Corvus Insurance, a leading provider of smart commercial insurance products powered by AI-driven risk data, is to use CyberCube’s Portfolio Manager to better analyse and understand cyber risk. In addition to Portfolio Manager, the Boston-based managing general agent (MGA) will also use CyberCube’s Single Point of Failure (SPoF) model and Attritional Loss model as it seeks to grow its business in the current attractive conditions in the insurance market.
Corvus Insurance specialises in providing cyber and data breach insurance to enterprises in a variety of industries. Unlike many other insurance providers, Corvus Insurance uses advanced data science combined with an Artificial Intelligence (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, it was 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.
Pascal Millaire, CyberCube’s CEO, said: “Corvus Insurance has built an impressive set of technology capabilities in cyber insurance underwriting. 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.”
Lori Bailey, Corvus Insurance’s Chief Insurance Officer, said: “We are excited to partner with CyberCube, a market leader in cyber risk analytics. 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.