(Image credit: Anrita1705.)
Corvus Insurance, a Boston-based provider of commercial insurance products powered by AI-driven risk data, has launched its Ransomware Business Interruption (BI) Calculator. The new capability allows brokers to quickly reference a client’s financial risk in the event of a cyber-related shutdown, and more effectively evaluate the appropriate level of cyber insurance to purchase, according to a Corvus statement.
Phil Edmundson, CEO, Corvus.
The Corvus BI Calculator generates an automated estimate of a client’s losses in the event of a shutdown. The insurer notes that long-duration ransomware attacks are driving increased cyber insurance claim severity. The Corvus BI Calculator allows brokers to provide more transparency around the limits they are recommending to clients. It also enables brokers to share quantitative values that make it easier to understand insurance purchasing decisions, Corvus says.
“Even in normal economic conditions, one of the most common challenges that we hear from brokers selling cyber insurance is how to explain appropriate insurance limits to purchase,” comments Phil Edmundson, CEO, Corvus. “At a time of recession, when every dollar counts for businesses, we want to provide the tools to empower brokers in their conversations about limits, as well as encourage clients to buy the appropriate coverage for the risks they face. By showing the financial exposures, brokers can more effectively articulate why certain levels of coverage are appropriate.”
Helping Brokers Advise Clients
Corvus Insurance claims to be the first cyber insurance provider to include this feature in every quote. Brokers can access the new BI Calculator when requesting a quote for any Smart Cyber Insurance or Smart Tech E&O policy. The resulting estimate is based on data already entered in the application combined with proprietary Corvus data. All components and calculations are exposed on the page, to make it easy for brokers to walk through the details with policyholders.