(Image credit: Waldemar Zielinski/WZ Digital Photography/Pixabay.)
Corvus Insurance, a Boston-based InsurTech MGA providing “smart” commercial insurance products powered by AI-driven risk data, has selected CyberCube’s (San Francisco) Portfolio Manager to better analyze and understand cyber risk, according to a joint statement. Corvus will also use CyberCube’s Single Point of Failure (SPoF) model and Attritional Loss model as it seeks to grow its business, the statement says.
Corvus Insurance specializes in providing cyber and data breach insurance to enterprises in a variety of industries. The MGA uses advanced data science combined with an AI-driven approach to better predict and prevent losses. The MGA has grown rapidly since its launch in 2017, attracting backing from a range of corporate investors.
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. Originally launched in March 2018, the vendor describes it as the first fully probabilistic cyber catastrophe model to enable clients to drill down and identify loss drivers and areas of risk accumulation.
Corvus Insurance plans to integrate CyberCube’s risk aggregation analytics into its existing tools to provide a comprehensive analysis of the business’s exposure to cyber risk for their capital partners, according to the joint statement.
“Corvus Insurance has built an impressive set of technology capabilities in cyber insurance underwriting,” comments Pascal Millaire, CEO, CyberCube. “CyberCube looks forward to augmenting those capabilities even further with additional data and analytics to drive deeper understanding of sources of accumulation risk and sources of profitable policy growth. We see this benefiting Corvus’s enterprise clients and capacity providers, while showcasing collaborative innovation from two leading InsurTech firms.”
Greater Transparency of Cyber Risk Aggregation
“We are excited to partner with CyberCube, a market leader in cyber risk analytics,” says Lori Bailey, Chief Insurance Officer, Corvus Insurance. “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.” Portfolio Manager complements CyberCube’s two other core products: Account Manager, which is designed for risk carriers, and Broking Manager for insurance brokers. Both are used by leading companies across the insurance ecosystem.