New feature, first of its kind for the Cyber Insurance industry, provides ransomware business interruption estimates for brokers and their clients.
BOSTON, MA / ACCESSWIRE / April 17, 2020 / Corvus Insurance, a leading provider of commercial insurance products powered by AI-driven risk data, today announced the launch of its new Ransomware Business Interruption (BI) Calculator. This 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.
The Corvus BI Calculator is an automated estimate of a client’s losses in the event of a shutdown. 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. With this tool, brokers will be able to share quantitative values that make it easier to understand insurance purchasing decisions.
“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,” said Phil Edmundson, CEO of 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.”
Corvus Insurance is 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, making it easy for brokers to walk through the details with policyholders.
To learn more, visit www.corvusinsurance.com
Corvus Insurance is an InsurTech managing general agent (MGA) offering Smart Commercial Insurance® policies powered by AI-driven risk data. Corvus empowers commercial insurance brokers and policyholders to better predict and prevent complex risks with data-driven tools. With each policy, Corvus supplies its proprietary Dynamic Loss Prevention® reports, which inform policyholders of critical risk areas and provide actionable recommendations. Founded in 2017 by a team of veteran entrepreneurs from the insurance and technology industries, Corvus is backed by Telstra Ventures, Obvious Ventures, MTech Capital, Bain Capital Ventures, Hudson Structured Capital Management, and .406 Ventures. The company is headquartered in Boston, Massachusetts, and has offices across the U.S.
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