on a Managing General Agency basis with its partners, Hudson Insurance Group, Argo Group, and Crum & Forster.

Learn more on their website, http://www.corvusinsurance.com.

ABOUT CRUM & FORSTER

Crum & Forster (C&F) is a leading national property and casualty insurer, providing specialty insurance products through their admitted and surplus lines insurance companies. Founded in 1822, C&F is one of the oldest U.S. insurance companies, and today has approximately 2300 employees in nearly 50 locations conducting business through a network of independent agents, brokers and wholesalers.

C&F has more than $2.4 billion in written premium and is rated "A" Excellent by A.M. Best.
Crum & Forster is part of Fairfax Financial Holdings, a global organization with more than $15.5 billion in gross premiums written at year end 2018. Fairfax is traded on the Toronto Stock Exchange under the symbol FFH.

The C&F logo, C&F and Crum & Forster are registered trademarks of United States Fire Insurance Company.

SOURCE Corvus Insurance