The product assists both brokers and policyholders through automated IT security analysis, industry benchmarking and ongoing monitoring, as well as providing components of a conventional Tech E&O/Cyber policy.
The InsurTech is offering its new solution in partnership with property and casualty insurer Crum & Forster, and is mostly targeting tech-based services companies with annual earnings of up to $1 billion in revenue.
The latest product from Corvus expands its line of Smart Commercial Insurance products, which includes Smart Cyber Insurance, Smart Cyber Excess, and Smart Cargo + Cyber.
Corvus’ Founder and Chief Executive Officer (CEO), Phil Edmundson, commented: “At Corvus, we work to knock down the walls separating brokers and their clients from innovation. 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.”
Interestingly, Corvus offers some insight into the underwriting process for its latest solution, which relies on the firm’s Corvus Scan – which collects data from companies’ web-facing IT infrastructure. The scan compares an insured’s IT Security with the Corvus database of cyber events and the firm states that this process, which is automated and powered via machine learning, enables it to offer brokers a shorter cyber insurance application.
The Boston-based firm explains that this data is used to produce a Smart Score and also actionable IT security recommendations, which ultimately enables brokers and their clients to better predict and prevent risk.