Corvus Insurance Enters Financial Institutions Insurance Market, Unveils Series of Data-Driven Products
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New product suite pioneers use of smart AI technology in underwriting for financial institutions
BOSTON--(BUSINESS WIRE)-- Corvus Insurance, the leading provider of smart commercial insurance products powered by AI-driven risk data, today announced its entry into the financial institutions insurance market. With its launch of Smart Investment Advisor Insurance™, a data-driven suite of offerings specifically designed for the investment advisor market, Corvus brokers and policyholders will benefit from the most advanced underwriting capabilities currently available in the broader financial industry.
Offered through Corvus’s digital experience, Smart Investment Advisor Insurance™ is a comprehensive, modular policy offering Directors & Officers, Errors & Omissions, Fund Liability, Employment Practices Liability and Fiduciary lines. Additionally, Smart FI Excess™, an excess follow-form policy, is available for a broad range of financial institutions and a variety of coverages.
As brokers struggle to differentiate offerings for their clients beyond price in a highly commoditized market, Smart Investment Advisor Insurance™ augments the existing legacy underwriting process with proprietary data and AI-enhanced insights, enabling its underwriters to provide superior service and analysis to their distribution partners. After launching the initial products, Corvus will further develop its financial institutions suite by extending primary offerings to other segments within financial services.
“We are revolutionizing the underwriting process for financial institutions by using data science to power and inform our risk analytics framework,” said Jonathan Sherling, VP, Head of Financial Institutions at Corvus Insurance. “Corvus is proud to pioneer the use of AI and data-driven technologies within the financial institutions market for this integral subset of the commercial insurance landscape.”
Corvus developed its financial institutions product suite with close attention to the ever-evolving risk environment for investment advisors and the broader financial industry. Its models take data directly from the U.S. Securities and Exchange Commission alongside other regulatory sources and overlay decades of claims data to determine underwriting insights not accounted for in the traditional underwriting process.
Corvus is excited to partner with leading program management solution provider R&Q Accredited for this program, backed by a panel of A+ rated reinsurers alongside Corvus Reinsurance Company.
“Corvus has demonstrated they are leaders in innovative underwriting practices through their success in Cyber and other lines of business. R&Q Accredited is pleased to partner with the team to extend the set of offerings to the financial institutions segment. With a growing pipeline of new partnerships, we are excited to deliver on our mission to be the program underwriter of choice for US MGAs, MGUs, program owners and their capital partners,” said Dawn H. Puro, Chief Underwriting Officer, Casualty of R&Q Accredited America.
To learn more about Corvus, please visit http://www.corvusinsurance.com.
Corvus Insurance is the leading provider of commercial insurance products built on advanced data science, with an AI-driven approach to empowering brokers and policyholders to better predict and prevent loss. With each Smart Commercial Insurance® policy, Corvus supplies proprietary Dynamic Loss Prevention® reports to inform policyholders of critical cyber risk areas and provide actionable security recommendations. Founded in 2017 by a team of veteran entrepreneurs from the insurance and technology industries, Corvus is backed by Insight Partners, Bain Capital Ventures, .406 Ventures, Hudson Structured Capital Management, Aquiline Technology Growth, FinTLV, Telstra Ventures, Obvious Ventures, and MTech Capital. The company is headquartered in Boston, Massachusetts, and has offices across the U.S. For more, visit corvusinsurance.com.
R&Q is a non-life global specialty insurance company operating two core, highly complementary, businesses: Program Management and Legacy Insurance. Both these businesses are leaders in markets with high barriers to entry and significant growth opportunities.
Accredited is R&Q’s leading program manager operating across the US and Europe. It is the only dedicated program partner to provide A- rated insurance capacity in each of the US, UK and Europe, including licenses to write admitted business in all 50 US states. Accredited has over 68 active programs representing $1.8 billion of contracted premium. Accredited is a wholly owned subsidiary of Randall & Quilter Investment Holdings Ltd. (“R&Q”).
Corvus PR Contact:
Lisa van der Pool
Source: Corvus Insurance
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