Cyber underwriter Corvus Insurance coverage has up to date its coverage renewal course of, together with including an application-free, click-and-bind choice.
The cyber updates from Corvus additionally cut back the time brokers spend on cyber renewals by eradicating repetitive utility questions.
As well as, it has supplied transparency with a customized year-over-year protection comparability.
Brokers with accounts that won’t require an utility for renewal will probably be knowledgeable 90 days previous to the renewal efficient date. At 45 days previous to the efficient date, they’ll obtain the quote with the power to bind instantly with a click on.
“We’re excited to reinforce the expertise for brokers by streamlining a renewal course of that may historically be sluggish and tedious,” stated Mike Karbassi, chief underwriting officer at Corvus Insurance coverage. “That is one other instance of how we’re offering modern options that allow brokers to concentrate on serving to prospects and rising their enterprise.”
At first of 2024, The Vacationers Firms (Vacationers) concluded the acquisition of Corvus Insurance coverage.
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As per the preliminary announcement in November 2023, the deal was valued at round $435m.
Established in 2017, Corvus utilises proprietary AI know-how to supply gross sales, underwriting, service and assist within the cyber insurance coverage sector.
The MGU serves a broad vary of shoppers together with wholesale brokers and main retail producers.
It’s stated to have a powerful presence in middle-market extra and surplus enterprise traces.
Corvus’ AI-driven platform is designed to repeatedly monitor and determine potential vulnerabilities, aiming to mitigate the chance of cyber incidents for policyholders.
By way of its platform, the cyber insurer additionally streamlines the distribution course of for insurance coverage brokers and brokers.
